By Greg Holden – The sudden spike above $90 a barrel in Crude Oil on Monday has many investors paying close attention to today’s release of Crude Oil Inventories from the United States.
As the winter season begins to pound the American northeast, with colder than expected temperatures and fresh snowfall in New York, the supply side of the heating fuel equation has come under question, lifting oil and natural gas prices higher in trading.
If inventories grow in today’s publication we could see the price of Light, Sweet Crude settle back towards $87 a barrel in today’s American trading session. If inventories decline, on the other hand, speculators could take this as a hint that the supply side is more limited than forecast and begin to lift the price of oil higher.
Forex Market Analysis provided by ForexYard.
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