Nymex Crude Tips Back Below $100 Per Barrel

U.S. oil futures slid back below $100 a barrel Thursday, reversing the previous day's gains, as doubts surfaced about the economy's ability to stomach high oil prices.

Light, sweet crude for December delivery settled down $3.77, or 3.7%, to $98.82 a barrel on the New York Mercantile Exchange. The December contract is set to expire at the end of trading Friday. The more heavily traded January contract settled down $3.67, or 3.6%, to $98.93 a barrel.

Brent crude on the ICE Futures Europe exchange recently traded down $2.89, or 2.6%, to $108 a barrel.

Nymex futures pushed lower on a wave of selling, as traders thought twice about whether $100 crude was sustainable given the cracks in the global economy. A sinking stock market in the U.S., combined with intensifying worries about Europe's sovereign debt crisis, took the wind out of a price rally that had dominated the oil market for the last several weeks.....Read the entire Rigzonearticle.


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Dan Strumpf: Crude Oil Pauses As Europe Debt Questions Persist

Crude oil futures edged lower Friday, as traders paused amid uncertainty over the details of the European Union's rescue package for Greece. Light, sweet crude for December delivery settled 64 cents, or 0.7%, lower at $93.32 a barrel on the New York Mercantile Exchange. Brent crude on the ICE futures exchange settled down $2.17, or 1.9%, to $109.91 a barrel.

Futures ended slightly lower as market participants reflected on the rescue package unveiled by European Union officials on Thursday. The package, aimed at staving off a disorderly default of Greece, sent crude futures soaring on Thursday. But questions persisted over how the EU will implement the plans and if they will be enough to solve the debt woes.

"The lack of details out of this European summit really questions the feasibility of this euro zone debt deal," said Peter Donovan, vice president at Vantage Trading, an oil options brokerage in New York.

Oil market participants were closely eyeing the negotiations over European sovereign debt because of fears that the debt crisis could spread to other countries in Europe or elsewhere. That could trigger a prolonged economic slump that would weigh heavily on crude oil demand.

Positive developments in Europe over the last month played a large role in the recent crude market rally. Even after Friday's decline.....Read Dan's entire post at Rigzone.



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Crude Oil Prices Rise to Two Week High on U.S. Retail Sales, Irish Bailout

Crude oil rose to a two week high as U.S. consumers spent more over the Thanksgiving weekend than last year, a sign confidence in the economy is strengthening. Oil climbed above $85 a barrel as the average U.S. shopper increased purchases by 6.4 percent from the 2009 period, a report from the National Retail Federation showed. Crude also advanced amid speculation that colder than normal weather may boost demand for heating fuel in the eastern U.S. and Europe.

“People are looking at a pretty decent retail environment, and that’s giving oil a boost,” said Michael Lynch, president of Strategic Energy & Economic Research in Winchester, Massachusetts. “Cold weather is more bullish earlier in the season than later. If people turn on their heaters early and they stay on, that’s good for the season.” Oil for January delivery climbed $1.97, or 2.4 percent, to $85.73 a barrel on the New York Mercantile Exchange, the highest settlement since Nov. 11. Futures have gained 13 percent in the past year.

Brent crude for January settlement rose $1.76, or 2.1 percent, to $87.34 a barrel on the ICE Futures Europe exchange in London. About 212 million shoppers went to stores and websites over the holiday weekend in the U.S., on average spending $365.34, the Washington based National Retail Federation reported. Temperatures in the eastern half of the U.S. will be below normal from Dec. 7 to Dec. 13, according to a forecast issued today by the U.S. Climate Prediction Center in Camp Springs, Maryland......Read the entire article.


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Crude Oil Futures Decline on Concern Ireland Crisis May Spread, Tension in Korea

Crude oil fell from a one week high on concern Ireland’s debt crisis will spread to Portugal and Spain, reducing economic growth and fuel demand, and as tensions in Korea mounted. Oil dropped as the euro declined to a two month low against the dollar, curbing investor demand for commodities. Euro area finance ministers plan to complete an agreement on an Irish bailout on Nov. 28, a European Union official said on condition of anonymity. North Korea warned its confrontation with South Korea could lead to war.

