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Crude oil futures decline
May 16th, 2013
Crude Oil – West Texas Intermediate crude fell for the fifth time in six days amid signs of economic weakness in the U.S. and Europe that threaten fuel demand.
Crude oil futures slid as much as 0.4 percent in New York. U.S. industrial production dropped the most in eight months in April, manufacturing in the New York region unexpectedly shrank in May and the euro-area economy contracted more than forecast in the first quarter. A measure of U.S. fuel consumption declined by 584,000 barrels last week to 18.5 million barrels a day, Energy Information Administration data yesterday showed.
“All the key players on the demand side basically see muted growth,” said David Lennox, a resource analyst at Fat Prophets in Sydney. “That will put significant downward pressure on crude prices. The EIA numbers, especially diesel, have shown for the last couple of weeks a weakening trend.”
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Crude oil futures rises
April 24th, 2013
Crude Oil Futures – West Texas Intermediate crude rose to a one-week high amid speculation that the European Central Bank will cut its key interest rate to a record low. Futures maintained gains after a report showed that U.S. supplies rose less than analyst estimated.
Prices climbed as much as 1.9 percent as banks including UBS AG and Royal Bank of Scotland Group Plc (RBS) forecast that the ECB will cut borrowing costs to 0.5 percent. The Energy Information Administration said supplies rose 947,000 barrels to 388.6 million. Inventories were projected to increase 2 million barrels, according the median of 11 analyst responses in a Bloomberg survey.
“The world’s central banks are in the driver’s seat right now,” said David McAlvany, chief executive officer of McAlvany Financial Group in Durango, Colorado, which manages $520 million. “The market is well supplied and demand is weak. The fundamentals indicate that prices should be $5-to-$10 lower.”
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crude oil fluctuates
April 22nd, 2013
Crude Oil Futures – West Texas Intermediate crude fluctuated as sales of previously owned U.S. homes unexpectedly dropped in March and the Group of 20 nations offered no opposition to Japan’s stimulus program.
Futures traded in a $1.58-a-barrel range after tumbling 3.6 percent last week. The market retreated as the National Association of Realtors said purchases of previously owned houses, tabulated when a contract closes, fell 0.6 percent to a 4.92 million annual rate last month. Prices climbed earlier as G-20 finance chiefs backed the Bank of Japan (8301)’s plan to buy 7 trillion yen ($70.1 billion) of bonds a month.
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April 2nd, 2013
West Texas Intermediate crude slid for a second day amid speculation that U.S. inventories climbed to the highest level in more than 22 years.
Crude oil futures fell as much as 0.5 percent in New York. U.S. crude supplies probably increased 2.3 million barrels last week, according to a Bloomberg News survey of analysts before a government report tomorrow. Prices slipped yesterday after data showed U.S. manufacturing grew less than forecast in March. Exxon Mobil Corp. (XOM) is developing a plan to repair a damaged section of the Pegasus pipeline that moves crude to Gulf Coast refineries. The line was shut because of a leak.
“It is possible to have another sharp build in crude stocks that could set a bearish tone,” Myrto Sokou, an analyst at Sucden Financial Ltd. in London, said in an e-mail. “The weak U.S. PMI data adds some pressure to the oil market, raising renewed concerns about a possible slowdown in oil demand. Prices are in consolidation mode, struggling to find some direction ahead of the U.S. economic releases,” including one today on factory orders.
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January 23rd, 2013
Crude oil futures traded near the highest price in four months in New York on speculation that the U.S. will lift its debt limit, offsetting forecasts that fuel inventories increased in the world’s largest crude consumer.
West Texas Intermediate was little changed after gaining 0.7 percent yesterday as President Barack Obama’s administration said it welcomes a move by House Republicans to vote today on raising the debt ceiling through mid-May. U.S. crude stockpiles probably rose last week, according to a Bloomberg News survey before a government report tomorrow. Deutsche Bank AG boosted its growth forecast for oil demand in China.
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January 2nd, 2013
Crude oil rose to the highest level in almost three months in New York after U.S. lawmakers reached a deal to avert automatic tax increases and spending cuts that threatened growth in the world’s biggest economy.
Crude oil futures increased as much as 1.7 percent after legislation to avoid the so-called fiscal cliff was passed by a vote of 257-167 in the House after Republicans abandoned an effort to add spending cuts to the Senate’s plan. A government gauge of China’s manufacturing showed a third month of expansion yesterday, a sign that the recovery in the world’s second- biggest oil consumer will extend to this year.
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December 26th, 2012
Crude oil futures rose in New York for the first time in three days as President Barack Obama will cut short his vacation for talks to avert spending cuts and tax increases that threaten the economy of the world’s biggest crude consumer.
West Texas Intermediate gained as much as 0.7 percent before Democrats and Republicans convene tomorrow for talks aimed at avoiding more than $600 billion in automatic measures known as the fiscal cliff, which are scheduled to take effect Jan. 1. Crude stockpiles in the U.S. probably fell last week to the lowest in 10 weeks as imports decreased, a Bloomberg News survey showed. The volume for all WTI contracts was down 87 percent on the 100-day average.
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October 3rd, 2012
Crude oil fell to a two-month low in New York after the government reported that U.S. crude production climbed to the highest level in more than 15 years and fuel consumption decreased.
Crude oil futures dropped 4.1 percent after the Energy Department said crude output rose 11,000 barrels a day to 6.52 million last week, the most since December 1996. Total fuel demand fell 0.3 percent to 18.3 million barrels a day in the four weeks ended Sept. 28, the lowest level since April. Crude and distillate stockpiles declined as gasoline supplies rose.
“The oil market is following the fundamentals today,” said Stephen Schork, president of the Schork Group Inc. in Villanova, Pennsylvania. “We’re in a very comfortable situation as far as supply and demand are concerned.”
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September 26th, 2012
Cride oil settled below $90 a barrel for the first time in almost eight weeks as the government reported lower oil demand and on concern the worsening European crisis will reduce consumption.
Crude oil futures declined for the seventh time in eight days after the Energy Department said total U.S. fuel use decreased 1.1 percent in the four weeks ended Sept. 21 and inventories remained at the highest level for this time of the year since 1990. Stocks dropped for a fifth day and the euro weakened after the Bank of Spain said the economy is shrinking at a “significant” pace.
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September 24th, 2012
Crude oil dropped for the fifth time in six days as discord over the handling of Europe’s debt crisis and a decline in German business sentiment renewed concern that the European crisis will reduce oil demand.
Crude oil futures fell 1 percent after German Chancellor Angela Merkel and French President Francois Hollande disagreed at a meeting Sept. 22 on a timetable to introduce joint oversight of Europe’s banks. German business confidence unexpectedly fell to the lowest level in more than two years, helping push the euro down against the dollar.
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