Sign up to create alerts for Instruments,
Economic Events and content by followed authors
Free Sign Up Already have an account? Sign In
Quotes
All Instrument Types
- All Instrument Types
- Indices
- Equities
- ETFs
- Funds
- Commodities
- Currencies
- Crypto
- Bonds
- Certificates
Please try another search
🌊 NVIDIA ripple effect: Track AI stocks' response to chip giant's earnings
Explore AI Stocks
Energy Market
www.investing.com/analysis/an%C3%A1lise-di%C3%A1ria-do-mercado-6519
Energy Market
By | Apr 23, 2008 08:00PM ET Crude oil prices steadied slightly as woes of insufficient supply are finally leaving the market. Consumers now are relieved that the EIA petroleum report came out showing an increase which kept prices for crude stable.
In addition to the EIA report, the greenback started to gain grounds against majors as the release of company earnings were good while crude prices took a minor slip. Yesterday, the contract gained $0.23 as it closed at $118.30 while recording a high of $118.69 per barrel and a low of $116.45 per barrel.
Today, crude oil prices fell slightly as investors are less worried about the lack of crude supply since the EIA report showed an unexpected rise of crude oil stockpiles while there is still falling gasoline supplies. Now investors are less attracted to the dollar backed commodities as the greenback continues to appreciate crude prices will continue to slip. Today the crude oil market opened at $117.93 while recording a high of $118.30 per barrel and a low of $117.75 per barrel.
The EIA report was released yesterday showing that the U.S. commercial crude oil inventories increased by 2.4 million barrels from the previous week. At 316.1 million barrels, U.S. crude oil inventories are in the lower half of the average range for this time of year. Total motor gasoline inventories decreased by 3.2 million barrels last week, and are at the upper limit of the average range. Both finished gasoline inventories and gasoline blending components inventories decreased last week. Distillate fuel inventories decreased by 1.4 million barrels, and are in the lower half of the average range for this time of year.
The EIA report that was released gave all kinds of mixed signals of what trend crude oil prices will take next. Despite the fall in gasoline stockpiles as summer season approaches, inventories are still higher than the levels they were at last year. Now controlling the crude oil market is supply and demand factors, while investors focus on this more than the slipping US dollar.
| Support | 117.65 | 117.35 | 117.14 | 116.71 | 116.46 |
| Resistance | 118.41 | 118.75 | 119.09 | 119.23 | 119.59 |
Recommendation |
Related Articles
Crude oils falls and may reach $32 as demand diminishes
By Finotec - Dec 30, 2008
Confidence among U.S. consumers sank to the lowest level in at least 41 yearsCrude oil fell heading for a record annual drop, on speculation that U.S. fuel stockpiles are...
STERLING REPORT
By Forex Datasource - Nov 30, 2008
Current Environment Sterling posted a strong 4.8% weekly gain against the USD and closed slightly below a resistance line dating back to late Sep 2008. Like the euro, cable...
Avantage Financial - Forex Daily Report
By Avantage Financial GmbH - Nov 27, 2008
In this PDF you will find the latest technical analysis published by Avantage Financial
Energy Market
Add Chart to Comment
Confirm Block
Are you sure you want to block %USER_NAME%?
By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.
%USER_NAME% was successfully added to your Block List
Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.
Report this comment
I feel that this comment is:
Comment flagged
Thank You!
Your report has been sent to our moderators for review
Add a Comment
We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
Enrich the conversation, don’t trash it.
Stay focused and on track. Only post material that’s relevant to the topic being discussed.
Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.