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November 28th, 2012
Oil dropped to the lowest level in more than a week as concern mounted that negotiations to address the U.S. budget deficit will fail.
Oil futures decreased as much as 2.1 percent after U.S. Senate Majority Leader Harry Reid said yesterday he was disappointed with progress made during talks over $607 billion in tax gains and spending cuts, the so-called fiscal cliff, set to begin in January. Crude rebounded from the day’s lows after an Energy Department report showed supplies unexpectedly fell last week.
“Economic and political concerns are dominating market sentiment right now,” said Adam Wise, who helps manage a $9 billion natural-resource bond portfolio as senior managing director at Manulife Asset Management in Boston. “The failure to reach an efficient resolution to the fiscal-cliff issue is raising concern about the economy.”
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November 19th, 2012
Oil futures rose to the highest level in four weeks amid concern that Middle East unrest will disrupt supply and on growing confidence that a deal can be reached to avoid automatic U.S. spending cuts and tax increases.
Oil prices advanced for a second day as Israeli ground forces were poised to invade the Gaza Strip for the first time in almost four years if cease-fire efforts fail. President Barack Obama is “confident” of an agreement to avert the so-called fiscal cliff, he said in Bangkok yesterday.
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October 31st, 2012
Oil futures rose, trimming the biggest monthly decline since May, as refineries started resuming operations after the Atlantic superstorm Sandy moved away from the U.S. East Coast.
West Texas Intermediate futures gained as much as 1.1 percent after advancing 0.2 percent yesterday. Philadelphia Energy Solutions’ 355,000 barrel-a-day Pennsylvania refinery is restoring operations and NuStar Energy LP (NS)’s 74,000 barrel-a-day plant in Paulsboro, New Jersey, will be at full production tomorrow, the companies said. Seven refineries with a total capacity of 1.29 million barrels a day had shut or reduced operations because of Sandy.
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October 26th, 2012
Oil futures headed for a second weekly loss on concern that economic growth won’t be strong enough to boost demand and alleviate an inventory glut.
Crude oil prices fell for the sixth time in seven sessions as U.S. gross domestic product grew at a 2 percent annual rate in the third quarter and Spanish unemployment climbed to a record. U.S. inventories rose to the highest level for this time of year. Gasoline gained for a second day on concern that Hurricane Sandy will disrupt East Coast refinery production.
“There are just considerable indications of slowing economic growth,” said John Kilduff, a partner at Again Capital LLC, a New York-based hedge fund that focuses on energy. “The GDP number is mediocre at best and 2 percent is nothing to write home about. The Spanish unemployment rate wasn’t a huge surprise but it was pretty despairing.”
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October 17th, 2012
Oil traded near the highest level in a week in New York on signs Germany may ease its resistance to a Spanish bailout and after industrial production rose more than forecast in the U.S., the world’s biggest crude consumer.
Oil futures were little changed after rising as much as 0.7 percent today. Two German lawmakers said the country is open to Spain seeking a precautionary credit line. Output at U.S. factories, mines and utilities rose 0.4 percent in September, twice as much as the median forecast of economists surveyed by Bloomberg News, data from the Federal Reserve in Washington showed yesterday.
“All the measures taken to show some progress in the European debt crisis should improve sentiment for commodities and for crude as well,” said Hannes Loacker, an analyst at Raiffeisen Bank International AG in Vienna, who predicts Brent crude will trade at about $114 a barrel at the end of the year.
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August 30th, 2012
Oil futures dropped for a second day on speculation oil producers would restore Gulf of Mexico output quickly after Tropical Storm Isaac passed and as more Americans than forecast filed applications for unemployment benefits.
Oil prices declined as much as 1.5 percent after Isaac’s threat to offshore energy production eased as the weather system weakened, dumping rain and producing storm surges over Louisiana. Jobless claims were at 374,000 last week, the Labor Department reported, higher than the 370,000 expected by economists surveyed by Bloomberg.
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August 25th, 2012
Crude oil futures rose for a fourth week as Tropical Storm Isaac strengthened in the Caribbean Sea and on news that Federal Reserve Chairman Ben S. Bernanke said he saw “scope for further action,” increasing speculation the central bank will act to boost economic growth.
Crude oil prices moved higher this week on forcasts that tropical storm Issac may enter the Gulf next week after crossing Cuba and then reaching the west coast of Florida on Sunday.
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August 16th, 2012
Crude oil climbed to $95 a barrel for the first time in three months as U.S. building permits reached a four-year high, a signal of future economic strength, and on concern that Israel will strike Iran and disrupt supplies.
Crude oil futures prices gained for a third day after the Commerce Department said the permits increased to an 812,000 annual pace in July. Michael Oren, Israel’s U.S. ambassador, said yesterday at a Bloomberg Government breakfast in Washington that Israel would strike Iran if only to delay Iran’s ability to produce nuclear weapons for a few years.
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August 3rd, 2012
Crude oil surged the most in a month after U.S. payrolls climbed more than estimated and service industries expanded at a faster pace, bolstering optimism about economic strength in the world’s biggest crude-consuming country.
Crude oil futures rose 4.9 percent as payrolls gained 163,000 in July, Labor Department figures showed today in Washington. The Institute for Supply Management’s non-manufacturing index unexpectedly gained. Tropical Storm Ernesto may grow into a hurricane this weekend, the U.S. National Hurricane Center said.
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July 3rd, 2012
Crude oil futures surged on speculation that central banks from Europe to China will ease monetary policy to spur growth and sanctions against Iran will curb supply.
Crude oil prices gained as much as 5.1 percent as the European Central Bank is forecast to cut interest rates this week. A state-owned newspaper in China said the time is right to increase liquidity in the banking sector. Iran fired several missiles during a three-day military exercise as the country threatened to block tanker traffic in the Strait of Hormuz.
“What you are seeing in the market right now is greater risk appetite as anticipations of further monetary easing grow,” said Harry Tchilinguirian, BNP Paribas SA’s London-based head of commodity markets strategy. “The market’s focus is returning back to Iran and the implications of the Iranian embargo in terms of the volume of oil that needs to be replaced.”
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