“Concerns that the European debt crisis will spread pushed the euro to a new two month low against the dollar,” said Tom Bentz, a broker with BNP Paribas Commodity Futures Inc. in New York. The oil market is down “primarily on European debt worries.” Crude oil for January delivery slipped 10 cents to settle at $83.76 a barrel on the New York Mercantile Exchange. The January contract gained 2.2 percent this week. The front month contract added 2.8 percent for the week and has increased 7.4 percent in the past year.

Brent crude oil for January settlement declined 52 cents, or 0.6 percent, to end the session at $85.58 a barrel on the London based ICE Futures Europe exchange. Brent added 1.5 percent for the week. Shoppers crowded U.S. stores for Black Friday, the biggest shopping day of the year and a bellwether for the holiday season. Analysts’ estimates for holiday sales vary from little changed to increases of 4.5 percent. The National Retail Federation has forecast November-December holiday sales will rise by 2.3 percent from a year ago, the most since 2006.......Read the entire article.

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Bloomberg: Crude Oil Rebounds From Four Week Low After Surprise Drop in U.S. Crude Supplies

Crude oil rebounded from a four week low as the growing prospect that Ireland will get a rescue bailout from the European Union stoked gains for stocks and commodities around the world. Crude rose as much as 2.1 percent, snapping four days of declines, after Ireland’s central bank governor said he expects the country to seek a bailout from the European Union and the International Monetary Fund. Yesterday’s Energy Department report showed crude inventories unexpectedly dropped the most since August 2009.

“The situation in Europe looks like it’s going towards a solution,” said Sintje Diek, an analyst with HSH Nordbank in Hamburg. “There will be a rescue for Ireland, and that’s good news for the euro. Fundamentals are on the side of investors; inventories are going down.” Crude for December delivery advanced as much as $1.70 to $82.14 a barrel on the New York Mercantile Exchange. It was at $81.72 at 11:37 a.m. London time. Brent crude for January settlement rose as much as $1.72, or 2.1 percent, to $85 a barrel on the London based ICE Futures Europe exchange.

The New York contract, which expires tomorrow, fell yesterday to $80.44, the lowest settlement since Oct. 19. The more actively traded January future was up $1.31 at $82.35. Crude slumped yesterday amid speculation that China, the world’s biggest energy consuming country, will raise interest rates to cool economic growth. Prices also dropped on concern Europe’s debt crisis is worsening. Oil has fallen 4 percent since last week and is up 2.7 percent this year......Read the entire article.



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Crude Oil Declines From Two Year High After Dollar Advances Against Euro

Crude oil retreated from its highest level in two years as the dollar strengthened against the euro, curbing crude’s appeal as an alternative investment. Oil fluctuated as the dollar advanced for a second day against the European single currency. Hedge funds increased bullish bets on oil to the highest level since at least June 2006, data from the U.S. Commodity Futures Trading Commission showed last week. “The dollar is stronger so the oil market may be taking its cue from that,” said Tom Bentz, a broker with BNP Paribas Commodity Futures Inc. in New York. “The CFTC data from Friday shows that there are still plenty of bulls out there. We could turn at any moment.”

Crude for December delivery was unchanged from Nov. 5 at $86.85 a barrel at 12:52 p.m. on the New York Mercantile Exchange. Oil has gained 12 percent in the past year. Prices jumped 6.7 percent last week, the most since February, as the Labor Department said U.S. payrolls climbed by 151,000 workers in October following a revised 41,000 drop the prior month. New York oil futures reached $87.49 a barrel earlier today, the highest price since Oct. 9, 2008, on an intraday basis. Brent crude for December settlement rose 20 cents, or 0.2 percent, to $88.31 a barrel on the ICE Futures Europe exchange in London.

The world will “have to live with current oil prices,” Qatari Oil Minister Abdullah al-Attiyah said today in Doha. The market isn’t oversupplied with oil, he added. The dollar gained 0.6 percent to $1.3943 per euro from $1.4032 on Nov. 5 in New York. The currency has advanced 1.9 percent since Nov. 4. It rose today amid concern that Ireland will struggle to plug its budget deficit......Read the entire article.


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Bloomberg:Crude Oil Trades Near Two Year High, RSI Signals Reversal

Crude oil traded near its highest level in two years in New York as the dollar headed for a weekly decline against most major counterparts after the Federal Reserve’s decision to purchase more debt to boost the U.S. economy.

