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March 14th, 2012
Gasoline Futures — Gasoline is now over $4 per gallon in four states and Washington, D.C., as a three-month surge in pump prices continues.
The nation’s capital, Illinois, California, Alaska and Hawaii all posted averages above $4 on Wednesday, according to AAA, Wright Express and Oil Price Information Service. Prices in several other states, including Oregon, Connecticut, New York and Washington, are almost there.
Nationwide, gasoline has soared by nearly 54 cents this year to an average of $3.81 per gallon.
Gasoline prices are rising as service stations pass along the higher cost of crude. Benchmark oil prices have risen by nearly 8 percent since January.
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March 1st, 2012
Crude Oil climbed over $110 a barrel for the first time since May after an Iranian state-run news channel reported an explosion on a pipeline in Saudi Arabia. A Saudi official said no oil facilities were sabotaged.
Crude oil futures reached $110.55 at 3:17 p.m. in New York after Iran’s Press TV reported on its English-language website that “an explosion has hit oil pipelines in the flashpoint Saudi Arabian city of Awwamiya,” then fell back below $109. Major General Mansour Al-Turki, a spokesman for the Saudi Interior Ministry, said no oil facility in the region has been sabotaged after reports of a fire near the Ras Tanura refinery.
“It looks like it’s a rumor but it shows you how sensitive the oil market is to any kind of supply constraint,” said Phil Streible, a Chicago-based commodities broker at RJO Futures.
Crude oil for April delivery rose $1.77 to settle at $108.84 a barrel on the Nymex before the Press TV report. The price was $108.73 at 5:11 p.m. Futures settled at a nine-month high of $109.77 on Feb. 24.
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March 
1st, 2012
Gasoline futures rose to a nine-month high as first-time jobless claims matched a four-year low from two weeks ago, and as crude oil rose after the U.S. escalated warnings to Iran about its nuclear program.
Gasoline futures surged 2.4 percent as applications for unemployment insurance decreased 2,000 in the week ended Feb. 25 to 351,000, Labor Department figures showed today. The Standard and Poor’s 500 stock index rose as much as 0.8 percent in New York. Brent crude oil gained 2.5 percent in London.
“We continue to have bullish economic data and the stock market seems to be saying all is well,” said Peter Beutel, president of trading advisory company Cameronhanover.com in New Canaan, Connecticut. “And Iran is moving ominously in the background, casting a shadow on the oil market.”
Gasoline futures for April delivery rose 7.8 cents to $3.3352 a gallon at 2:15 p.m. on the New York Mercantile Exchange. Prices touched $3.3416, the highest intraday price since May for the front-month contract.
Brent oil for April settlement climbed $3.05 to $125.71 a barrel on the London-based ICE Futures Europe Exchange.
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February 10th, 2012
Crude oil dropped from a three-week high as euro-area finance ministers refused to approve a rescue package for Greece, boosting concern that the European debt crisis will reduce fuel demand.
Futures fell 1.2 percent after Luxembourg Prime Minister Jean-Claude Juncker, chairman of the group of euro-area finance chiefs, said yesterday that Greece won’t get financial aid until it implements an austerity plan. The International Energy Agency also cut its 2012 global oil demand forecast for a sixth month, citing a “darkening” economic outlook.
“The market rallied earlier this week on signs that the Greek situation was about to be settled and is now giving back those gains,” said John Kilduff, a partner at Again Capital LLC, a New York-based hedge fund that focuses on energy. “The longer this crisis continues, the more it will diminish European economic growth and along with that the oil demand outlook.”
Crude oil for March delivery decreased $1.17 to settle at $98.67 a barrel on the New York Mercantile Exchange. The contract rose for a third day yesterday, climbing 1.1 percent to $99.84, the highest close since Jan. 19. Prices increased 0.8 percent this week and are up 14 percent in the past year.
Brent oil for March settlement fell $1.28, or 1.1 percent, to end the session at $117.31 a barrel on the London-based ICE Futures Europe exchange. It was the first decline in nine days, ending the longest stretch of moves higher since October 2009. The European benchmark contract’s premium to New York-traded West Texas Intermediate crude was at $18.64, 11 cents narrower than yesterday’s settlement.
