What's Moving the Oil Market

•Global crude futures were higher in European morning trading Wednesday ahead of the release of the US Energy Information Administration's stocks inventory data later in the day.

•"There's a bit of profit taking ahead of the [US] stats, but we won't see any real direction until this afternoon," a London-based broker said.

•Analysts surveyed by Platts expect a 2.7 million barrel build in US commercial crude stocks, an increase of 1.4 million barrels in gasoline stocks and a 1.6 million barrel decline in middle distillates.

•Some analysts, however, have played down the impact of the EIA data. "EIA inventory numbers are out later today; these have played a more secondary role over the past few weeks in terms of price impact, and although at times they have reinforced the generally downward bias, they have generated little in the way of any meaningful bounces. We don't expect that to change this week either," energy analyst Edward Meir said in a report.

Updated: December 10, 2008

This content first appears in Platts Oilgram Price Report. Platts Oilgram Price Report is a daily report that covers market changes, market fundamentals and factors driving prices. Platts Oilgram Price Report also brings a vast array of Platts international prices for crude and products, netback tables, and market critical data. Subscribe now to Oilgram Price Report, or click here to request a trial.

Platts What's Moving the Oil Market What's Moving the Oil Market 12/10/08

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