Oil Daily Outlook July 29

Oil prices moderately inclined yesterday. The EIA natural gas market report was published yesterday and presented an increase in natural gas storage of 43 Bcf. Today, the following reports will be published: Euro Area inflation rate, the U.S. advance estimate of second quarter of GDP and Canada’s GDP by industry.

 Here’s a short analysis of the oil market for today, July 29th:

On Thursday, July 28th oil price (WTI) inclined by 0.04% to $97.44/b; during July WTI inclined by 2.25%.  

Brent also rose 0.03% to $117.14/b; during July Brent inclined by 4.86%.

Canada GDP

This report regards growth in major industrial sectors for May 2011. In the previous report pertaining April 2011, the real gross domestic product remained unchanged after it had risen by 0.3% during Match 2011. This report could affect the strength of CAD and consequently oil prices that are strongly correlated with this currency.

 U.S. natural gas market report

The US Energy Information Administration published its weekly report on U.S. natural gas market review: according to the report the U.S. natural gas storage (Billion Cubic Feet) inclined by 43 Bcf to 2,714 billion cubic feet for all lower 48 states – the highest stock level since January 14th, 2011; the natural gas storage is still 2.3% below the 5-year average, and 6.9% below the storage level during the same week in 2010 (See here the recent natural gas report).

Oil price analysis:

Crude oil continues to moderately fluctuate; in the short term, oil price are likely to remain near $97-$100 for WTI and $117-$118 for Brent.  

 Lior Cohen, M.A. commodities analyst and blogger at Trading NRG.  

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.