News Column

Crude Oil Holds Above USD102 Ahead Of Inventories

June 3, 2014



WASHINGTON (Alliance News) - Crude oil prices are little changed Tuesday morning with investors awaiting weekly supply data.

The American Petroleum Institute's weekly inventories report will be out later in the day. On Wednesday, the US Energy Information Administration will release its crude inventory data.

The data released by the US Energy Information Administration last week showed US crude oil inventories to have risen 1.7 million barrels in the week ended May 23, while analysts expected an increase of 1.0 million barrels.

Investors are tracking data from China, where manufacturing activity showed a slight contraction in May, although new orders stabilized after recent declines.

Crude oil futures for July are down USD0.07 or 0.06% at USD102.41 a barrel.

Meanwhile, natural gas for July is up marginally at USD4.615 per million btu.

On the economic front, the US Commerce Department is scheduled to release its factory orders report for April at 10 am ET. Economists expect factory orders to have risen by 0.5% month-over-month.

Automakers are due to release monthly sales data for May, with the consensus estimate calling for total vehicle sales coming at a seasonally adjusted annual rate of 16.1 million compared to the 12.8 million unit rate in April.

At 1.50 pm ET, Kansas City Federal Reserve Bank President Esther George will speak on monetary policy in Breckenridge, Colorado.



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Source: Alliance News


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