West Texas Intermediate (WTI) traded slightly higher at the start of the trading week during the Asian trading session, as the freezing weather in the US increased the demand for heating oil.
The North American crude oil for March Delivery was up 0.07% at $96.71 per barrel, on the New York Mercantile Exchange at the time of writing. At the same time, Brent crude for March settlement dropped 0.26% lower at $107.60 per barrel on the ICE Futures Europe exchange. The European benchmark was at a $10.80 premium to WTI, from $11.24 seen on January 24.
WTI – US Inventories
The US stockpiles of distillate fuels, which includes heating oil, declined by 3.2 million barrels to 120.7 million barrels in the week ended January 17, declining for a second week, according to reports from the US Energy Information Administration (EIA).
US Northeast distillate inventories were at 33.4 million barrels in the week ended Jan 17, the lowest reading for the same period since 1990, according to EIA, the Energy Department’s statistical arm.
Meanwhile, natural gas rose 3.6% higher to $5.370 per million British thermal units, rising for a fifth day.
In New York, futures for the ultra-low sulfur diesel advanced by 1.5% to $3.1835 per gallon, the highest since August 30.
Other news
The Keystone XL pipeline project which connects the US with the Canada and US Gulf Coast is in use and predicted to reach a capacity of 700,000 barrels per day by the end of the year.
Visit www.hymarkets.com to find out more about our products and start trading today with only $50 using the latest trading technology today.
The post WTI Crude Begins the Week Slightly Higher appeared first on | HY Markets Official blog.
Article provided by HY Markets Forex Blog
