November Nymex WTI prices are trading marginally lower Tuesday after closing around unchanged the previous day. November WTI ended Monday’s session a penny lower at $91.85 a barrel after recovering from a session low of $89.79, after some market participants noted an article in the German magazine Der Spiegal, which said Iran could create a large oil spill to block the flow of crude through the Strait of Hormuz. WTI prices managed to spike back higher after initially falling back sharply during a volatile session. Looking ahead towards supply data, inventory data due this week is expected to show a 1.5 million-barrel increase in US commercial crude oil stocks for the week ended October 12, Platts says citing its survey of analysts. The API will release its weekly report on Tuesday while EIA statistics are due on Wednesday. At 366.370 million barrels as of Oct 5, US crude stocks were 10.45% greater than the EIA five-year average, Platts says. WTI prices have been tied to a narrow range so far this morning, edging higher from an intra-day low of $91.58 to a session high of $91.97, now trading $91.82, down 5 cents.
EasyForexNews Research Team