The US. Government report on crude oil comes out any time now. The report will show that the distillate inventories have come down and the WTI crude prices have climbed to a three week high.The severe cold weather has increased demand.
WTI for March delivery increased 40 cents, or 0.4 percent, to $97.13 a barrel this morning. on the New York Mercantile Exchange. Futures touched $97.37, the highest level since Jan. 2. The volume of all futures traded was 32 percent above the 100-day average.
Brent for March settlement dropped 34 cents, or 0.3 percent, to $107.93 a barrel on the London-based ICE Futures Europe exchange. Volume was 60 percent higher than the 100-day average. The premium of Brent to WTI narrowed to as little as $10.60, its narrowest since Dec. 18.
The American Petroleum Institute reported yesterday that distillate supplies fell 2.29 million barrels last week as crude inventories increased 4.86 million.
WTI for March delivery increased 40 cents, or 0.4 percent, to $97.13 a barrel this morning. on the New York Mercantile Exchange. Futures touched $97.37, the highest level since Jan. 2. The volume of all futures traded was 32 percent above the 100-day average.
Brent for March settlement dropped 34 cents, or 0.3 percent, to $107.93 a barrel on the London-based ICE Futures Europe exchange. Volume was 60 percent higher than the 100-day average. The premium of Brent to WTI narrowed to as little as $10.60, its narrowest since Dec. 18.
The American Petroleum Institute reported yesterday that distillate supplies fell 2.29 million barrels last week as crude inventories increased 4.86 million.