Crude’s 6.6 percent rally this week, driven by the dollar’s decline, may be about to end, according to a technical indicator used by traders. The U.S. currency has fallen versus all but one of its 16 most traded peers since the Fed said Nov. 3 it will buy about $75 billion of Treasuries every month through June.

“Underlying demand in the industrialized world is still not enough to justify these price levels,” said Eugen Weinberg, head of commodity research at Commerzbank AG. “But market sentiment is so strong that if the weakness of the dollar persists I couldn’t rule out higher prices.”

Oil for December delivery traded at $86.83 a barrel, up 34 cents, in electronic trading on the New York Mercantile Exchange at 12:51 p.m. London time. The contract earlier rose to $87.22, the highest price since Oct. 9, 2008. Brent crude for December settlement rose 16 cents to $88.16 after advancing to $88.80 a barrel on the ICE Futures Europe exchange in London.

Futures advanced after a U.S. government report showed payrolls rose more than forecast in October. Payrolls climbed 151,000, exceeding the median estimate of economists surveyed by Bloomberg News and following a revised 41,000 drop the prior month that was smaller than initially estimated, Labor Department figures showed today in Washington. The jobless rate held at 9.6 percent, in line with forecasts. Crude oil's relative strength index......Read the entire article.


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Crude Oil Surges on Decline in Dollar, Smaller Than Projected Supply Gain

Crude oil climbed as the dollar tumbled to a 15 year low against the yen and a government report showed a smaller than forecast gain in U.S. stockpiles. Oil increased as much as 2.6 percent as the U.S. currency fell on concern the Federal Reserve’s regional business survey will show a slowing economic recovery. A weaker dollar bolsters the appeal of commodities to investors. An Energy Department report showed that supplies rose 667,000 barrels last week, less than half what was projected in a Bloomberg News survey.

“It’s all the dollar,” said Richard Ilczyszyn, a market strategist at Lind-Waldock, a broker in Chicago. The dollar will probably remain weak until after the Federal Reserve meeting and the congressional elections in November, he said. Crude oil for November delivery rose $1.90, or 2.4 percent, to $81.39 a barrel at 12:07 p.m. on the New York Mercantile Exchange. Oil traded at $80.18 a barrel before the release of the inventory report at 10:30 a.m. in Washington.

The November contract expires today. More active December futures increased $1.82, or 2.3 percent, to $81.98. Brent crude oil for December settlement gained $1.91, or 2.4 percent, to $83.01 a barrel on the London based ICE Futures Europe exchange. Futures in New York tumbled 4.3 percent yesterday, the biggest drop since Feb. 4, after an unexpected rate increase by China’s central bank raised speculation that fuel demand will drop in the world’s biggest energy-consuming country......Read the entire article.


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Crude Oil Falls as Report Shows Petroleum Demand Decreases to 10 Month Low

Crude oil fell after a government report showed U.S. petroleum demand dropped to the lowest level in more than 10 months as the economy struggled to recover. Crude declined for a third day this week after the Energy Department reported total petroleum demand decreased 0.7 percent to 18.3 million barrels a day in the week ended Oct. 8, the lowest level since the seven days ended Nov. 27, 2009. A Labor Department report today showed U.S. jobless claims unexpectedly rose to 462,000 in the week to Oct. 9.

“The demand numbers were very weak,” said Tim Evans, an energy analyst at Citi Futures Perspective in New York. “We don’t really have a bull market unless we have stronger consumer demand.” Oil for November delivery fell 34 cents, or 0.4 percent, to $82.67 a barrel at the 2:30 p.m. close of floor trading on the New York Mercantile Exchange. Earlier today, futures rose to a one week high of $84.12. Prices have climbed 4.2 percent this year.

Brent crude for November settlement fell 35 cents, or 0.4 percent, to $84.29 a barrel on the ICE Futures Europe exchange in London. The Energy Department reported demand for gasoline decreased 2 percent to 8.81 million barrels a day, the lowest level since the week ended Feb. 12. Oil also declined as the report showed crude supplies fell 416,000 barrels last week, less than the American Petroleum Institute estimated yesterday......Read the entire article.


