Nymex crude oil prices increased marginally by 0.1 percent yesterday on the back of statement from Enbridge and Enterprise which plans to reverse the seaway pipeline from 17th May onwards which is earlier than the previous start date of 1st June 2012 as per the filing of application with Federal Energy Regulatory Commission.
Additionally, a weaker dollar index coupled with more than expected rise in US retail sales also helped upside in oil prices.
Oil prices touched an intra-day high of $103.37/bbl and closed at $102.9/bbl in yesterday’s trading session. On the MCX, oil prices traded on a flat note and closed at Rs.5,315/bbl after touching an intra-day high of Rs.5,331/bbl on Monday.
API Inventories Forecast
The American Petroleum Institute (API) is scheduled to release its weekly inventories today and US crude oil inventories are expected to increase by 1.6 million barrels for the week ending on 13th April 2012.
Gasoline stocks are expected to decline by 0.9 million barrels and distillate inventories are also expected to fall by 0.1 million barrels for the same week.
News
Enbridge and Enterprise released a statement last night saying that they are planning to switch the flow of Seaway pipeline with effect from 17th May 2012.
However, as per the filing made with Federal Energy Regulatory Commission the start date for the reversal of the pipeline was 1st June 2012.
As the pipeline is getting reversed two weeks before the schedule date it is expected to reduce an accumulation of crude oil at Cushing, the main pipeline hub at US mid-continent.
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Positive Momentum In Crude Oil On Weak Dollar Index: April 17, 2012
Published 04/17/2012, 09:35 AM
Updated 05/14/2017, 06:45 AM
Positive Momentum In Crude Oil On Weak Dollar Index: April 17, 2012
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