September Nymex WTI prices are trading lower Wednesday, paring some of the previous session’s gains, after data showed an unexpected rise in crude stocks. September WTI ended Tuesday’s session 70 cents higher to post a close of $93.43 a barrel, after better than expected US retail sales numbers had helped underpin the market. Prices soon reversed after the Nymex close, however, when the American Petroleum Institute (API) reported a surprise 2.8mln barrel gain in inventories, against market expectations for a 1.5mln barrel drop that had been indicated in a Platts survey of analysts. WTI futures have been consolidating in a narrow trading range in Asia so far this morning extending their correction lower from opening highs of $93.26 a barrel to hold at session lows of $92.97 so far. Market participant’s attention will now turn to the US Energy Information Administration (EIA) Crude Oil Stocks data due later today at 1430GMT. September Nymex WTI futures are currently trading $93.05 a barrel, down 38 cents on the session.
EasyForexNews Research Team