Here is a daily update about the crude oil price along with a crude oil price analysis for today, Thursday, October 28th:
Today, October 28th, the price of crude oil remains in the neighborhood of the 82 dollar mark:
The crude oil price of futures for December 2010 is at82.35 USD per barrel, as of 14.30PM GMT, on the New York Mercantile Exchange (Nymex), which represents a 0.41 dollar or a 0.5% increase compare to the previous day.
The ICE Brent crude oil futures for December 2010 reached 83.55 USD per barrel – a 0.383 percent decrease as of 14.30PM GMT.
The USD continues to fluctuate against the main currencies in which against the EURO it is being trading at 1.3884 (at 14.30PM GMT) which represent an increase of roughly 0.83% or 0.01 dollar drop; while against the CAD its currently trading at 1.0269 (at 14.30PM GMT) which represent a drop of 0.12% compare to yesterday’s rates.
Today the EIA (The US Energy Information Administration) published its report for the preceding week ending at the 22nd of October about, among other, the energy stocks and productions of energy in the US. According to the report, the main changes in the US energy stock worth mentioning are:
- The stocks of the US as of last week ended in the highest stock since May 2009. with a total stock of 1.093 billion barrels;
- On the other hand, the motor gasoline stock declined to a new low since Nov 2009 with a 214 million barrels stock.
I will further elaborate about additional changes in the quantities in a near future post on this subject.
According to Bloomberg’s analysis of the current situation of the crude oil price, it seems that the barrier levels of crude oil price in the near future will be ranging between 87$ and 78$, depending on the news next week of the quantitative easing – phase 2, that the Federal Reserve needs to decide. I think that once it will be realized if the Fed will issue this QE2, it will be easier to make a calculated estimate about the way the crude oil price will go. For now, the market conquers with my assessment as there are no major changes in the crude oil price.