All About Commodity

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API's Data Supply Supports Oil

 

Wednesday, April 24, 2013

 

Drove oil prices to their highest level in more than a week as an industry report showed a decline in crude supplies in the U.S., the world's largest oil consuming nation. U.S. crude oil supplies fell by 845,000 barrels last week, according to a report from the American Petroleum Institute said yesterday. Today the focus will turn to the government data is expected to show a rise in supply as much as 2 million barrels to the highest level in 22 years. Iraq on the other hand expressed the possibility to get out of if it is not allowed fatherly OPEC raised its oil output, according to Iraq's interior minister Ali al-Dabbagh.

 

"The data support the supply of API oil prices," said Jonathan Barratt, chief executive of Barratt's Bulletin, the daily commodities in Sydney. "The trend is slightly better in terms of demand," he said.

[mynameisandhy]

Oil Continues Up With Weakening Dollar

 

Thursday, April 25, 2013

 

Crude oil futures rose in electronic trading Thursday, adding appropriate reinforcement of the previous session, with the weakening dollar helped reinforcement. In the Asian session oil June contract rose 0.4% to $ 91.82 per barrel.

 

The gains came after keniakan 2.5% on the contract overnight in regular Nymex trading, bringing the contract to its highest closing level almost 2 weeks. This increase tersupport by several positive factors, including an increase in almost all Asian indices and U.S. dollar weakness.

[mynameisandhy]

U.S. GDP Weakening Oil Demand Outlook

 

Friday, April 26, 2013

 

Crude oil prices slipped and moving away from the highest level in more than 2-weeks after the release of U.S. growth data missed first-quarter forecast, which added to concerns over the outlook for energy demand.

 

Crude oil for June delivery is currently offered at around $ 93 per barrel, or about 0.5% below yesterday's closing price. However, oil prices are likely to still be able to end the week trading higher after continued to weaken throughout the 3 weeks prior.

 

U.S. economic data released Friday showed the first-quarter GDP grew at an annual rate of 2.5%, up from 0.4% in the 4th quarter last year. But this is still slower than the 3.0% growth expected by economists. 2012.

 

"GDP figures were below estimates has added to the bearish fundamental picture, especially when combined with a weak U.S. consumption data on Wednesday," said James Williams, an energy economist at WTRG Economics.

[mynameisandhy]

Oil slips ahead of The Busy week

 

Monday, April 29, 2013

 

Crude oil futures fell in electronic trading on Monday, continuing weak U.S. economic growth data due to a bad Friday. Oil June contract fell 0.4% to $ 92.59 per barrel, after falling 64 cents pda New York session last Friday.

 

U.S. Q1 GDP data increased 2.5%, triggering the oil attenuation due under the 3.2% rise expected. The disappointing data weighed on crude oil continues this Monday.

 

London Brent oil June contract fell 0.5% to $ 105.65 per barrel.

 

During the next week, the data and policy moves may very likely be driving crude oil prices and energy futures. They include among others, the U.S. Consumer Spending (Monday), Fed & ECB rate rate (Thursday), and the U.S. jobs report (Friday).

[mynameisandhy]

Iran Oil Export Level Drops To 26-Year Low

 

Tuesday, April 30, 2013

 

Global sanctions have cut Iranian crude oil exports by 39% in 2012, to 1.5 million barrels per day at the same time, the lowest level since 1968 during the Iran-Iraq war.

 

Strict embargo on Iranian oil sales are initiated by the U.S. and the EU as a whole has reduced the rate of net revenue from Iran's oil exports amounted to 27.4% in 2012 compared to the previous year, at $ 69 billion figure.

 

Sanctions which was started in 2011 and tightened again in 2012, including a European Union embargo on imports of Iranian oil due to worries Iran's nuclear ambitions, automatic oil production rate has been lowered dramatically Iran.

[mynameisandhy]

EIA Oil Prices Sink

 

Wednesday, May 1, 2013

 

Crude oil prices dropped about 3% Wednesday after the Energy Information Administration (EIA) reported a spike in crude supplies in the U.S. over the last week.

 

U.S. crude oil inventories increased 6.7 million barrels in the week ending on April 26, more than 4 times the expected rise of 1.4 million barrels. In the same occasion yangs EIA also reported a decline of 1.8 million barrels in gasoline supplies. While the supply of distillate fuel rose by 500,000 barrels. Forecast calls for a 900,000 barrel for gasoline to distillate stockpiles expected to be unchanged.

 

Currently Crude oil for June delivery traded at around $ 90.50 per barrel, after touching intraday price at $ 93.23 per barrel.

