The price of crude oil futures slipped for the first time in six trading sessions on Thursday amid a federal report from the U.S. indicating inventories in the nation last week advanced to the highest levels in five months, according to Bloomberg.
Supplies of the energy commodity likely pushed up 1.35 million barrels to amount to 340.4 million barrels during the seven-day period leading up to February 17, a Bloomberg poll indicates. The U.S. Energy Department is preparing for the release of a report on Thursday, which comes after the American Petroleum Institute indicated on Wednesday that stockpiles rose to their highest level in four months.
"People are worried that the DOE will report a build after yesterday's API number," analyst Phil Flynn with PFGBest in Chicago told the news service. "The fundamentals still don't look good."
At 11:07 a.m. on Thursday, crude oil futures edged up 0.02 percent, a 2 cent rise to $122.92 per barrel.
The Wall Street Journal reports the price of crude oil futures initially gained after a poll indicated business confidence in Germany, host of the biggest economy in the embattled euro zone, improved more than anticipated thus far this month.
This material is conveyed as a solicitation for entering into a derivatives transaction.
This material has been prepared by a Daniels Trading broker who provides research market commentary and trade recommendations as part of his or her solicitation for accounts and solicitation for trades; however, Daniels Trading does not maintain a research department as defined in CFTC Rule 1.71. Daniels Trading, its principals, brokers and employees may trade in derivatives for their own accounts or for the accounts of others. Due to various factors (such as risk tolerance, margin requirements, trading objectives, short term vs. long term strategies, technical vs. fundamental market analysis, and other factors) such trading may result in the initiation or liquidation of positions that are different from or contrary to the opinions and recommendations contained therein.
Past performance is not necessarily indicative of future performance. The risk of loss in trading futures contracts or commodity options can be substantial, and therefore investors should understand the risks involved in taking leveraged positions and must assume responsibility for the risks associated with such investments and for their results.
Trade recommendations and profit/loss calculations may not include commissions and fees. Please consult your broker for details based on your trading arrangement and commission setup.
You should carefully consider whether such trading is suitable for you in light of your circumstances and financial resources. You should read the "risk disclosure" webpage accessed at www.DanielsTrading.com at the bottom of the homepage. Daniels Trading is not affiliated with nor does it endorse any third-party trading system, newsletter or other similar service. Daniels Trading does not guarantee or verify any performance claims made by such systems or service.