NYMEX Crude oil price trading up before EIA data

US crude oil futures price rose in choppy trading on Thursday as the market awaits government inventory data after Wednesday’s industry report showed crude and gasoline stockpiles fell last week.

RBOB gasoline futures were helping lift the complex after the API data and after crude futures pushed past $75 a barrel on Wednesday, a level that had provided firm resistance at the top of crude futures recent trading range.

The American Petroleum Institute’s inventory report on Wednesday showed crude oil stocks fell 172,000 barrels, with gasoline inventories off 2.7 million barrels and distillate stocks up 219,000 barrels.

The US Energy Information Administration’s inventory report is set to be released Thursday at 11 a.m. EDT (1500 GMT), following release at 10:30 a.m. EDT (1430 GMT) of natural gas storage data.

NYMEX November crude oil options expire on Thursday. Open interest positions at the $80 call stood at 12,050, according to Reuters data on Thursday. The open interest positions at the $76.50 call stood at 3,586.

Tags:  crude oil price, EIA, NYMEX