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Abundant supply, Oil Level Low Being close week

 

Thursday, May 2, 2013

 

Crude oil prices traded near a low level in more than a week after government data showed U.S. crude supplies jumped to a 82-year high. Oil prices relatively flat in the New York session after falling as much as 2.6% yesterday.

 

U.S. crude oil supplies grew by 6.7 million barrels last week to 395.2 million barrels, the highest level since 1982, according to a report from the Energy Information Administration. According to the monthly data, this level never before achieved back in 1931. Oil supply is expected to increase by 1.1 million barrels. U.S. gasoline supplies fell by 1.8 million barrels last week, compared with forecasts for a decline of 900,000 barrels.

[mynameisandhy]

Oil Rally As U.S. Unemployment Claims decline

 

Friday, May 3, 2013

 

Oil rose to the highest level in almost six months as the number of Americans who fill out an application for unemployment benefits declined and European central banks reduce interest rates to record lows.

 

Oil rose for the first time in three days after the government said that jobless claims unexpectedly dropped at least in the last five years last week. ECB policy makers cut borrowing costs to 0.5% from 0.75%. Oil was also boosted by the strengthening of natural gas prices decline, forcing traders to liquidate their bets that oil prices would go down to meet the demand for cash, said Stephen Schork, president of Schork Group Inc.. in Pennsylvania.

 

"Jobless claims and rate cuts to support the price of oil," said Gene McGillian, an analyst and broker at Tradition Energy in Connecticut. "Markets continue to go back and forth on the changing perception of the economy."

[mynameisandhy]

Saudi Arabia's Oil Output Rises 1.8%

 

Monday, May 6, 2013

 

Saudi Arabia's crude oil production increased 1.8% to 9.3 million barrels per day in April, according to a report Monday 2 speakers. About 9.2 million barrels of which are released into the market, while the remainder entered as 100,000 barrels of oil reserves of the country.

 

In December, Saudi Arabia has cut almost by 5% of crude oil production in response to reduced demand, especially from Asian customers. The production decline was the biggest in nearly 3 years. However, the biggest economy in the Arab world while maintaining their commitment to continue to meet all of the customer's demand for oil.

 

Analysts expect the average Saudi Arabia's crude oil output would be around 9.5 million barrels per day this year, down compared to 9.92 million barrels per day of 0,000 barrels per day was recorded in 2012.

[mynameisandhy]

Fundamental Demand & Supply Not Support Oil's Rally

 

Tuesday, May 7, 2013

 

Crude oil tends to weaken on Tuesday, after a continued rally in the 3 previous session, as investors mulled weakening demand and supply fundamentals in the middle of a little easing of geopolitical tensions in the Middle East.

 

Currently crude oil for June delivery contract offered in the range of $ 95.75 per barrel, or about 0.4% below the closing price on Monday.

 

Expectations that U.S. crude oil stocks have touched the highest level in three decades last week has restricted the commodity rally. Energy Information Administration (EIA) is scheduled to release data on U.S. crude inventories on Wednesday, which is expected to show an increase of 1.4 million barrels.

 

"Opportunities for crude oil fell back still relatively large," Societe Generale analysts said in a note. Oil market participants seem to start considering the fact that there is no maintenance schedule pipe significant refinery until December, so that the growth of U.S. oil supply would be at risk of bringing relentless negative pressure on oil prices, SocGen added.

 

While the latest news from the Middle East if Israel looks mention began to loosen tension geopolitical tensions after air strikes into Syrian territory last weekend.

[mynameisandhy]

Oil Prices Little Changed

 

Wednesday, May 8, 2013

 

Oil prices were little changed after the first drop in four days after data showed U.S. oil stockpiles rose for two consecutive weeks. Last week U.S. crude inventories rose 680,000 barrels. Report from the Energy Information Administration said U.S. oil supplies will likely increase by 2 million barrels, is the largest oil supplies since more than 82 years ago.

 

Oil traded near its lowest close in two days, after tutun 0.6% yesterday. Oil for June delivery fell 14 cents, at the level of $ 95.48 per barrel. Average oil will trade $ 93.17 per barrel this year, down 75 cents from April's projection of $ 93.92 per barrel.

[mynameisandhy]

Still Maintain Oil Level $ 96

 

Thursday, May 9, 2013

 

Crude oil prices observed sturdy on the trading session on Thursday (09/05). 's Favorite commodity investors managed to maintain the level of $ 96 thanks to the good results of the inventory data.

