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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 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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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 12th, 2012
Crude oil rose from an eight-month low on speculation that policy makers will do more to stimulate the economy and on expectations that U.S. inventories dropped.
Crude oil futures prices gained as much as 1.2 percent after Federal Reserve Bank of Chicago President Charles Evans said he would support a variety of measures to generate faster job growth. Government data will show oil inventories fell the most in almost five months last week, a Bloomberg survey of analysts showed.
“There is a lot of political will to try to stem the decline and no one wants to see things get worse,” said Jacob Correll, a commodity analyst at Summit Energy Inc. in Louisville, Kentucky. “If refinery utilization rates stay high, then you are definitely going to see a decent-sized draw.”
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November 11th, 2011
Heating oil futures rose to a six-month high as Italy and Greece are poised to get new leadership and approve austerity measures, easing concern that Europe’s economic crisis will spread, threatening the global recovery.
Heating oil futures advanced as Italy’s Senate approved debt-reduction measures today as a precursor to a new government that may be led by former European Union Competition Commissioner Mario Monti. Lucas Papademos, a former vice president of the European Central Bank, will be sworn in a Greece’s prime minister today.
“People are encouraged about Italy and Greece, feeling this may help prevent a big slowdown in the European economy,” said Andy Lipow, president of Lipow Oil Associates LLC in Houston.
Heating oil futures for December-delivery rose 2.05 cents, or 0.7 percent, to settle at $3.1716 a gallon on the New York Mercantile Exchange, the highest settlement for the front-month contract since May 3. Futures increased 3.3 percent this week, the third consecutive weekly gain.
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November 9th, 2011
Crude oil futures rose for a sixth day in New York on speculation that Iran’s nuclear plans threaten Middle East stability and Europe’s debt crisis will be easier to resolve as the Italian prime minister offers to step down.
Crude oil futures advanced as much as 0.5 percent, matching the longest streak in a year. The U.S. may pursue additional sanctions against Iran following the release of a United Nations report that concludes the Islamic Republic is working on a nuclear weapon, according to two U.S. officials. Fuel stockpiles fell last week, the industry-funded American Petroleum Institute said yesterday.
“This current supply-shock potential that the markets are looking at with Iran has pushed the price well above our outlook,” said David Lennox, a resource analyst at Fat Prophets in Sydney, who had forecast oil trading from $80 to $90 a barrel. “The situation in Europe will still take some time for the corrective activities to flow through to the real economy.”
Crude oil futures for December delivery gained as much as 52 cents to $97.32 a barrel in electronic trading on the New York Mercantile Exchange. It was at $96.86 at 3:45 p.m. Singapore time. Yesterday, the contract climbed $1.28, or 1.3 percent, to $96.80, the highest settlement since July 28. Prices are 6.2 percent higher the past year.
Brent oil for December settlement on the London-based ICE Futures Europe exchange increased as much as 75 cents, or 0.7 percent, to $115.75 a barrel. The European benchmark contract was at a premium of $18.65 to New York crude, from a record settlement of $27.88 on Oct. 14.
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