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Tag: IntercontinentalExchange

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News

Oil Above US$103

July 9, 2013

The price of oil finished with a small loss Monday as traders waited for potentially market-moving news at midweek.

US benchmark crude for August delivery slipped eight cents to US$103.14 a barrel on the New York Mercantile Exchange.

Brent crude dropped 29 cents to US$107.43 on the ICE Futures exchange in London.

Oil was pushed higher last week by worries that turmoil in Egypt could disrupt shipments through the Suez Canal and a report showing robust job growth in the United States in June.

Later this week, the US Energy Department releases its weekly report on supplies of crude oil and petroleum products, the US Federal Reserve releases minutes of its recent policy meeting and OPEC issues its monthly update on the oil market.

A large decline in US supplies, or signs that OPEC decreased output last month could boost prices, analysts say.

Additional insight into the Fed’s thinking on monetary policy should also influence trading.

In other energy futures trading on the Nymex Monday, wholesale gasoline dropped one cent to US$2.88 per gallon; natural gas rose 12 cents to $3.74 per 1,000 cubic feet, and heating oil fell one cent to US$2.98 per gallon.

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News Oil

Oil Drops Below US$92

September 25, 2012

Worries about weaker economic growth dragged down oil prices Monday.

Oil has now fallen five of the last six trading days. It fell more than six per cent last week.

Benchmark crude fell 96 cents, or one per cent, to finish at US$91.93 a barrel on the New York Mercantile Exchange. Prices for other petroleum products dropped, too.

In London, Brent crude dropped US$1.61 at US$109.81 a barrel on the ICE Futures exchange.

Germany delivered the latest dose of gloomy economic news, with its index of business confidence falling for the fifth month in a row. Germany is an economic powerhouse, but 43 per cent of its exports go to its euro partners. And growth is stalling across the other 16 countries in the Eurozone.

Slower economies mean less demand for oil, pushing prices down.

Phil Flynn, a senior market analyst for Price Futures Group, said he’s surprised prices haven’t fallen further. He said one reason could be that commodity funds have not been bailing out of oil.

demand destruction

Still, oil prices have been under pressure from worries about Europe. The dollar has been stronger, which makes oil cheaper for holders of other currencies.

“You’re seeing demand destruction around the globe,” he said. “You’ve got Saudi Arabia saying they’re going to pump oil until the cows come home.” All of that drives down oil prices, he said.

Heating oil dropped 2.2 cents to US$3.0987 per gallon, wholesale gasolene decreased 2.49 cents to US$2.9176 per gallon and natural gas ended down 4.8 cents to US$2.837 per 1,000 cubic feet.

– AP

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News Oil

Oil Drops Below US$92

September 25, 2012

Worries about weaker economic growth dragged down oil prices Monday.

Oil has now fallen five of the last six trading days. It fell more than six per cent last week.

Benchmark crude fell 96 cents, or one per cent, to finish at US$91.93 a barrel on the New York Mercantile Exchange. Prices for other petroleum products dropped, too.

In London, Brent crude dropped US$1.61 at US$109.81 a barrel on the ICE Futures exchange.

Germany delivered the latest dose of gloomy economic news, with its index of business confidence falling for the fifth month in a row. Germany is an economic powerhouse, but 43 per cent of its exports go to its euro partners. And growth is stalling across the other 16 countries in the Eurozone.

Slower economies mean less demand for oil, pushing prices down.

Phil Flynn, a senior market analyst for Price Futures Group, said he’s surprised prices haven’t fallen further. He said one reason could be that commodity funds have not been bailing out of oil.

demand destruction

Still, oil prices have been under pressure from worries about Europe. The dollar has been stronger, which makes oil cheaper for holders of other currencies.

“You’re seeing demand destruction around the globe,” he said. “You’ve got Saudi Arabia saying they’re going to pump oil until the cows come home.” All of that drives down oil prices, he said.

Heating oil dropped 2.2 cents to US$3.0987 per gallon, wholesale gasolene decreased 2.49 cents to US$2.9176 per gallon and natural gas ended down 4.8 cents to US$2.837 per 1,000 cubic feet.

– AP

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News Oil

Oil prices hold at lows

May 24, 2012

NEW YORK – The price of oil is holding near seven-month lows following warnings of a “severe recession” in Europe and easing tensions over Iran’s nuclear program.

Benchmark US crude lost 13 cents to US$92.44 per barrel in morning trading in New York while Brent crude added 27 cents to US$109.08 per barrel in London.

Oil prices have declined almost every day this month as political changes in Greece and France threatened existing plans to fix the eurozone economy. The Organisation for Economic Cooperation and Development says Europe, which consumes 18 per cent of the world’s oil, could fall into recession this year if leaders fail to stimulate the economy

Meanwhile, analysts say Iran‘s oil exports could keep flowing if it lets international inspectors into its nuclear facilities as part of a new deal.

By early afternoon in Europe, benchmark oil for June delivery was down 44 cents to US$92.13 a barrel in electronic trading on the New York Mercantile Exchange. The contract rose US$1.09 to settle at US$92.57 in New York on Monday.

In London, Brent crude for July delivery was up 14 cents at US$108.95 per barrel on the ICE Futures exchange.

Crude has slumped from US$106 earlier this month on fears that global economic growth might slow more than expected this year. In Europe, government austerity measures meant to lower debt have been crippling growth in many large economies like Italy and Spain.

Also hurting energy prices yesterday was a rise in the dollar, which tends to push down oil prices by making crude more expensive for investors trading in other currencies. The euro slipped to US$1.2758 from US$1.2793 late Monday in New York, while the dollar rose to 79.77 yen from 79.36 yen after Fitch lowered Japan’s sovereign debt rating.

Meanwhile, the head of the International Atomic Energy Agency, Yukiya Amano, said Tuesday that Iran had agreed to let IAEA inspectors to resume their investigation into its nuclear program. On Wednesday, talks are set to start in Baghdad between Iran and six world powers about the country’s uranium enrichment efforts and its suspected intent to develop nuclear weapons. Prices had risen in previous months due to international tensions over Iran, which had threatened to block oil shipments out of the Persian Gulf.

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