Oil Jumps On Record China Imports 12-Feb-2014

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mcx-crude-oilCrude oil futures jumped above $100 a barrel in the Asia electronic session today buoyed strong demand from China as it imports record crude oil in January. The traders today will await the weekly supply report from EIA.

China imported a record 28.16 million metric tons of crude oil in January–equivalent to 6.66 million barrels a day, preliminary data from the General Administration of Customs showed on Wednesday.

The American Petroleum Institute late Tuesday reported a climb of 2.1 million barrels in crude supplies for the week ended Feb. 7. That was close to market expectations as analysts surveyed by Platts had forecast a climb of 2.5 million barrels in crude supplies.

March crude oil futures are trading up 41 cents at $ 100.35 per barrel on the New York Mercantile Exchange. Yesterday, it fell 12 cents, or 0.1%, to settle at $99.94 a barrel. The more closely watched Energy Information Administration report is due Wednesday.

Yellen’s prepared remarks closely tracked the language of the Fed’s last policy statement. She made one bit of news, saying that volatility in global markets was not causing the Fed to rethink its policy stance.

Speaking before the House Financial Services Committee for a question-and-answer session, the chairwoman said the Fed would pause from its path to slowly exit its bond-buying program if there was a significant change in the economic outlook. On Thursday, she will face the Senate Banking Committee.

MCX February crude oil futures may open today’s session near Rs 6230 levels with resistance near Rs 6270 levels.