December NYMEX WTI prices are trading marginally higher Wednesday after posting some slim gains during the previous session. December WTI futures ended Tuesday’s session 14 cents higher at $85.68 a barrel, with many market participants absent from the oil markets due to the disruption caused by Hurricane Sandy. In terms of supply data, the US EIA have declared, via their website, that they will postpone the release of their Weekly Petroleum Status report for Wednesday as scheduled because of Hurricane Sandy-related conditions. The EIA said they were hoping to publish Thursday, “depending on the extent of the storm damage and delays.” No time has yet been established for the release of the data. Due to a large number of market participants remaining absent from the market, WTI prices have been tied to a tight trading range so far this morning. December NYMEX WTI has edged its way higher from a session low of $85.61 to advance to session highs of $85.97 a barrel a few moments ago, now trading $85.96, up 28 cents on the session.
EasyForexNews Research Team