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Crude Oil and Energy Headlines For Sunday Evening Oct. 10th

Crude Oil Rises a Second Day Amid Speculation Fed May Buy Debt to Boost Economy

Crude Oil advanced for a second day in New York as the dollar fell against the euro after bigger than expected U.S. job losses spurred speculation that the Federal Reserve will buy more debt to boost the economy. Futures rose 1.2 percent on Oct. 8 after the Labor Department said that employers cut 95,000 workers in September following a revised 57,000 decrease in August. The median estimate of economists surveyed by Bloomberg News was for a drop of 5,000. A weaker U.S. currency increases the appeal of commodities as an alternative investment.

“The market is pricing in a high probability of quantitative easing and so the U.S. dollar has come off,” said Ben Westmore, a minerals and energy economist at National Australia Bank Ltd. in Melbourne. “A lot of it seems to be because of the weaker non-farm payrolls number.” Crude for November delivery gained as much as 76 cents, or 0.9 percent, to $83.42 a barrel in electronic trading on the New York Mercantile Exchange, and was at $83.13 at 12:43 p.m. Sydney time. Futures climbed 99 cents to $82.66 on Oct 8. Prices are up 4.8 percent this year.

The dollar lost 0.3 percent to $1.3978 per euro, after closing at $1.3939 on Oct. 8 in New York. The Fed may purchase bonds in a strategy known as quantitative easing, weakening the U.S. currency and boosting dollar denominated commodities. Brent crude for November settlement climbed as much as 53 cents, or 0.6 percent, to $84.56 a barrel on the ICE Futures Europe exchange in London. It jumped 60 cents, or 0.7 percent, to $84.03 on Oct. 8.......Read the entire article.

OPEC May Maintain Oil Output in Vienna on Uneven Economic Growth

OPEC may leave oil production unchanged when it meets in three days’ time because signs of a recovery in demand have yet to emerge among the world’s developed economies. The oil market is “a little oversupplied,” Mohamed al- Hamli, the oil minister of the United Arab Emirates, the third- biggest producer in the Organization of Petroleum Exporting Countries, said Oct. 9. OPEC members are all exceeding their allotted quotas after prices surged 78 percent in 2009 and a further 4 percent this year.

Fuel demand in the U.S., the world’s biggest oil consumer, dropped 6.4 percent to 18.5 million barrels a day, according to the U.S. Energy Department, the biggest weekly decline since 2004. Oil prices are forecast to slide this week, according to an Oct. 8 survey of 33 analysts by Bloomberg. “I don’t think there will be any shift” in quotas by OPEC, Qatari Oil Minister Abdullah al-Attiyah said in a phone interview yesterday after meeting in Kuwait with ministers from Saudi Arabia and other Persian Gulf nations. “Producers and consumers are happy” with current oil prices, he said.

Crude oil closed at $82.66 a barrel in New York last week, about the same level as when the group last met on March 17. Growth in oil demand will be uneven next year, with the International Energy Agency forecasting a 4.3 percent increase in China and a 0.8 percent retraction in Europe’s five biggest countries. OPEC members, which supply 40 percent of the world’s oil, meet Oct. 14 at the group’s headquarters in Vienna........Read the entire article.

Hedge Funds Raise Bullish Bets on Oil to Five Month High

Hedge funds raised bullish bets on oil to the highest level in more than five months amid speculation that the Federal Reserve will enact further stimulus measures to keep the economic recovery on track. Hedge funds and other large speculators increased wagers on rising crude prices by 44 percent in the seven days ended Oct. 5, according to the Commodity Futures Trading Commission’s weekly Commitments of Traders report. It was the highest level since April 23.

“The writing has been on the wall for the rally in crude oil for the last few weeks,” said Hamza Khan, an analyst with Schork Group Inc., a consulting company in Villanova, Pennsylvania. Crude has rallied 12 percent since Sept. 17 amid growing evidence that the Fed will need to start debt purchases to prevent the world’s biggest economy from sliding back into a recession, weakening the U.S. currency and boosting dollar denominated commodities. The dollar depreciated 1.1 percent last week, while crude advanced 1.3 percent.

