Markets

Crude slides below $83 as the dollar consolidates

Crude traded below $83 per barrel as traders' await Bernanke's speech today as the dollar stabilizes, while yesterday the anticipated EIA report showed a drop in US inventories and thus improving demand.

Crude today hovers around $83 per barrel recording its highest around $83.07 and lowest around $82.43, while it currently is trading around $82.81 per barrel.

Crude yesterday traded around $83 per barrel recording its highest of $84.08 and lowest of $82.19 per barrel, closing around $82.81 per barrel. Investors are anxiously awaiting for Chairman Ben Bernanke's speech where he is expected to give a speech in Boston later on today and investors are looking for clues for the extent and timing of the QE.

The EIA report yesterday showed a drop in inventories by 0.4 MB compared to the prior reading of 3.1 MB, lower than expectations of 1.45 MB. Motor gasoline also fell 1.8 MB last week but remain above the medium term average, while distillates that include heating followed and slid 0.3 MB above the medium term average range for this time of year.

As for NYMEX as of 04:30 EST; motor gasoline rose to $214.430 per gallon by $0.37; heating oil is trading around $228.520 per gallon gaining $0.06; whereas natural gasoline climbed $0.33 to record $3.669. In London, Brent futures inclined $0.06 to record $84.250.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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