crude oil futures news

crude oil futures news

April 19th, 2015

U.S. oil futures climbed near their highest level of the year on speculation that supply growth is beginning to slow.

Genscape Inc. was said to report a drop in inventories at Cushing, Oklahoma, the delivery point for West Texas Intermediate contracts, in the second half of last week, according to Phil Flynn, senior market analyst at the Price Futures Group in Chicago.

Concern that a record surplus in stockpiles would strain the nation’s storage capacity had been holding back oil’s recovery from a six-year low. Prices capped their biggest weekly advance in more than four years in New York on growing expectations that a decline in drilling will curb production.

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s&p futures news

s&p futures news

April 8th, 2015

U.S. stock-index futures were little changed before the Federal Reserve releases the minutes of its March meeting and as Alcoa Inc. unofficially kicks off earnings season.

Alcoa gained 1.6 percent before reporting its first-quarter results, due after the close of trading. Energy companies were little changed as a drop in oil prices offset news that Royal Dutch Shell Plc agreed to buy BG Group Plc for about $70 billion in the oil and gas industry’s biggest deal in at least a decade.

E-mini contracts on the Standard & Poor’s 500 Index expiring in June added 0.1 percent to 2,069.5 at 8:45 a.m. in New York. Dow Jones Industrial Average futures advanced 13 points, or 0.1 percent, to 17,798.

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April 4th, 2012

Crude oil tumbled after the Energy Department said U.S. stockpiles surged the most since 2008 as domestic crude output climbed to the highest level in 12 years.

Crude oil futures fell to a seven-week low as inventories rose 9.01 million barrels to 362.4 million last week, the most since June. Production gained 2.9 percent to 6.05 million barrels a day. Oil also decreased after the Federal Reserve signaled it may refrain from more monetary stimulus.

“U.S. inventories are obviously more than ample,” said Bill O’Grady, chief market strategist at Confluence Investment Management in St. Louis, which oversees $1.3 billion. “U.S. production keeps increasing. This proves that when prices rise high enough, producers are going to find new ways to bring supply to market.”

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November 22nd, 2011

Crude oil futures rose for the first time in four days as new sanctions against Iran raised concern that supplies may be disrupted, while affirmations of U.S. credit ratings and economic growth forecasts for China signaled continuing demand growth in the world’s two largest consumers of crude.

Crude oil futures climbed as much as 1.6 percent in New York after the U.S., the U.K. and Canada expanded measures aimed at thwarting Iran’s nuclear program. Standard & Poor’s and Moody’s Investors Service affirmed their credit ratings for the U.S. The World Bank said China is heading for growth in excess of 8 percent next year. Crude pared gains after a report showed the U.S. economy expanded less in the third quarter than previously estimated.

“Economic sanctions will increase internal tension in Iran, where inflation is a major problem,” said Filip Petersson, an SEB AB commodity strategist in Stockholm. “A further destabilization could very well lead to an uprising in the long run.”

Crude oil futures for January delivery gained as much as $1.57 to $98.49 a barrel in electronic trading on the New York Mercantile Exchange. It was at $97.32 at 1:41 p.m. London time. Yesterday, the contract slid 75 cents to $96.92, the lowest settlement since Nov. 9. Prices have gained 6.5 percent this year after increasing 15 percent in 2010.

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November 15th, 2011

Crude oil futures approached $100 a barrel in New York after U.S. retail sales rose more than forecast in October, bolstering optimism that the economy will expand this quarter.

Crude oil futures settled at a three-month high after the Commerce Department said sales rose 0.5 percent last month. A 0.3 percent gain was projected, according to the median of estimates in a Bloomberg News survey. The Energy Department will probably report tomorrow that U.S. oil and fuel supplies fell last week as demand surged, a Bloomberg News survey showed.

“We’ve been too focused on the downside risks and not enough on the upside,” said David Greely, head of energy research at Goldman Sachs Group Inc. in New York. “The fundamentals are bullish. U.S. inventories are falling and demand is increasing.”

Crude oil futures for December delivery rose $1.23, or 1.3 percent, to $99.37 a barrel on the New York Mercantile Exchange, the highest settlement since July 26. Futures reached an intraday high of $99.84.

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November 7th, 2011

Crude oil futures increased to a three-month high in New York on the prospect of new leadership in Italy and Greece, two countries that are in the forefront of Europe’s sovereign debt crisis.

Crude oil futures rose 1.3 percent as Italian Prime Minister Silvio Berlusconi faced pressure to quit as the country’s 10-year borrowing costs approached the 7 percent level that forced Greece, Ireland and Portugal to seek bailouts. Greek Prime Minister George Papandreou agreed to resign to allow a national unity government to secure outside financing.

“Supply and demand are taking a backseat to political factors,” said Adam Sieminski, chief energy economist at Deutsche Bank AG in Washington. “The current system in Europe is struggling to come to terms with the financial difficulties in Italy, Greece, Portugal and Spain. There’s a feeling that a change in political leadership may be the needed answer.”

Crude oil oil futures for December delivery rose $1.26 to $95.52 a barrel on the New York Mercantile Exchange, the highest settlement price since July 29. Futures are up 10 percent from a year earlier.

Brent oil for December settlement climbed $2.47, or 2.2 percent, to $114.44 on the London-based ICE Futures Europe exchange. The European benchmark reached $114.88, the highest level since Sept. 15.

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