Wednesday, August 27, 2014

WTI near a three-day high

West Texas Intermediate traded near a three-day high before a government report forecast to show crude stockpiles dropped for a second week in the U.S., the world’s biggest oil consumer. U.S. gasoline inventories probably slid by 1.6 million barrels in the week ended August 22, according to the estimate. The API in Washington reported a decline of 3.2 million, Bain Energy said. Distillate-fuel supplies, including heating oil and diesel, are projected to remain at 121.5 million barrels after three weeks of decreases. The industry report yesterday showed a gain of 2.4 million. The API collects information on a voluntary basis from operators of refineries, bulk terminals and pipelines, while the government requires that reports be filed with the EIA, the Energy Department’s statistical arm. In Iraq, the president of the Kurdish Regional Government, Massoud Barzani, said he’s asked Iran for ammunition to fight insurgents, according to the Persian Gulf nation’s Mehr news agency. The conflict in Iraq, the second-biggest producer in the Organization of Petroleum Exporting Countries, has spared oil facilities in the south, home to about three-quarters of its crude output.

Futures rose 0.3% in New York. Crude inventories probably shrank by 2.5 million barrels to 360 million last week, according to the estimate before data from the Energy Information Administration today. The American Petroleum Institute was said to have reported that supplies fell by 1.3 million barrels. Iran is joining efforts to back Iraqi Kurds battling Islamic State militants who have captured swathes of northern Iraq. WTI for October delivery was at $94.10 a barrel in electronic trading on the New York Mercantile Exchange, up 24 cents. It climbed 51 cents to $93.86 yesterday, the highest close since August 21. The volume of all futures traded was about 52 percent below the 100-day average for the time of day. Prices are down 4.4 percent this year.

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