 

U.S. crude oil futures contract delivery month of June was observed at the level of $ 96.52 after a $ 96.63 range in the barrel today. Price was up 16 cents after reports the consumer price index (CPI) rose above estimates China in April. But moments later the oil back down thin.

 

On Wednesday, oil rose $ 1, or 1.1%, to its highest closing level since 2 April. Price increases occurred after the release of the Energy Information Association, where the volume of American supplies increased 200,000 barrels for the week ending May 3. The figure was below analyst estimates predict an increase in the inventories of 1.9 million barrels.

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OPEC Oil Output Jumps to Highest Level 5 - Month

 

Friday, May 10, 2013

 

OPEC crude production increased in April to its highest level in five months as Saudi Arabia to increase production, the data helped lower the price of oil amid concern global economic pertumubuan is slowing.

 

OPEC countries produce as many as 30.46 million barrels per day last month, up from 30.18 million barrels in March, said a group of Vienna-based secretariat today in a monthly oil market report. It was the highest level since November. Estimates based on secondary sources.

 

Brent oil slipped as much as 7 percent in the last month as Europe is struggling to move beyond the debt crisis and China's growth as well as manufacturing showed signs of slowing.

 

"The continued weakening in the euro zone, a significant slowdown in the first quarter in several Asian countries and the economic slowdown recently in Russia, shows that all these circumstances have the potential to push oil lower back, according to OPEC," which supplies about 40% of the the world's oil. "

 

Saudi Arabia, which is the largest crude oil exporter in the world, pumping crude oil as much as 9:27 million barrels per day in April, up from 13.9 million barrels in March, OPEC said.

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Oil prices slide as soaring OPEC Production

 

Monday, May 13, 2013

 

West Texas Intermediate oil price (WTI) fell for a third day, this is the longest losing streak in four weeks, as driven by the OPEC production reached its highest level in five months.

 

WTI oil slipped as much as 1.2 percent, and Brent oil traded in London fell for a second day. OPEC oil production in the last month as many as 30.46 million barrels per day, up from 30.18 million barrels in March, said the organization secretariat on May 10. That is the highest increase since November. Morgan Stanley predicts that the difference between WTI and Brent oil will widen as rising U.S. oil inventories.

 

"Even if demand unexpectedly rose, the market will still remain comfortable with the condition of oil supplies as it is today," said Andrey Kryuchenkov, an analyst at VTB Capital in London, who predicts that the WTI oil will struggle to melamapui level of $ 96.80 per barrel this month .

[mynameisandhy]

Weight the statement IEA Oil Prices

 

Tuesday, May 14, 2013

 

Crude oil prices turned lower and fell below $ 95 a barrel after the International Energy Agency (IEA) said that the strength of U.S. oil production is expected to exceed the growth in demand from emerging markets.

 

Currently crude oil for June delivery contract offered in the range of $ 94.80 per barrel, or about 0.6% below the closing price yesterday, after touching intraday price at $ 95.63 per barrel.

 

IEA on Tuesday said if the oil market is undergoing a positive supply shock, as the rate of growth of oil production in North America continue to roost at record highs. The institution also maintains oil supply forecast non-OPEC oil by 1.1 million barrels per day, which has led to the decline of crude oil demand forecast Organization of Petroleum Exporting Countries (OPEC) in the 2nd quarter.

 

"The abundance of North American oil supplies would be some kind of game changer in the market over the next 5 years, as well as rising demand in China during the past 15 years," said the IEA Medium Term Oil Market Report.

 

The IEA report released ahead of the data release weekly U.S. crude inventories from the American Petroleum Institute (API), which will then be followed by reports the Energy Information Administration (EIA) on Wednesday.

[mynameisandhy]

French & German Economic Data Weakens The Oil Price

 

Wednesday, May 15, 2013

 

Oil futures fell back on Tuesday as a stronger dollar after weak economic data from Germany and France.

 

The decline came after an official data showed that the French economy entered a recession in the first quarter and German GDP rose by 0.1%, these results did not reach economists forecast.

 

The dollar index, which is a unit of measure of the greenback against six major currencies, including the euro rose to 83 747 of 83 575 in North America on Tuesday.

 

The weakening of the current oil market also reflects worries about the strength of the oil supply.

 

Figures released on Tuesday by the American Petroleum Institute showed that U.S. oil inventories increased by 1.1 million barrels for the week ended May 10. The figure rose more than threefold from the results of the survey are expected Plats supply 300,000 barrels of oil will rise.

 

Oil prices on Tuesday fell as much as 96 cents, or 1%, to settle at $ 94.21 per barrel, the lowest close in a New York Mercantile Exchange since May 2. The movement occurred after the IEA said that the oil market is experiencing "supply shocks," as oil production in North America continues to grow at an incredible speed.

