Thursday, September 16, 2010
Crude Oil Falls on New York Manufacturing Numbers, Enbridge Line May Start This Week
“We’re not seeing as much consumption as we thought,” said Jonathan Barratt, managing director at Commodity Broking Services Pty in Sydney. “There is an oversupply of oil.” Crude for October delivery fell as much as $1.02, or 1.3 percent, to $75 a barrel in electronic trading on the New York Mercantile Exchange. It was at $75.24 at 2:45 p.m. Singapore time. Yesterday, the contract slipped 78 cents, or 1 percent, to $76.02. Futures have declined 5.2 percent this year.
Prices fell after the Federal Reserve Bank of New York’s general economic index slumped to 4.1 this month, the lowest since July 2009, from 7.1 in August. Economists expected the reading to climb to 8, according to a Bloomberg News survey. Houston based Enbridge won’t restart its Line 6A until the Pipeline and Hazardous Materials Safety Administration is satisfied with the company’s repair and safety plans, administration spokesman Damon Hill said in an e mail.....Read the entire article.
Today’s Stock Market Club Trading Triangles