WTI oil trading firm at $87 after higher weekly EIA oil data

WTI oil futures open Thursday’s trading session firm at $87 a barrel after the US EIA weekly oil inventory data saw large gains, rising more than expected by traders and analysts in the latest week.

Latest WTI Oil Price

US Light crude oil futures for September delivery was trading at $87.17 a barrel, 06.50 GMT this morning in electronic trading on the NYMEX. The September WTI oil contract expires tomorrow.

Weekly EIA Oil Data

The US EIA (Energy Information Administration) reported that crude oil inventories rose by 4.233 million barrels in the week ended 12th August, which contrasted with industry estimates for a drop of 600,000 barrels.

However US Gasoline stocks fell 3.51 million barrels to 210.08 million barrels.

A rise in crude imports and millions of barrels released from the US government’s Strategic Petroleum Reserve (SPR) helped to push commercial crude stocks higher. Crude imports were up 185,000 barrels per day at 9.25 million barrels per day.

“The EIA’s big build in crude oil stocks is bearish against most expectations, but the large drawdown in gasoline is bullish.” said Mark Waggoner of Excel Futures in Oregon.

Short Term Oil Price Forecast

“We believe that energy prices will likely finish the week in a sideways drift, as the weaker US dollar should provide an element of support, while ongoing misgivings about the slowing global macro picture will conversely limit any kind of protracted advance.” said energy analysts at MF Global.

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WTI oil trading firm at $87 after higher weekly EIA oil data