The North American WTI crude traded near the lowest price on Wednesday, dropping from its four-month high. While reports revealed Cushing stockpiles declined and market participants waits for reports from the Energy Information Administration (EIA) which will be released later in the day.
West Texas Intermediate (WTI) for April delivery dropped by 0.20% to $101.59 per barrel on the New York Mercantile Exchange at the time of writing, The West Texas Intermediate advanced to $103.45 a barrel on Monday, the highest level since October 10.
While the European benchmark Brent crude came in at $109.36 a barrel on the ICE Futures Europe exchange at the same time.
According to market analysts, crude has been in a bullish mode due to the recent freezing weather in the US, which is expected to remain until March 5, according to Matt Rogers, President of the Commodity Weather Group.
WTI – US Crude Supplies
WTI climbed for the sixth week ending February 21, the longest rising streak in a year, as the cold weather in the US boosted the heating demand in the US while supplies at Cushing declined.
Crude inventories at Cushing, Oklahoma, declined by 1.07 million barrels in the week ending February 21, reports from the American Petroleum Institute confirmed on Wednesday. US crude stockpiles added 822,000 barrels in the week ending February 21.
The API report also showed that distillate stockpiles, including heating oil and diesel dropped by 692,000 barrels.
Libya
In Libya, crude productions came in at 231,000 barrels a day, which still remains below the maximum capacity of over a million barrels a day, Mohamed Elharari, a spokesman for National Oil Corp confirmed. The country’s second-largest oil field, Sharara Field has been closed since February 20.
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The North American WTI crude traded near the lowest price on Wednesday, dropping from its four-month high. While reports revealed Cushing stockpiles declined and market participants waits for reports from the Energy Information Administration (EIA) which will be released later in the day.
West Texas Intermediate (WTI) for April delivery dropped by 0.20% to $101.59 per barrel on the New York Mercantile Exchange at the time of writing, The West Texas Intermediate advanced to $103.45 a barrel on Monday, the highest level since October 10.
While the European benchmark Brent crude came in at $109.36 a barrel on the ICE Futures Europe exchange at the same time.
According to market analysts, crude has been in a bullish mode due to the recent freezing weather in the US, which is expected to remain until March 5, according to Matt Rogers, President of the Commodity Weather Group.
WTI – US Crude Supplies
WTI climbed for the sixth week ending February 21, the longest rising streak in a year, as the cold weather in the US boosted the heating demand in the US while supplies at Cushing declined.
Crude inventories at Cushing, Oklahoma, declined by 1.07 million barrels in the week ending February 21, reports from the American Petroleum Institute confirmed on Wednesday. US crude stockpiles added 822,000 barrels in the week ending February 21.
The API report also showed that distillate stockpiles, including heating oil and diesel dropped by 692,000 barrels.
Libya
In Libya, crude productions came in at 231,000 barrels a day, which still remains below the maximum capacity of over a million barrels a day, Mohamed Elharari, a spokesman for National Oil Corp confirmed. The country’s second-largest oil field, Sharara Field has been closed since February 20.
Visit www.hymarkets.com to find out more about our products and start trading today with only $50 using the latest trading technology today
The post WTI Crude Prices Declines on US Stockpiles appeared first on | HY Markets Official blog.
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