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February 8th, 2012
Crude oil rose to its highest in a week in New York after a report showed U.S. stockpiles shrank, signaling increased demand in the world’s biggest crude consumer.
West Texas Intermediate futures climbed to $99.65 a barrel, the highest since Jan. 31. Crude inventories fell 4.5 million barrels in the seven days ended Feb. 3, the first drop in three weeks, the American Petroleum Institute said after yesterday’s settlement. Analysts surveyed by Bloomberg News had forecast today’s Energy Department report would show supplies rose 2.5 million barrels.
“Inventories decreasing are adding to the supply concerns in the market,” said Sintje Boie, an analyst at HSH Nordbank in Hamburg. “Demand is quite strong because of the winter season. There are already supply worries from Iran’s threat to stop exports to Europe.”
Crude for March delivery advanced as much as $1.24, or 1.3 percent, to $99.65 a barrel in electronic trading on the New York Mercantile Exchange and was at $99.28 at 12:50 p.m. London time. Yesterday, it increased $1.50 to $98.41, the highest settlement since Jan. 31. Prices are up 14 percent from a year ago.
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February 6th, 2012
Crude oil futures fell from the highest price in three days in New York on speculation Greece’s steps to avert a financial collapse may fall short, threatening Europe’s economy and demand for fuel.
Crude oil futures dropped as much as 0.9 percent before political leaders in Greece meet today to discuss a detailed agreement for meeting the terms of an international financial rescue. The premium of London-traded Brent oil to New York contracts rose for an eighth day after militants in Nigeria, Africa’s biggest crude producer, attacked and damaged a pipeline.
“The potential now is for disappointment out of Europe,” said Michael McCarthy, a chief market strategist at CMC Markets Asia Pacific Pty in Sydney. “I suspect this one is going to drag on a fair bit. This echoes the very disappointing rhetoric we’ve heard out of Europe many times before.”
Crude oil futures for March delivery slid as much as 89 cents to $96.95 a barrel in electronic trading on the New York Mercantile Exchange and was at $96.97 at 4:32 p.m. Singapore time. The contract rose $1.48 to $97.84 on Feb. 3, the highest settlement since Jan. 31. Prices are down 1.9 percent this year.
Brent oil for March settlement on the London-based ICE Futures Europe exchange dropped as much as 68 cents, or 0.6 percent, to $113.90 a barrel. The European benchmark contract was at a premium of $17.06 to New York-traded West Texas Intermediate, the widest since Nov. 8. The spread was a record $27.88 on Oct. 14.
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January 30th, 2012
Crude oil futures dropped for a second day in New York on speculation that European Union leaders meeting today may fail to resolve the region’s debt crisis, while OPEC’s secretary-general said the market is well-supplied.
Crude oil futures slipped as much as 0.9 percent as stocks dropped and the dollar strengthened. EU chiefs will gather in Brussels today to complete a German-led deficit-control treaty and endorse a 500 billion-euro ($660 billion) rescue fund. Hedge funds and other large speculators increased wagers on rising crude prices, the Commodity Futures Trading Commission’s Commitment of Traders report on Jan. 27 showed.
“The market is taking off risk before the meeting,” said Thina Saltvedt, an analyst at Nordea Bank AB in Oslo, who predicts Brent crude will average $107 a barrel this quarter. “Ahead of this meeting, sentiment is less optimistic.”
Crude oil futures for March delivery fell as much as 85 cents to $98.71 a barrel in electronic trading on the New York Mercantile Exchange. It was at $99.10 at 1:10 p.m. London time. The contract lost 14 cents to $99.56 on Jan. 27. Prices are 0.3 percent higher this month.
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January 25th, 2012
Crude oil futures rose after Federal Reserve officials said the U.S. benchmark interest rate will stay low until at least 2014 to bolster growth and cut unemployment, boosting fuel demand.
