July 3rd, 2012

Gasoline Futures – U.S. gasoline prices at the pump, headed to $4 a gallon in April, are dropping toward $3 as the July Fourth holiday approaches, giving consumers relief and a boost to President Barack Obama’s re-election campaign.

Retail prices have fallen 15 percent to $3.329 from a peak of $3.936 on April 4, according to Heathrow, Florida-based AAA, the largest U.S. motoring group. They’re also 6.6 percent lower than a year ago, underscoring how slowing economies are sapping demand even as an embargo on Iranian oil starts.

Republican criticism of Obama’s energy policies has faded as oil fell as much as 29 percent from this year’s high in February and stockpiles ballooned to the most in 22 years. Americans bought less gasoline in the four weeks ended June 26 than a year earlier even as prices dropped, MasterCard Inc. (MA) data show. Last month, the Federal Reserve cut its estimate for U.S. growth, Spain became the fourth euro-region country to seek an international bailout and China’s manufacturing shrank.

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June 27, 2012

Crude oil gained in New York, erasing losses and trading below $80 a barrel for a fifth day as disruptions to Norway’s output and a possible shortfall from Iran offset concern that use is ebbing amid Europe’s debt woes.

CrudeFutures rose as much 0.5 percent after Norwegian fields closed in a labor dispute and as the European Union prepares additional sanctions on Iran’s energy industry. Iranian exports will fall “gradually” fall during maintenance on fields and reservoirs and as the EU embargo takes effect starting July 1, Deputy Oil Minister Ahmad Qalebani said yesterday. EU leaders will begin a two-day summit meeting tomorrow to address the bloc’s debt crisis.

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June 25th, 2012

Commodity Futures – Tropical Storm Debby weakened in the Gulf of Mexico off the Florida Panhandle after shifting away from oil- and natural gas-production areas where Anadarko Petroleum Corp., BP Plc and rivals halted output.

Debby’s top winds slipped to 50 miles (80 kilometers) per hour as the storm was almost stationary about 90 miles south- southwest of Apalachicola, Florida, the National Hurricane Center said in a 4 a.m. Central time advisory. The storm is expected to move little in the coming days though restrengthening is possible within 48 hours, the NHC said.

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June 20th, 2012

Commodity Brokers – U.K.-based brokerage house London Commodity Brokers said Wednesday it’s planning to launch in two weeks’ time an online auction exchange platform to buy and sell strategic South African commodities on a spot basis.

The platform is aimed at addressing concerns that South African commodity producers are too fragmented in certain commodities such as ferrochrome to viably extract more value from their resources vis-a-vis Chinese consumers who are more organized with regard to their raw materials purchases.

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Nymex Oil Settles below $79/Barrel

On June 23, 2012, in Uncategorized, by Infinity Trading

June 21st, 2012

Nymex crude-oil futures settled below $80 a barrel Thursday for the first time since October–and Brent crude futures closed below $90 a barrel for the first time since December 2010–as the oil markets were hit by a host of factors, including fresh signs of anemic industrial activity.

Oil futures for light sweet crude on the New York Mercantile Exchange settled at $78.20 per barrel, down $3.25 or 4%, piercing the psychologically important $80-a-barrel level. Brent oil futures, the European benchmark, also declined sharply, dropping $3.46, or 3.7%, to $89.23 a barrel.

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June 23rd 2012

Nymex Exchange – Morgan Stanley will pay a $50,000 fine to the New York Mercantile Exchange, which alleged that the bank overstated open interest in oil futures markets last November, NYMEX parent company CME said in a statement on Friday.

Morgan Stanley, which operates a large commodity trading operation, was found to have overstated open interest in the December, 2001 U.S. crude future contract during trading on November 17, 2011, allegedly violating reporting rules to the exchange, CME said.

The fine was part of a settlement agreement in which the bank admitted no wrongdoing, CME said. Morgan Stanley spokeswoman Mary Claire Delaney declined comment.

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June 19th, 2012

Crude oil futures advanced on optimism that Europe’s debt crisis is easing and speculation that the Federal Reserve will announce a package to boost the U.S. economy.

Crude oil prices rose as much as 1.4 percent as Spain sold 3.04 billion euros ($3.8 billion) of bills, exceeding a target of 3 billion. Greek politicians may agree today to form a government and to seek relief from austerity measures imposed as a condition for bailout loans, probable coalition partners said. The Federal Reserve is meeting today and tomorrow.

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