By Claire Milhench
LONDON (Reuters) - Brent oil futures held above $48 a barrel on Thursday as speculator buying on hopes for a price rebound offset data showing record-high U.S. crude stocks.
U.S. crude was trading at $44.26 a barrel by 1141 GMT, down 19 cents but off a six-year low hit on Wednesday. Brent was up 20 cents at $48.67.
The U.S. Energy Information Administration (EIA) said domestic crude stocks had risen by almost 9 million barrels week-on-week to nearly 407 million, the highest level since the government began keeping such records in 1982.
That pushed U.S. crude to an intraday low of $44.08, the weakest since April 2009, but Brent held up relatively well.
"It's a tug of war between the non-supportive fundamentals and investor flows - investors are more concerned about missing a potential bounce," said Ole Hansen, senior commodity strategist at Saxo Bank. "But there is nothing bullish to be found in those numbers."
Analysts expect stockpiles to keep building as U.S. production has shown no sign of slowing, and when refiners enter seasonal turnarounds, utilisation rates will fall.
In addition, the market structure gives traders an incentive to buy cheap crude for storage, with the aim of selling it at a higher price for future delivery.
Some traders believe such buying to store has provided a "false bottom" in the market, and that when land storage becomes filled, or floating-storage economics no longer work, there will be another selloff in futures.
"Traders buying and putting oil into storage may be holding the price for now," said Christopher Bellew, a broker at Jefferies Bache in London. "I s
real pro, tries to influence stocks on a message board than is shocked that people think they are influenced by a message board
yet here you are daily giving advice on stock purchases on the very same messageboard, very poor indeed
losses for 5 years
I made a healthy profit flipping dej from 9 cents to 28 cents
while your crew was advising to wait for 6 cents
now you are back advising to wait for 8 cents
while suggesting we buy gevo in the 30's only to watch it tank to the teens
"It's costing Coachman money every day they're on site."
do we have any objective confirmation that they are indeed on site?
" It's to everyone's advantage that this get done and announced asap"
what factors do you base this claim on?
"because we care what happens to your money,"
yeah because that's how the market works, LMAO
is that they are not actually shorting, dej is not shorted to any significant degree, so there is no short squeeze opportunity :(
they are simply false flag bulls