Oil for November delivery rallied 99 cents to settle at $82.66 a barrel on Oct. 8 on the New York Mercantile Exchange after the Labor Department said U.S. employers cut hiring more than forecast in September, trimming 95,000 workers. The median estimate of 87 economists surveyed by Bloomberg News was for a decline of 5,000 jobs........Read the entire article.

Courtesy of Bloomberg News

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Crude Oil Trades Near Two Week High on Optimism Fuel Demand to Increase

Crude oil futures were little changed as U.S. stocks rebounded from an early decline and the dollar fluctuated against the euro. Oil rose 72 cents in the last hour of trading to erase a loss as the Standard & Poor’s 500 Index rebounded. The greenback was steady against the euro on renewed signs of debt problems at banks in the 16 nation region. “The equity market is back up unchanged, that brings crude unchanged,” said Richard Ilczyszyn, a market strategist at Lind-Waldock, a broker in Chicago. “Crude oil is very susceptible to currencies and equities right now.”

Crude for November delivery rose 3 cents to settle at $76.52 a barrel on the New York Mercantile Exchange. The price ranged from $75.52 to $77.17, the highest level since Sept. 14. “After a brief period over the past few weeks where the oil market appeared to disconnect from equities, the linkage appears to be alive and well again,” analysts including Lawrence Eagles at JPMorgan Chase & Co. said in a report today. The Reuters/Jefferies CRB Index of 19 commodities rose 0.2 percent to 284.08 at 2:30 p.m. in New York. The dollar gained 0.1 percent against the euro to $1.3474. November crude rose 2.1 percent last week as the dollar weakened after the Federal Reserve said it may take more steps to ease monetary policy.

The Standard and Poor’s index rose 0.1 percent at 2:30 p.m. before falling 0.6 percent to 1,142.16 at 4:28 p.m. Brent crude oil for November delivery fell 30 cents, or 0.4 percent, to settle at $78.57 a barrel on the London based ICE Futures Europe exchange. ‘Hard to Get Bullish’ “The dollar and the stock market are the two drivers,” said.....Read the entire article.


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Crude Oil Tumbles Below $80 as Euro Drops on Greek Debt Crisis

Crude oil fell below $80 a barrel in New York as the euro dropped against the dollar on concern that Greece’s bailout may have to be extended to other indebted nations. Oil slipped as much as 4.3 percent as the common currency tumbled to its lowest level against the dollar since March 2009, curbing the appeal of commodities to investors. U.S. stockpiles of crude oil rose 2.76 million barrels last week to the highest level since June, an Energy Department report showed today.

“The Greek crisis appears to be spreading, which is raising concerns about the economic recovery,” said Phil Flynn, vice president of research at PFGBest in Chicago. “Prices have been supported on expectations that demand will climb as economies rebound. Now the focus may return to the market fundamentals and the huge oversupply of oil.”

Crude oil for June delivery fell $2.54, or 3.1 percent, to $80.20 a barrel at 10:37 a.m. on the New York Mercantile Exchange. Futures touched $79.15, the lowest level since March 22. Prices slumped 6.9 percent yesterday and today, the biggest two day drop since Feb. 4 and 5.

Brent oil for June settlement declined $2.44, or 2.9 percent, to $83.23 a barrel on the London based ICE Futures Europe exchange. European Central Bank council member Axel Weber said today there is a threat of “grave contagion effects” in the euro area. The euro fell 1 percent to $1.2855, down from $1.2987 yesterday. The 16 nation currency touched $1.2804, the weakest level since March 12, 2009.....Read the entire article.


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Crude Oil Climbs From a Three Week Low on Forecast of U.S. Stockpile Drop

Oil rose from a three week low on speculation a report tomorrow will show crude stockpiles in the U.S., the world’s biggest energy consumer, declined for a second week and as rising equity prices buoyed investor sentiment. Inventories in the U.S. probably fell 600,000 barrels last week, a Bloomberg News survey showed. U.S. stocks yesterday reversed losses as Citigroup Inc. beat profit estimates and Bloomberg reported that the Securities and Exchange Commission was divided in its decision to sue Goldman Sachs Group Inc. Asian stocks rose today, led by finance companies.

