Thursday, November 1, 2012

WTI (Crude Oil) Analysis 01-11-2012

WTI (Crude Oil)
Oil traded near the highest level in three days in New York as refineries resumed operations after Atlantic superstorm Sandy, increasing demand for crude. West Texas Intermediate futures were little changed after rising 0.7 percent yesterday. U.S. East Coast refineries accounting for 76 percent of the 1.29 million barrels a day of capacity in Sandy's path have restored operations or are in the process of doing so. Price gains stalled before an Energy Department report today that may show U.S. crude stockpiles rose to the highest level in three months ahead of the storm. Refineries are getting back online quickly so clearly that is going to remove some of that concern about a temporary oversupply, said Michael McCarthy, a chief market strategist at CMC Markets in Sydney. I'm expecting further pressure on prices in the next week or so from inventory builds. Oil for December delivery was at $86.27 a barrel, up 3 cents, in electronic trading on the New York Mercantile Exchange at 12:55 p.m. Singapore time. Prices gained 56 cents yesterday to $86.24, the highest close since Oct. 26. Futures are down 13 percent this year.


 
Support
Resistance
+CLZ12
85.37
86.96
84.69
87.87
83.78
88.55


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