WTI oil prices are trading back above $100 a barrel this afternoon amid higher US crude oil inventory data from the US EIA out today, that showed American oil supplies jumped over 3 million barrels in the last week.
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US Light crude oil futures for March 2012 delivery was trading at $100.82 a barrel, 16.07 GMT today in electronic trading on the NYMEX, or 1.1 percent higher.
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The US EIA (Energy Information Administration) said that domestic crude oil inventories jumped 3.6 million barrels in the week to January 20, far above the 800,000 barrel build forecast in a recent poll.
However, the EIA’s data was far less than the 7.3 million barrel build reported by industry group American Petroleum Institute on Tuesday.
Crude oil inventories increased strongly versus an expectation for only a modest build. With a decrease in stocks this week the crude oil inventory status versus last year is now showing a deficit of around 5.8 million barrels while the surplus versus the five year average for the same week widened to around 11.7 million barrels.
Crude oil inventories in this region of the US have been in a decline and are still at levels not seen since 2010 when the Brent/WTI spread was trading at significantly lower levels.
The spread between US WTI and European Brent oil futures continues to hold its gains mostly due to the concerns over the possible EU embargo of Iranian oil purchases.
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WTI oil price trading back over $100 amid higher US crude oil inventories
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