[mynameisandhy]

Oil Drops Over Weak Fuel Demand

 

Thursday, May 16, 2013

 

WTI oil fell for the fifth time in six days amid signs of a slowdown in the U.S. and Europe that could threaten fuel demand.

 

Futures slipped as much as 1.1 percent in New York. U.S. industrial production fell to its lowest level in eight months in April, while manufacturing in the New York region unexpectedly declined in May and the economy in the euro zone contracted more than expected in the first quarter. A report today may show that the U.S. housing sector will almost slipped from its highest level in five years in April, according to a Bloomberg survey. U.S. fuel consumption fell by about 584,000 barrels per day last week to 18.5 million barrels per day, at the point in the data from the Energy Information Administration agency yesterday.

 

"The oil market does not look tight for the next five years," said Torbjoern Kjus, senior oil analyst at DNB ASA in Oslo, said in an interview on the phone. "Capacity will increase, and I expect the price will continue to be on trend lower."

[mynameisandhy]

Translucent Oil Above $ 96 Per Barrel Ahead of U.S. Economic Indicators

 

Friday, May 17, 2013

 

U.S. crude oil futures break above the level of $ 96 per barrel on Friday ahead of U.S. economic leading indicator index and U.S. consumer sentiment is expected to provide guidance on strengthening the world's largest economy recovery.

 

Most analysts remain pessimistic that the upward momentum in oil prices amid limited potential barriers that must be passed by the European and U.S. economies.

 

U.S. claims for jobless benefits last week rose 32,000 to a level still 360,000, the highest level in the last 6 weeks. Besides housing sector report is still moderate, with anxiety pelemaham manufacturing sector momentum.

 

Another factor that may limit the strengthening of the U.S. dollar rallied oil is causing oil holdings would be costly for traders who use other currencies. From the supply side, U.S. oil stockpiles are perched near all-time highs also limited gains in oil.

 

So far the price of U.S. crude oil futures rose 0.83% to $ 96.22 per barrel, after reaching its highest point at $ 96.26 intraday and daily lows at $ 95.06 per barrel.

[mynameisandhy]

Oil Prices Will Depending on Bernanke's remarks

 

Monday, May 20, 2013

 

The U.S. dollar and Ben Bernanke's statements on Wednesday will determine the direction of oil prices this week. A survey was conducted, 13 people or 69% of the respondents expect oil prices to weaken, while 2 people predict will rise, while the remainder said it would not change.

 

Although Bernanke is expected to resume later monetary stimulus program, but the majority of respondents expect the dollar will be stronger and the pressure on oil prices.

 

It shall be a stronger dollar weighed on oil prices, but oil prices last week relatively unscathed against the strengthening dollar. Oil rose three consecutive sessions on Friday. Strengthening driven by good economic data, and the performance of U.S. equities, although the dollar touched its highest level since four and a half years.

[mynameisandhy]

Listless trade, Oil Market Watch for Bernanke Testimony

 

Tuesday, May 21, 2013

 

Crude oil prices tend to move lower amid sluggish trading on Tuesday, as investors were reluctant to enter the market ahead of testimony by Federal Reserve chairman Ben Bernanke told the U.S. Congress that is scheduled to take place on Wednesday.

 

Although some economic indicators have been released in Europe on Tuesday, "it will not much affect oil prices, as traders focused more on what Bernanke will say," said Nihon Unicom analyst Hiroyuki Kikukawa. Cue reduction Fed stimulus program would likely trigger a sell-off in commodities, including crude oil, which has the potential to drop to around $ 92 per barrel in anticipation of the strengthening of the U.S. dollar, he added.

 

Program of asset purchases totaling $ 85 billion per month, launched Fed has pressed the U.S. currency, which in turn has boosted the U.S. dollar-denominated oil prices.

 

In the long run, the price of crude oil is also likely to weaken, as a result of abundant supply in the global market, according to energy analyst at Citi Futures & OTC Clearing, Timothy Evans. "Based on the data from the EIA, OPEC and the IEA, global crude oil supply surplus is expected to reach 940,000 barrels per day in the 2nd quarter of 2013."

 

Currently crude oil for June delivery contract offered in the range of $ 96.75 or approximately 0.25% below the closing price on Monday.

[mynameisandhy]

Oil Futures Fall On Out Estimated Increase in Inventories

 

Wednesday, May 22, 2013

 

Crude oil prices fell on Wednesday in electronic trading following a surprise increase in oil inventories, putting investors look for signs of resource demand accountability futures ahead of a speech Reserrve Federal chairman Ben Bernanke before Congress.

