Benchmark crude oil price the United States (U.S.), West Texas Intermediate (WTI) fluctuated after a record weekly rise the highest. Enterprise Products Partners LP said oil shipments from the Seaway pipeline will rise, due to flooding in the U.S. Midwest.
WTI has recorded an increase of 0.8 percent in New York yesterday, the most since February 11. Senior vice president at Enterprise, William Ordemann, explains, Seaway pipeline shipments will grow an average of 295 thousand barrels per day from February to May, up from 180 thousand barrels in January.
“The market is stuck in the range of USD98 per barrel oil price, and can not penetrate the topside of USD98, 30 per barrel. People want to be optimistic that things are going well, but it shows we have a lot of supply of oil reserves,” said the chief executive of Barratt Bulletin, Jonathan Barratt, as quoted by Bloomberg, on Wednesday (20/02/2013).
WTI for delivery in March, gained 15 cents to USD96, 81 per barrel in electronic trading on the New York Mercantile Exchange, after yesterday rose 80 cents to USD96, 66 per barrel. As for April delivery rose 11 cents to USD97, 21 per barrel. Trading volume rose six per cent above the average of 100 days.
While the European crude benchmark, London Brent for April delivery fell 5 cents to USD117, 47 per barrel, on the London-based trade ICE Europe exchange. Trading volume occurs 70 percent below the 100-day average trading. Disparities second pengirmian crude for March closed at USD20, 26 per barrel, from USD20, 42 per barrel.
U.S. crude supplies probably rose two million barrels to 374 million barrels, according to the median estimate of nine analysts in a Bloomberg survey. While gasoline stockpiles probably fell 900 thousand barrels.