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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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September 19th, 2012
Crude oil dropped to a one-month low after U.S. crude inventories surged the most since March as production and imports rebounded from Hurricane Isaac.
Crude oil futures decreased as much as 3.3 percent after the Energy Department said supplies rose 8.53 million barrels last week, more than eight times what was projected in a Bloomberg survey. Imports arrived at the highest rate since January and output rose. Crude fell before the report on speculation Saudi Arabia is moving to reduce prices.
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September 14th, 2012
Crude oil futures rose to $100 a barrel in New York for the first time since May as the Federal Reserve pledged further economic stimulus, while unrest in the Middle East and North Africa fanned concern that supplies will be threatened.
West Texas Intermediate advanced as much as 2.2 percent to $100.42 a barrel, having last risen above $100 in intraday trading on May 4. The Fed announced additional purchases of mortgage debt yesterday in a third round of so-called quantitative easing, following the European Central Bank’s bond- buying announcement on Sept. 6. Tensions in the Middle East escalated this week after protestors in Libya, Egypt and Yemen demonstrated against a video considered insulting to Islam.
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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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November 29th, 2011
Crude oil futures rose a third day in New York, recouping earlier losses as a strengthening euro and advancing equities signaled investors were less concerned that Europe’s debt crisis will derail the global recovery.
West Texas Intermediate futures gained as much as 1.1 percent, having earlier lost 1 percent. Demand for 2014 bonds auctioned by Italy today was 1.5 times the amount sold. The U.S. Energy Department may say tomorrow oil inventories rose for the first time in a month, while gasoline supplies climbed for a third week, according to a Bloomberg News survey.
“Sentiment has improved on news of the successful Italian bond auction,” said Andrey Kryuchenkov, an analyst at VTB Capital in London. “We’re seeing a stronger euro as a result, and crude prices gaining alongside the broader commodity market rebound.”
Crude oil futures for January delivery on the New York Mercantile Exchange was up 11 cents at $98.32 a barrel at 12:56 p.m. London time after falling as low as $97.23. Brent crude for January settlement on the ICE Futures Europe Exchange was up 87 cents at $109.87 a barrel, reversing a 61-cent decline.
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November 23rd, 2011
Crude oil futures dropped from a three-day high in New York as investors speculated that rising gasoline stockpiles in the U.S. and slowing economic growth in Europe will reduce demand for fuel.
Crude oil futures slipped as much as 1.7 percent before data today that may show shrinking manufacturing and services in Europe this month and falling U.S. durable-goods orders in October. The American Petroleum Institute said motor-fuel supplies climbed 5.42 million barrels last week. The U.S. economy expanded less than previously estimated in the third quarter, Commerce Department figures showed yesterday.
“There’s no reason for investors at the moment to be putting risk back on,” Ric Spooner, a chief analyst at CMC Markets in Sydney, said in a telephone interview. “The API figures added to the moderate tone of the market, but the main picture remains what’s happening in Europe.”
Crude oil futures for January delivery slid as much as $1.62 to $96.39 a barrel in electronic trading on the New York Mercantile Exchange and was at $96.51 at 3:27 p.m. in Singapore. The contract gained 1.1 percent yesterday to $98.01, the highest close since Nov. 17. Prices are up 19 percent from a year ago.
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November 22nd, 2011
Crude oil futures rose for the first time in four days as new sanctions against Iran raised concern that supplies may be disrupted, while affirmations of U.S. credit ratings and economic growth forecasts for China signaled continuing demand growth in the world’s two largest consumers of crude.
Crude oil futures climbed as much as 1.6 percent in New York after the U.S., the U.K. and Canada expanded measures aimed at thwarting Iran’s nuclear program. Standard & Poor’s and Moody’s Investors Service affirmed their credit ratings for the U.S. The World Bank said China is heading for growth in excess of 8 percent next year. Crude pared gains after a report showed the U.S. economy expanded less in the third quarter than previously estimated.
“Economic sanctions will increase internal tension in Iran, where inflation is a major problem,” said Filip Petersson, an SEB AB commodity strategist in Stockholm. “A further destabilization could very well lead to an uprising in the long run.”
Crude oil futures for January delivery gained as much as $1.57 to $98.49 a barrel in electronic trading on the New York Mercantile Exchange. It was at $97.32 at 1:41 p.m. London time. Yesterday, the contract slid 75 cents to $96.92, the lowest settlement since Nov. 9. Prices have gained 6.5 percent this year after increasing 15 percent in 2010.
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November 21st, 2011
Crude oil futures fell for a third day to its lowest price in more than a week in New York on concern that Europe’s debt crisis and slower Asian economic growth will curtail fuel demand.
Crude oil futures dropped as much as 2.1 percent to their lowest since Nov. 10. European stocks have lost 18 percent this year as surging borrowing costs for governments raise the risk of recession. Japan, the world’s third-biggest crude consumer, reported the first drop in exports in three months. Saudi Arabian Oil Co. Chief Executive Officer Khalid Al-Falih said the world economy is at risk of a double-dip recession amid sovereign debts and weak U.S. growth.
“Fear that something really bad could happen in Europe, hence demand could fall, has been the main reason prices have been so subdued,” Amrita Sen, an analyst with Barclays Capital in London, said in an interview Sen with Owen Thomas on Bloomberg Television’s “Countdown.”
Crude oil futures for January delivery fell as much as $2.06 to $95.61 a barrel in electronic trading on the New York Mercantile Exchange and was at $96.41 a barrel at 12:48 p.m. London time. Front-month prices dropped 1.6 percent last week and are 5.5 percent higher this year.
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