 

Crude for July fell 0.5% to $ 95.74 per barrel, down before the expiration of the contract on the Nymex trading Tuesday. Investors received a notice on Tuesday that oil inventories increased reserves 532 000 barrels, while previously diekspektasikan fell 1.2 million barrels.

 

Ahead of the API report, total petroleum inventories have approached the highest level weekly for at least the last 30 years bedasarkan Energy Information Administration data is recorded in August 1982. With the increase in inventories, investors are likely focused on Bernanke's remarks about future economic conditions, with the increasing growth is expected to boost the demand for energy resources. Investors are also looking forward to the input of the Fed meeting minutes about the economy and the next step of the program the purchase of securities the central bank to stimulate the economy.

[mynameisandhy]

Dragged China Commodities Data, Bernanke's statement

 

Thursday, May 23, 2013

 

Commodities back down for a third day, led by oil and copper, as China's manufacturing sector contracted for the first time in 7 months and after the Federal Reserve signaled that the governor stimulus may be reduced. China PMI index from HSBC Holdings Plc and Markit Economics is under analysts' estimates and below the 50 level for the month of May, indicating contraction. China is the biggest consumer of the metal and the world's second largest oil consumer.

 

"China PMI data that is under estimated adding downward pressure on commodity markets," said Mark Keenan, director of research and commodity strategist at Societe Generale SA in Singapore. "Comments from the Fed, which signaled the reduction of quantitative easing if the economy continues to improve also contributed to the weakening of commodity markets."

[mynameisandhy]

Oil Falls To Lowest Level Weekly

 

Friday, May 24, 2013

 

Oil fell for a fourth day, extending the biggest weekly drop in more than 1 month amid increased U.S. fuel inventories and the global economic slowdown. U.S. gasoline inventories last week rose 2 million barrels, according to government data released on May 22. Previously predicted gasoline inventories declined 300,000 barrels. Chinese manufacturing data yesterday also missed estimates, Chinese manufacturing data was 49.6, below the 50.5 forecast, indicating China's economy slowed again.

 

Oil fell 0.5% in New York, while oil for July delivery fell by 49 cents to $ 93.76 per barrel. Oil prices have dropped 2.3% this week, the biggest weekly drop since April 19. Oil is still expected to fall next week on speculation U.S. fuel inventories sufficient to meet demand, and weakening global economic growth.

[mynameisandhy]

Oil Burdened by slowing Chinese

 

Monday, May 27, 2013

 

Crude oil prices fell back at the beginning of the week (Monday 27/05) while extending last week's decline. Most of the reason for the weakening of prices is still struggling about slowing economic growth in China.

 

Crude oil was observed ranged in level $ 93.60 per barrel, down 60 cents compared to the previous session. NYMEX commodity market today in order to Memorial Day holiday and the new re-opening Tuesday tomorrow.

 

On Friday, Nymex oil contract closed the week with losses for four straight sessions. In total, oil fell 2% over the last week due to be affected by the prospect of demand from China after negative results of the country's manufacturing data. Slowing down of business and industrial activities in the country's largest consumer of the 2nd world tantamount to decrease the volume of demand in the future. China's manufacturing sector contracted in May after falling in recent months. PMI figures HSBC version quick count dropped to its lowest point in seven months in 49.6 or lower than the record in April, 50.4.

[mynameisandhy]

Look forward to meeting OPEC Oil Market

 

Tuesday, May 28th, 2013

 

Crude oil prices moved higher on Tuesday ahead of a review production targets Organization of Petroleum Exporting Countries (OPEC) at the weekend. While the positive movement of crude oil today tend to be triggered by a rally in the stock market, which pushed the overall risk sentiment.

 

Currently crude oil for June delivery contract offered in the range of $ 94.85 per barrel, or about 0.6% above yesterday's closing price.

 

"In the absence of data or important news, market participants tend to start focusing on the OPEC meeting at the end of the week," said analysts at Commerzbank.

 

OPEC expected to maintain crude output targets in the range of 30 million barrels per day in a meeting in Vienna on Friday. The expectation is reinforced by the statement of the United Arab Emirates Minister of Energy, Mohammed Suhail Al Mazrouei, who on Monday said that the oil price leve is still "fair" and not harm consumers or prospects for global economic recovery.

 

Meanwhile, Venezuelan Oil Minister, Rafael Ramirez, said yesterday that his country is willing to reduce its oil production capacity if OPEC members agreed to take steps to keep the price around $ 100 per barrel.