February NYMEX WTI prices are trading marginally lower Tuesday after posting some slim gains during the previous trading day. February WTI futures ended Monday’s session 10 cents higher at $93.19 a barrel, marking the highest WTI closing price since September 18, 2012, after trading in a $92.42 to $93.35 range. WTI futures have been tied to a narrow trading range so far during Asian traded hours this morning, slipping from an intra-day high of $93.35 to trade at session lows of $93.07 a barrel a few moments ago. In terms of supply, weekly inventory data to be released this week by the American Petroleum Institute (API) and the US Energy Information Administration (EIA) are expected to show an increase of 1.5mln barrels in US commercial crude oil stocks for the week ended January 4, following year-end de-stocking, Platts says citing its survey of analysts. The analysts expect crude oil stocks to have clawed back a modest 1.5mln barrels in the latest reporting week, after an 11mln barrel drawdown in the week ended Dec 28. February WTI futures now trade $93.10 a barrel, down 9 cents on the session.
EasyForexNews Research Team