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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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August 31st, 2012
Crude oil capped the biggest monthly gain since October as Federal Reserve Chairman Ben S. Bernanke said he wouldn’t rule out more stimulus to boost the economy.
Crude oil futures climbed 2 percent after Bernanke said the Fed will implement measures as needed to spur growth and the dollar fell to an eight-week low against the euro. Crude extended its rally after the government said 95 percent of U.S. Gulf of Mexico oil output was shut in for a third day because of Hurricane Isaac.
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August 25th, 2012
Crude oil futures rose for a fourth week as Tropical Storm Isaac strengthened in the Caribbean Sea and on news that Federal Reserve Chairman Ben S. Bernanke said he saw “scope for further action,” increasing speculation the central bank will act to boost economic growth.
Crude oil prices moved higher this week on forcasts that tropical storm Issac may enter the Gulf next week after crossing Cuba and then reaching the west coast of Florida on Sunday.
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August 21st, 2012
Crude oil futures climbed to the highest level in more than three months on speculation European leaders meeting this week will make progress on the region’s debt crisis.
Crude oil prices gained as much as 1.4 percent as a senior lawmaker with Chancellor Angela Merkel’s party said concessions are possible for Greece. Merkel and French President Francois Hollande meet in Berlin on Aug. 23, before holding separate talks with Greek Prime Minister Antonis Samaras later in the week. The euro rose against the dollar to the highest level in nearly seven weeks.
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