“The market ran a little hard on the downside,” said David Moore, a commodity strategist at Commonwealth Bank of Australia in Sydney. “Oil has come back quite a bit” and people are reconsidering some of the impact they were expecting from the action against Goldman, he said. Crude oil for May delivery rose as much as 93 cents, or 1.1 percent, to $82.38 a barrel on the New York Mercantile Exchange. It was at $81.96 at 12:13 p.m. Singapore time. Yesterday, the contract dropped 2.2 percent to $81.45, the lowest settlement since March 26. The more actively traded June contract climbed 32 cents to $83.45. Futures have gained 3.3 percent this year.

Oil tumbled yesterday after the SEC sued Goldman, prompting investors to step away from risky assets such as commodities. Air traffic disruptions caused by a volcanic eruption under Iceland’s Eyjafjallajökull glacier cut jet fuel demand in Europe by about two thirds, according to Deutsche Bank.

Crude Stockpiles
Oil has fallen in eight of the nine sessions since April 6, when the market reached an 18 month high of $87.06. Prices rose on April 14 after the Energy Department reported an unexpected 2.2 million barrel decline in U.S. crude oil inventories. It was the first drawdown in 11 weeks. Tomorrow’s report will probably show a second decline as refiners increased operating rates for a fifth week to meet summer gasoline demand, according to the Bloomberg survey. Stockpiles of the motor fuel probably rose 140,000 barrels, based on the median estimate from 11 analysts polled.

U.S. oil stockpiles remain high and many commodities have “moved ahead of their fundamentals,” said Moore at Commonwealth Bank of Australia. Brent crude oil for June settlement climbed as much as 57 cents, or 0.7 percent, to $84.80 a barrel on the London based ICE Futures Europe exchange. It was at $84.64 at 12:17 p.m. Singapore time. Yesterday, the contract settled at $84.23 after losing 2.1 percent, the most since Feb. 25.

Reporters Gavin Evans and Yee Kai Pin can be reached at gavinevans@bloomberg.net and kyee13@bloomberg.net





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Crude Oil Increases to Eight Week High as Fuel Supply Falls, Demand Gains

Crude oil fell from an eight week high after a government report showed that U.S. inventories climbed for a sixth week, the longest stretch since May.

Stockpiles rose 1.43 million barrels to 343 million in the week ended March 5, according to the Energy Department report. Imports tumbled 8.1 percent to an average 8.49 million barrels a day, the biggest one week drop since October.

Crude oil for April delivery fell 13 cents to $81.36 a barrel at 12:25 p.m. on the New York Mercantile Exchange. Futures reached $83.03, the highest level since Jan. 11.

Brent crude for April delivery declined 35 cents, or 0.4 percent, to $79.56 a barrel on the London based ICE Futures Europe exchange. Futures touched $81.46, the highest level since Jan. 11.


From Mark Shenk at Bloomberg news. You can contact Mark at mshenk1@bloomberg.net.



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Crude Oil Declines for First Day in Four as Dollar, Stockpiles Increase

Oil declined for the first time in four days as the dollar rose against the euro and a government report showed a bigger than forecast increase in crude oil supplies in the U.S., the world’s biggest energy consumer. Oil pared yesterday’s 2.2 percent gain after crude stockpiles rose 3.09 million barrels to 334.5 million last week, according to a report from the Department of Energy. An increase of 1.73 million barrels was forecast, according to the median estimates in a Bloomberg News survey. A stronger dollar damps investor demand for commodities.

Crude oil for March delivery dropped as much as 91 cents, or 1.2 percent, to $78.15 a barrel in electronic trading on the New York Mercantile Exchange. It was at $78.20 at 10:32 a.m. in Sydney. Yesterday, the contract rose $1.73 to $79.06, the highest settlement price since Jan. 14. Futures have gained 5.5 percent this week. The dollar rose after the Federal Reserve raised the discount rate charged to banks for direct loans for the first time in more than three years. The U.S. currency traded at $1.3493 per euro at 10:36 a.m. in Sydney, from $1.3527 yesterday.

Inventories of distillate fuel, a category that includes heating oil and diesel, fell 2.94 million barrels to 153.3 million, according to the department. Gasoline stockpiles climbed 1.62 million barrels to 232.1 million. An increase of 1.5 million barrels was forecast. Brent crude for April delivery rose $1.51, or 2 percent, to end the session at $77.78 a barrel on the London based ICE Futures Europe exchange yesterday.


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