Crude oil futures advanced 0.5 percent as the Federal Open Market Committee extended its previous pledge to keep rates low at least until the middle of 2013. The Energy Department reported that total fuel consumption increased 7.5 percent to 19.2 million barrels a day in the week ended Jan. 20.
“We’re up because of the FOMC statement,” said Hamza Khan, an analyst with the Schork Group Inc., a consulting company in Villanova, Pennsylvania. “The Fed’s policy is good for the economic outlook. This points to steady growth ahead, which will be good for oil demand.”
Crude oil futures for March delivery rose 45 cents to settle at $99.40 a barrel on the New York Mercantile Exchange. Futures dropped to $97.53 early in the session. Prices are up 15 percent from a year earlier.
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January 24th, 2012
Crude Oil fell as a stalemate between European policy makers and Greek bondholders over debt relief increased concern that the euro-zone debt crisis will spread.
Crude oil futures dropped as much as 1.3 percent after European finance ministers balked at putting up more public money for Greece, calling on holders of Greek debt to provide greater relief. The International Monetary Fund cut its forecast for the global economy as Europe slips into a recession and growth cools in China and India.
“The problems with Greece and the bondholders have yet to be resolved, which continues to be a major worry,” said Chris Dillman, an analyst and broker at Tradition Energy in Stamford, Connecticut. “The euro-zone concerns are sending equities lower and the dollar is stronger, which is putting downward pressure on oil.”
Crude oil futures for March delivery fell 64 cents, or 0.6 percent, to $98.94 a barrel at 11:04 a.m. on the New York Mercantile Exchange. The contract slipped as much as $1.33 to $98.25. Prices are up 13 percent from a year earlier.
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January 18th, 2012
Crude ol futures in New York as the Obama administration denied a permit for TransCanada Corp. (TRP)’s Keystone XL pipeline, which would have carried crude to U.S. Gulf Coast refineries from Alberta’s oil sands.
West Texas Intermediate oil, the U.S. benchmark, retreated after two people familiar with the matter said the rejection was imminent. The announcement came after the close of floor trading. Oil climbed earlier after the Federal Reserve figures showed that U.S. industrial output rose 0.4 percent in December.
“Inventories are going to increase because of this,” said Stephen Schork, president of the Schork Group in Villanova, Pennsylvania. “There was a bet that WTI would move closer to the world price this year” and the Keystone rejection will end that prospect, he said.
Crude oil futures uary delivery fell 12 cents to settle at $100.59 a barrel on the New York Mercantile Exchange. It dropped to $99.84 from $100.98 on the Keystone news before rebounding.
Crude oil futures rose from the settlement after the American Petroleum Institute reported that oil inventories declined 4.81 million barrels to 330.1 million last week. February crude increased 33 cents, or 0.3 percent, to $101.04 a barrel in electronic trading at 4:32 p.m.
Brent oil for March settlement declined 87 cents, or 0.8 percent, to end the session at $110.66 a barrel on the London- based ICE Futures Europe exchange. The European contract’s premium to March crude on the Nymex narrowed 76 cents to $9.90 a barrel at the close of trading. That’s down from a record high of $27.88 on Oct. 14.
Crude Oil Futures: Supply Report
An Energy Department report tomorrow will probably show that U.S. crude inventories grew 3 million barrels to 337.6 million in the seven days ended Jan. 13, according to the median of 12 analyst estimates in a Bloomberg News survey. A gain would be the fourth in a row.
The administration will let TransCanada submit a new application for an alternate route that avoids an environmentally sensitive area in Nebraska. The 1,661-mile (2,673-kilometer) pipeline would have carried 700,000 barrels of crude a day.
In November the administration delayed approving the project until after the 2012 election, saying it wanted to study an alternate route. Last month, Congress set a 60-day deadline for the administration to decide whether to issue a permit.
“We’ll be back to the old status quo of oil,” said Rich Ilczyszyn, founder and chief market strategist at Iitrader.com in Chicago. “Plenty of oil coming into the Midwest and there is no way to get it anywhere else. Locally it will be very bearish for WTI.”
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