WTI oil price nears $92, awaits weekly US EIA oil data

19 January 2011 19 January 2011

BonTrade

WTI oil prices open Wednesday’s trading session near $92 a barrel and are widely expected to trade higher in the next few days, ahead of the US weekly oil inventory report from the EIA, due out tomorrow.

Latest WTI Oil Price

US Light crude oil futures for February 2011 delivery was trading at $91.74 a barrel, 08.50 GMT this morning on the NYMEX. The February WTI oil futures contract expires today.

“A significant volatility uptick will likely await Thursday’s trade, when a slew of economic releases will be forthcoming amidst the weekly EIA oil statistics.” said Jim Ritterbusch at Ritterbusch and Associates.

The US EIA’s (Energy Information Administration) short term energy outlook anticipates that the global oil demand for 2011 will increase by 1.7 percent or 1.45 million barrels per day from 2010 to 88.02 million barrels per day.

US Oil Supplies Expected to Decrease Again

From a recent Reuters poll, US crude oil inventories are expected to decrease another 0.3 million barrels for the week ending 14th January, 2011, adding fuel to $100 oil prices.