Nymex WTI crude prices are holding firm just under $106.00 this morning in Asia after a late rally in NY to $106.72 just ahead of the weekly API release, before closing the day at Y106.28. Recent gains appear to be attributed more to Middle Eastern tensions than a solution to the Greek debt deal as fears of possible supply disruptions support both WTI and the Ice Brent contracts. The API reported a large 3.55 million barrel build in crude inventories for the week ending Feb 17 which was way above analysts expectations of around 1.5-2.0 mmbls. Traders however failed to react to the release, preferring to examine the more definitive EIA data released this afternoon(1530GMT) as the figure may be heavily distorted by the President’s Day holiday and recent weather disruptions in the Houston shipping Canal. Asia is currently trading April WTI around $105.95 and support today is seen at $105.61 and $105.02. Resistance is seen at $106.72 and $107.54. April Ice Brent currently sits around $122.80 with support at $122.15 and $121.39. Resistance is seen at yesterday’s highs of $123.23 and $124.41.
EasyForexNews Research Team