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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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May 9th, 2012
Crude oil fell for a sixth day, the longest stretch of declines in almost two years, after U.S. crude supplies climbed and as Greece struggled to form a government, bolstering concern that Europe’s debt crisis will spread.
Crude oil futures declined as much as 1.5 percent after the American Petroleum Institute said late yesterday that stockpiles rose 7.8 million barrels last week to 378 million, the most since August 1990. A government report today may show supplies rose 2 million barrels, according to a Bloomberg survey. Equities fell and the euro weakened after weekend elections in Greece.
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May 4th, 2012
Crude oil fell below $100 a barrel for the first time since February as U.S. employers added fewer workers than forecast, bolstering concern that the economy of the world’s largest crude-consuming country may be losing speed.
Crude oil futures declined as much as 2.6 percent after Labor Department figures showed payrolls climbed 115,000, the smallest gain in six months. The median estimate of 85 economists surveyed by Bloomberg called for a 160,000 advance. Elections in France, Greece, Italy and Germany this weekend may determine how the regions governments respond to Europe’s financial crisis.
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April 23rd, 2012
Crude oil declined the most in two weeks as manufacturing shrank in China and the euro-area, bolstering concern that fuel consumption will diminish.
Crude oilo futures fell as much as 2 percent after China’s economy contracted for a sixth month in April, according to a preliminary reading of a purchasing managers’ index. Euro-area services and manufacturing output slipped. The drop in crude prices accelerated as equities tumbled after Europe’s backlash against budget cuts gained momentum.
“The negative Chinese and European economic data are weighing on the markets,” said John Kilduff, a partner at Again Capital LLC, a New York-based hedge fund that focuses on energy. “There are increasing worries about the European outlook and whether the euro zone will be able to hold it together.”
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April 17th, 2012
Crude oil rose to the highest in three days in New York on a bigger-than-projected gain in U.S. retail sales and expectation that the Seaway crude pipeline reversal will help reduce a supply glut.
Crude oil futures in New York also extended gains after advancing for a third time in four days yesterday on better-than-expected German investor confidence data and Spain bond auction. Seaway pipeline operators said they would reverse its flow earlier than planned. U.S. retail sales increased more than forecast in March as Americans snapped up everything from cars and furniture to clothes and electronics.
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April 13th, 2012
Crude oil fell for the first time in three days as China’s economic growth slowed to the least in almost three years and Saudi Arabia’s oil minister said the kingdom is determined to see lower prices.
Crude oil futures dropped as much as 1 percent after the National Bureau of Statistics said gross domestic product in the world’s second-biggest oil-consuming country expanded 8.1 percent in the first quarter from a year earlier. There’s no shortage of oil supply, and Saudi Arabia is working toward damping prices, Oil Minister Ali al-Naimi said today.
“The China GDP number had a thawing effect in the market,” said Kyle Cooper, director of IAF Advisors, a Houston- based consulting firm. “The Saudis want to see overall economic growth, and $100 oil has a lot of incentives for alternative energy. The Saudis don’t want to see alternatives.”
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April 11th, 2012
Crude oil rose from the lowest close in almost two months in New York after a European Central Bank official signaled the lender may act to stem the spread of the region’s debt crisis.
Crude oil futures gained as much as 0.7 percent as the euro strengthened against the dollar after ECB Executive Board member Benoit Coeure suggested that the bank may restart bond purchases for Spain. Crude declined yesterday after an industry report showed U.S. stockpiles rose for a third week. The Energy Department will release its inventory report later today.
“Oil is getting some support from a weaker greenback amid some ECB reassurances,” said Andrey Kryuchenkov, an analyst at VTB Capital in London. “We also have a general rebound across the board along with equities after losses yesterday, though it seems this may be short-lived.”
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April 5th, 2012
Crude oil gained for the first time in three days as claims for U.S. unemployment benefits dropped to a four-year low, raising hopes that demand in the world’s biggest user of oil may increase.
Crude oil futures prices increased after the Labor Department said jobless claims fell 6,000 to 357,000 in the week ended March 31, the fewest since April 2008. Oil was lower earlier on renewed concern that the euro area has yet to contain its debt crisis.
“The jobless claims are sort of offsetting some of the concern about Europe that was weighing oil down,” said Phil Flynn, an analyst at PFGBest in Chicago. “The good jobless number seems to suggest that perhaps the U.S. economy is going to be left unscathed by concerns over Europe.”
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