Nymex crude prices had a mixed day yesterday but closed the session higher and Asia this morning has largely maintained the gains with the front month WTI contract trading just under $103.00. Yesterday saw an early sell-off from highs around $103.34 to $101.78 after Enbridge announced that the opening of the Cushing-GOM pipeline would be opening early (May17 instead of June2). WTI later recovered as stocks rallied and the EUR/USD short squeeze emerged taking the WTI price back up to $103.20. Focus now switches to the June contract as the May contract expires on Friday. Today’s support for June WTI currently trading around $103.35, comes in at $102.86 and $101.84 with resistance at $104.34 and $104.90. Later today the API releases it’s weekly inventory report with analysts looking for a build of around 400,000 barrels in crude stocks for the latest reporting week. ICE Brent crude fell back yesterday from opening highs of $121.00 to close at $118.68, narrowing the premium over WTI to around $15, after the hopeful weekend talks between Iran and other major countries leads to a 2nd meeting
EasyForexNews Research Team