October Nymex WTI prices are trading around unchanged levels Wednesday ahead of today’s German Constitutional Court ruling on ESM and the start of a 2-day FOMC meeting, where market participants fully expect the US Federal Reserve to embark on a fresh round of stimulus measures to aid the flagging US economy. October WTI futures ended Tuesday’s session 63 cents higher at $97.17 a barrel as prices continue to advance to the upside ahead of the FOMC meeting, with some continued weakness observed in the US dollar. WTI prices have picked up from an initial moderate dip in Asia this morning, with the market holding at session lows of $96.71 a barrel. Since then, WTI has edged its way back higher to trade session highs of $97.21 and is currently seen trading $97.20 a barrel, up 3 cents on the session. In terms of supply, market participants are awaiting the weekly US inventory report from the Energy Information Administration (EIA) due at 1430. Gasoline inventories are projected to fall by 1.5mln barrels, whilst crude inventories are expected to drop by around 2.2mln barrels, according to analysts.
EasyForexNews Research Team