February NYMEX WTI prices are trading marginally lower Thursday as the market attempts to consolidate after yesterday’s strong gains. NYMEX February light sweet crude oil futures ended Wednesday’s up $1.30 at $93.12 per barrel, after trading in a $91.56 to $93.87 range. West Texas Intermediate, like other commodities, was underpinned on the day by new “risk-on” positioning that earlier led the dollar lower versus most currencies. This morning, WTI futures initially slipped back to intra-day lows of $92.49 before recovering to a high of $92.95 a few moments ago. In terms of supply, weekly oil data from the US Energy Information Administration (EIA) and the American Petroleum Institute (API) is expected to show a one million-barrel draw in US commercial crude oil inventories for the week ending December 28, Platts says citing its poll of analysts. API data is due to be published later today, whilst EIA’s weekly statistics are due at 1530GMT on Friday. Both reports have been delayed this week due to the New Year’s holiday. February WTI futures now trade at $92.88 a barrel, down 24 cents.
EasyForexNews Research Team