Crude Oil Gains, Seen Steady Below 94.00 bbl Mark

Posted by: : Paul EbelingPosted on: November 14, 2013 Crude Oil Gains, Seen Steady Below 94.00 bbl Mark

Crude Oil Gains, Seen Steady Below 94.00 bbl Mark

hawks-and-doves-heres-what-janet-yellens-new-fed-will-look-like

Crude Oil gains Thursday and is seen steady just below the 94.00 bbl mark after Janet Yellen, who is likely to be the next Chair of the US Fed, indicated the US central bank will continue to support the economy through its stimulus measures.

She also added that the Federal Reserve needs to do more work to support the economic recovery before monetary policy should return to normal.

She noted that the US economy has made progress and expressed concerns over the unemployment rate being too high.

Participants are waiting for the Q-3 gross domestic product GDP data later in the day. The 17-country Euro bloc is expected to grow 0.2% from 0.3% in Q-2, which could damage the outlook for Crude Oil demand from the region.

WTI Crude Oil futures for Dec settlement is trading around  93.90 bbl after rising 0.02

Brent Crude Oil futures for Dec settlement is trading around 107.25 bbl after rising 0.13

Participants will also pay close attention to the weekly inventory report from the US Energy Information Administration (EIA) due later in the day for clues about fuel demand in the world’s biggest Crude Oil consumer.

Crude Oil  inventories probably rose by 800,000 bbls to 386.2-M.

The American Petroleum Institute (API)  showed Wednesday that Crude Oil supplies increased 599,000 bbs last week, Gasoline inventories fell by 1.67-M bbls, while Distillates, including Heating Oil and Diesel, rose by 606,000 bbls.

Supporting Crude Oil prices was the warnings made by Israeli Prime Minister Benjamin Netanyahu Wednesday saying that a “bad deal” with Iran on its nuclear program could lead to war. A new round of talks between Iran and the West is scheduled for 20 November.

Nat Gas is trading at 3.548 per cubic ft after falling 0.50%

Gasoline is trading at 2.6481 per cubic ft after rising 0.76%

Heating Oil (Diesel) is trading at 2.8968 a gal after falling 0.03%

HeffX-LTN

Paul Ebeling

The following two tabs change content below.
Avatar of Paul Ebeling

Paul Ebeling

Pattern Recognition Analyst, equities, commodities, forex
Paul Ebeling is best known for his work as writer and publisher of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly-regarded, weekly financial market letter, where he enjoys an international audience among opinion makers, business leaders, and respected organizations. Something of a pioneer in online stock market and commodities discussion and analysis, Ebeling has been online since 1994. He has studied and worked in the global financial and stock markets since 1984.
  • Start Trading Like a Professional

Comments are closed.

Research 1 of 6

sign_up

Get the HEFFX Daily Alerts, FX, Commodities, Stocks, Futures Once a Day FREE!

Recent News

Get the HEFFX Daily Alerts, FX, Commodities, Stocks, Futures Once a Day FREE!

heffx metastock_30_day-300x250