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MTECHTIPS:-NYMEX crude rebounds in Asia with API estimates later in the day

Tuesday, November 1, 2016 6:33
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MTECHTIPS:-NYMEX crude rebounds in Asia with API estimates later in the day

 

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MTECHTIPS- Crude prices rebounded mildly in Asia on Tuesday with industry supply estimates late in the day expected to set the tone. The American Petroleum Institute will release estimates of U.S. crude and refined product inventories late on Tuesday. The figures will be followed by official data from the U.S. Department of Energy on Wednesday. Crude oil for December delivery on the New York Mercantile Exchange rose 0.19% to $49.65 a barrel. Reuters reported that Colonial Pipeline Co shut down both of its main gasoline and distillates pipelines on Monday that flow from refineries on the U.S. Gulf Coast to storage tanks on the U.S. East Coast after an explosion and fire in Shelby County, Alabama, near the site of a gasoline spill last month. The China Federation of Logistics & Purchasing (CFLP) releases its manufacturing PMI for October seen at 50.4, and the non-manufacturing PMI, which last came in at 53.7. Then comes the Caixin manufacturing PMI is expected at 50.2. The figures will be closely watched for signs of demand by the world’s second largest oil importer. Overnight, oil prices added to overnight losses during North American hours on Monday, falling to a fresh one-month low amid mounting skepticism over the implementation of a planned deal by OPEC to limit production.

 

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