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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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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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April 26th, 2012
Oil traded near the highest level in more than a week after Federal Reserve Chairman Ben S. Bernanke said that while further stimulus is unlikely, central banks “remain prepared to do more” to protect the economy.
Futures were little changed, paring an earlier gain after more Americans than forecast filed applications for unemployment benefits last week. Economic growth is expected to “remain moderate over coming quarters and then to pick up gradually,” the Federal Open Market Committee said in a statement. U.S. crude supplies gained more than estimated last week, and Iran’s envoy in Moscow said his country may halt the expansion of its atomic program to avert new Western sanctions.
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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 19th, 2012
Crude oil brent rose in London as a debt sale by Spain bolstered confidence in Europe’s recovery, countering concern that rising U.S. inventories will leave the market over-supplied.
Brent climbed as much as 1 percent after Spain sold 2.54 billion euros ($3.3 billion) of bonds, just above the maximum target for the auction. U.S. supplies gained 3.9 million barrels last week, yesterday’s Energy Department data showed. The median forecast in a Bloomberg News survey of analysts was for an increase of 1.8 million barrels. In New York, prices slipped after Labor Department data showed more Americans filed for unemployment benefits last week than forecast.
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April 17th, 2012
Commodity Brokers – President Barack Obama urged Congress to bolster federal supervision of oil markets, including bigger penalties for market manipulation and greater power for regulators to increase the amount of money traders must put up to back their energy bets.
Obama asked Congress to fund a six-fold increase for surveillance and enforcement staff at the Commodity Futures Trading Commission to put “more cops on the beat” overseeing oil markets.
He also is seeking to give the CFTC new authority to raise margin requirements for traders’ oil positions and stiffen civil and criminal penalties for businesses that are guilty of market manipulation to $10 million from $1 million. The plan would cost $52 million.
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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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