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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
Gasoline futures gained, outperforming heating oil and crude, on speculation that refinery closures in North America and Europe may make summer-blend gasoline inventories tight along the U.S. East Coast.
Unleaded gasoline futures rose after the U.K.’s Coryton refinery stopped operating, at least the sixth plant European plant to close since the start of 2011. Hovensa LLC’s St. Croix refinery in the U.S. Virgin Islands is shut and Monroe Energy LLC isn’t expected to open the idled Trainer, Pennsylvania, refinery in time for the summer driving season.
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June 22nnd, 2012
Commodity Futures – Soybean and corn traders are bullish for a ninth week on mounting concern that dry weather will cut U.S. crop yields at a time when hedge funds are adding to wagers on higher prices.
Twenty-three analysts surveyed by Bloomberg said they expect soybeans to climb next week and three were bearish. A further four were neutral. Twenty expect gains in corn, four predicted a decline and five were neutral. Speculators raised bets on costlier soybeans for the first time in six weeks and increased net-long positions for corn from the lowest level in almost two years in the week ended June 12, U.S. Commodity Futures Trading Commission data show.
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June 19th, 2012
Heating oil futures rose on speculation that the Federal Reserve will act to stimulate the economy and the result will be stronger fuel demand.
Futures gained as Fed policy makers begin a two-day meeting today. The central bank’s so-called Operation Twist plan, which involves selling short-term debt and buying longer-term bonds, is set to end this month. Heating oil is traded as a proxy for diesel.
“The market seems to be pricing in at least an extension of Operation Twist,” said Phil Flynn, senior market analyst at Price Futures Group in Chicago. “We expect some action from the Fed. The question is the degree.”
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June 21st, 2012
Nymex crude oil futures tumbled below $80 a barrel for the first time in eight months in New York as U.S. inventories surged amid concern that the European debt crisis will drag down the global economy, reducing fuel demand.
Oil futures dropped as much as 1.9 percent in New York to $79.92 a barrel, the lowest intraday level since Oct. 6. Prices have slumped 27 percent from this year’s settlement high as U.S. stockpiles rose to the most in almost 22 years and growth slowed in the U.S., Europe and China. Federal Reserve policy makers lowered the outlook for U.S. economic growth and employment, while a preliminary reading of Chinese manufacturing by HSBC Holdings Plc and Markit Economics pointed to a contraction for an eighth month.
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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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