Wednesday, May 7, 2014

WTI Rises as Crude Stockpiles Drop

WTI crude oil gained for the second day after an industry report showed crude inventories declined in the U.S., the world’s biggest oil consumer. June contract climbed as much as 0.5% as crude stockpiles shrank by 1.82 million barrels last week amid falling supplies at Cushing, Oklahoma.
An Energy Information Administration report today is forecast to show inventories at a record high expanded further, according to the estimate. Today, WTI for June delivery rose as much as 46 cents to $99.96 per barrel in electronic trading from $99.78 per barrel.

The volume of all futures traded was about 47 percent below the 100-day average. The EIA report will probably show crude stockpiles expanded by 1.25 million barrels last week to about 400.6 million, as expected. That would be the highest level since the EIA began reporting weekly data in 1982.

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