New York Mercantile Exchange Archives

News

Oil Above US$103

July 9, 2013 jrobinson

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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Oil Falls To Near US$95 As Dollar Strengthens

May 14, 2013 jrobinson

The price of oil fell to near US$95 a barrel on Monday, as the dollar continued to strengthen against the yen and other major currencies.

Benchmark oil for June delivery fell 87 cents to finish at US$95.17 a barrel on the New York Mercantile Exchange.

The stronger dollar is pushing down oil prices, analysts said. The dollar has risen in recent days against the euro and last week passed the 100-yen mark for the first time in four years.

Since oil is traded in dollars, a stronger dollar makes crude and other commodities less appealing to investors with other currencies.

“This, like the stock market, ends up pulling a lot of money out of commodities and into more reliable risk,” said Carl Larry, president of Oil Outlooks and Opinions, a research analysis firm.

An increase in OPEC’s output, which grew by 280,000 barrels to 30.46 million barrels a day in April compared with March, also helped drag down prices by boosting concerns about excess supply.

And weak refining data from China further undercut crude. Government statistics showed China’s refining output in April was the lowest since last August.

drift higher

Brent crude, which is a benchmark for many international oil varieties, was down US$1.09 to end at US$102.82 a barrel on the ICE Futures exchange in London.

United States drivers saw gasolene prices drift higher over the weekend, up two cents since Friday to a national average of US$3.58 a gallon.

In other energy futures trading on Nymex, wholesale gasolene fell four cents to finish at US$2.82 a gallon, heating oil lost two cents to end at US$2.89 a gallon and natural gas rose two cents to finish at US$3.93 per 1,000 cubic feet.

– AP

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News Oil

Oil Falls To Near US$95 As Dollar Strengthens

May 14, 2013 Webmaster

The price of oil fell to near US$95 a barrel on Monday, as the dollar continued to strengthen against the yen and other major currencies.

Benchmark oil for June delivery fell 87 cents to finish at US$95.17 a barrel on the New York Mercantile Exchange.

The stronger dollar is pushing down oil prices, analysts said. The dollar has risen in recent days against the euro and last week passed the 100-yen mark for the first time in four years.

Since oil is traded in dollars, a stronger dollar makes crude and other commodities less appealing to investors with other currencies.

“This, like the stock market, ends up pulling a lot of money out of commodities and into more reliable risk,” said Carl Larry, president of Oil Outlooks and Opinions, a research analysis firm.

An increase in OPEC’s output, which grew by 280,000 barrels to 30.46 million barrels a day in April compared with March, also helped drag down prices by boosting concerns about excess supply.

And weak refining data from China further undercut crude. Government statistics showed China’s refining output in April was the lowest since last August.

drift higher

Brent crude, which is a benchmark for many international oil varieties, was down US$1.09 to end at US$102.82 a barrel on the ICE Futures exchange in London.

United States drivers saw gasolene prices drift higher over the weekend, up two cents since Friday to a national average of US$3.58 a gallon.

In other energy futures trading on Nymex, wholesale gasolene fell four cents to finish at US$2.82 a gallon, heating oil lost two cents to end at US$2.89 a gallon and natural gas rose two cents to finish at US$3.93 per 1,000 cubic feet.

– AP

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News

Oil Posts Gain As Market Eyes Syria And Israel

May 7, 2013 Webmaster

The price of oil edged higher Monday as tension increased between Syria and Israel.

The benchmark oil contract for June delivery rose 55 cents to close at $96.16 per barrel on the New York Mercantile Exchange. It was the third straight day of gains for oil, and the first close above $96 since April 2.

Prices rose early Monday on news of an Israeli military strike in Syria, raising concern of an expansion in conflict in the oil-rich Middle East. The price fell back below $95 before rising again late in the day.

Brent crude, which is the benchmark for international oil varieties and more susceptible to news from the Middle East, gained $1.27 to $105.46 per barrel on the ICE Futures exchange in London.

In other energy futures trading on the Nymex, wholesale gasolene rose 4 cents to $2.87 a gallon, heating oil rose 4 cents to $2.92 a gallon and natural gas fell 3 cents to $4.01 per 1,000 cubic feet.

– AP

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News

Oil Climbs The Cliff, Ends Year At US$91.82

January 2, 2013 jrobinson

Oil prices rose Monday as political leaders were trying to finalise a deal to avert the ‘fiscal cliff’ hours before the deadline.

The US had until midnight New Year’s Eve to avert a tax increase for everyone and spending cuts that would have hit defence spending.

Benchmark US crude rose US$1.02 to finish at US$91.82 per barrel in New York. Oil has wavered in recent weeks along with the ups and downs of the budget negotiations.

The price of oil finished December up about three per cent from the start of the month. It ranged from a low near US$77 a barrel to high around US$110 a barrel during the year.

Brent crude, used to price international varieties of oil, rose 49 cents to end at US$111.11 a barrel in London.

In other energy futures trading on the New York Mercantile Exchange: natural gas fell 12 cents, or 3.4 percent, to finish at US$3.35 per 1,000 cubic feet; wholesale gasolene rose one cent to US$2.81 a gallon; heating oil was flat at US$3.05 a gallon.

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News Oil

Oil Falls Slightly After Report Shows Supplies Up

October 18, 2012 jrobinson

Oil gave up early gains and hovered around $92 per barrel on Wednesday after the government reported a bigger-than-expected increase in United States crude supplies.

