Daily Energy Hedger – September 14, 2011
October crude oil futures settled above $90 for the first time in a month on Tuesday, as oil traders looked ahead to this week’s DOE report. The consensus is for a crude oil stock draw of 3 million bbls or more, according to surveys by the major wire services. Last week, as much as 60% of the oil platforms were closed in the US Gulf which, in turn, accounts for 27% of US total production. The lost production will be reflected in inventories on Wednesday, and traders were buying ahead of the numbers.