November Nymex WTI prices are trading in marginal negative territory Tuesday after posting slim gains the previous day. November WTI futures ended Monday’s session 29 cents higher at $92.48 a barrel after a stronger than expected ISM number helped lift prices away from their session lows. In terms of supply, US commercial crude oil stocks for the reporting week ended September 28 are expected to show a 1.5 million-barrel increase on the prior week, Platts says citing a poll of analysts. The API will release its weekly report on Tuesday while the US EIA report is due Wednesday. As of the reporting period that ended Sep. 21, US crude stocks were 10.79% above the EIA’s five-year average at 365.180 million barrels and appear to be well supplied compared to historical standards. The five-year average suggests an increase of around 560,000 barrels is typical for this time of year, Platts says. The API report is due later tonight at 2030GMT. WTI prices have been tied to a narrow range so far this morning, edging back lower from a high of $92.62 to hold at session lows of $92.18, currently $92.42.
EasyForexNews Research Team