Supplies rose by 2.9 million barrels last week. That was almost double what analysts had forecast, according to Platts, the energy information arm of McGraw-Hill Cos.

Gasoline supplies also rose. Analysts had predicted a decline.

The extra gasoline and oil in storage tends to push prices down, because it suggests that there’s enough to go around, or that demand is low.

In afternoon trading on Wednesday, oil was down 7 cents to $92.02 per barrel on the New York Mercantile Exchange.

Oil had been trading above $92 per barrel earlier in morning, as European stocks had a positive day, and hopes grew that Spain might be on the verge of requesting a bailout.

The waffling oil prices matched stock indexes that are also mixed in midday trading. Technology giants IBM and Intel both said customers are holding back. Economic weakness generally means less demand for oil, pushing prices down.

Brent crude, which is used to price international varieties of oil, fell 80 cents to $113.20 a barrel on the ICE Futures exchange in London.

In other energy futures trading on the Nymex, heating oil fell 2 cents to $3.17 per gallon, natural gas gained 5 cents to $3.48 per 1,000 cubic feet and wholesale gasoline fell 6 cents to $2.79 per gallon.

– AP

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News Oil

Oil Rises Slightly On Unrest In The Middle East

October 16, 2012 Webmaster

The price of oil fell Friday on concerns that growth in global crude demand will slow even as more petroleum becomes available.

Benchmark oil fell 21 cents Friday to $91.86 per barrel in New York.

On Friday, the International Energy Agency issued a new report predicting slower growth in demand for oil over the next five years.

It cited the sluggish global economy and growing energy efficiency. The agency also forecast that supplies will increase, in part because U.S. production from shale formations is exceeding expectations.

The IEA is an organization of 28 oil-importing countries that collects and analyzes data about global petroleum supply and demand.

Friday’s decline in the price of oil eroded some of the gains from earlier this week, when tensions between Syria and Turkey raised worries about supplies. Still, the price of U.S. benchmark crude climbed 2.2 per cent over the past week.

AAA said gasoline prices at the pump fell less than a penny from Thursday to $3.81 for a gallon of regular. That’s about 41 cents higher than a year ago but down 5 cents from a month ago.

Brent crude, which is used to price international varieties of oil, dropped $1.07 to $113.61 per barrel in London.

In other energy trading on the New York Mercantile Exchange, heating oil fell 3.32 cents to end at $3.2239 per gallon.

Wholesale gasoline dropped 6.28 cents to end at $2.8928 per gallon and natural gas rose less than a penny to end at $3.611 per 1,000 cubic feet.

AP

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News Oil

Oil rebounds from 2-month low

October 5, 2012 Webmaster

Oil prices rebounded today, from a two month low, to a two month high, as tensions between Syria and Turkey fanned concerns, that exports from the Middle East may be curtailed.

Lawmakers in Turkey gave their government a one year mandate for possible military incursion into Syria, after explosives from Syria killed Turkish citizens.

The tension saw prices jumping by 3 dollars 57 cents, erasing almost all of yesterday’s 3 dollars 75 cents loss.

It pushed the price of oil up, by 4 point 1 percent, to 91 dollars 71 cents a barrel.

It was the biggest increase in oil prices since August 3, and means prices are up 15 percent, since the start of the year.

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News Oil

Oil Drops On Signs Of Slower Global Growth

October 4, 2012 Webmaster

Oil prices plunged Wednesday on more evidence of slower growth in Asia and concerns about Europe‘s ongoing financial crisis.

Benchmark oil fell $3.43 or 3.7 per cent to $88.46 per barrel in afternoon trading on the New York Mercantile Exchange. Brent crude, which is used to price international varieties of oil, fell $2.59, or 2.3 per cent, to $108.98 a barrel in London.

China‘s services sector slowed in September. Analysts say the index was 53.7 compared with 56.3 in August. It was released just days after a survey indicated that the country’s manufacturing continues to slow.

China is the world’s second largest economy and a huge importer of commodities like oil. Slower growth in that country could cut demand for oil.

And it’s not only China. After years of rapid growth, Asia’s developing economies now face much more modest prospects, the Asian Development Bank said Wednesday in a report that slashes growth forecasts for this year and next.

The ADB said growth in developing Asia, which includes giant emerging economies such as India, China and Indonesia, will slow to 6.1 per cent this year from 7.2 per cent last year and only partly rebound to 6.7 per cent in 2013. It had previously forecast growth of 6.9 per cent for 2012 and 7.3 per cent for 2013.

The disappointing reports were overshadowing signs of improvement in US service companies, which employ nearly 90 per cent of the work force. The Institute for Supply Management says its index rose in September at the fastest pace since March.

Meanwhile, the US government says crude inventories fell slightly last week but remain 8.4 per cent above year-ago levels. Gasoline supplies rose.

In other energy futures trading in New York, natural gas is down 16 cents, or 4.6 per cent, to $3.37 per 1,000 cubic feet, a day after hitting a high for the year.

Heating oil has fallen 5 cents to $3.07 per gallon, and wholesale gasoline has dropped 7 cents, or 2.5 per cent, to $2.80 per gallon.

– AP

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News Oil

Oil Drops Below US$92

September 25, 2012 jrobinson

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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