Crude oil hovers just under record high, waits for EIA data
Crude oil is hovering just under yesterday's all-time high of $126.98 ahead of key U.S. inventory statistics, expected to show energy stocks in the world's top consumer rose last week.
New York's main WTI benchmark struck a record $126.98 per barrel on Tuesday on news Iran, the world's fourth-biggest oil producer, is mulling a cut in production by up to 1 million barrels per day. The news was refuted by Iran.
Exactly why anyone would cut back on production just as the market was at all-time highs seems beyond me, but the markets ignored that & gone up anyway.
The U.S. Energy Information Administration will release its inventory report for the week to May 9 on Wednesday at 15:30 BST.
Crude inventories will rise by 1.5 million barrels, analysts estimate, while refinery runs increased by 0.5 percentage points following last week's fall to 85.0 percent.
Gasoline stockpiles are expected to have crept up by 100,000 barrels ahead of the peak demand driving season, analysts predicted, while stocks of distillates, which include heating oil, are seen rising by 750,000 barrels.
New York's main WTI benchmark struck a record $126.98 per barrel on Tuesday on news Iran, the world's fourth-biggest oil producer, is mulling a cut in production by up to 1 million barrels per day. The news was refuted by Iran.
Exactly why anyone would cut back on production just as the market was at all-time highs seems beyond me, but the markets ignored that & gone up anyway.
The U.S. Energy Information Administration will release its inventory report for the week to May 9 on Wednesday at 15:30 BST.
Crude inventories will rise by 1.5 million barrels, analysts estimate, while refinery runs increased by 0.5 percentage points following last week's fall to 85.0 percent.
Gasoline stockpiles are expected to have crept up by 100,000 barrels ahead of the peak demand driving season, analysts predicted, while stocks of distillates, which include heating oil, are seen rising by 750,000 barrels.
