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Showing posts with label U.S. Energy Department. Show all posts
Showing posts with label U.S. Energy Department. Show all posts
Thursday, December 24, 2009
Natural Gas Falls After Stockpiles Decline Less Than Expected
Natural gas futures fell in New York after the U.S. Energy Department released its weekly stockpile report that showed inventories declining less than expected. Natural gas in storage fell 166 billion cubic feet last week to 3.4 trillion cubic feet. Analysts expected a drop of 172 billion cubic feet, according to the median of 21 estimates compiled by Bloomberg. Natural gas for January delivery fell 10.7 cents, or 1.8 percent, to $5.714 per million British thermal units at 10:31 a.m. on the New York Mercantile Exchange. The futures were trading at $5.907 before the report was released at 10:30 a.m.
Gas stockpiles reached a record 3.837 trillion cubic feet in the week ended Nov. 27, according to the department. Inventory declines have averaged about 2 trillion cubic feet in each of the past three winters. A similar drop this season would leave supplies at about 1.8 trillion cubic feet in April, or about 300 billion higher than average for that time of year.....Rad the entire article.
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Crude Stays Strong Ahead of Holiday But Yet to Confirm Correction is Over
Despite thin trading ahead of long holiday, crude oil price's near term outlook remains strong. Currently trading at 77.2, the February contract is hovering around the highest level in 3 weeks. After plummeting to as low as 68.59 on December 14, the black gold has rebounded steadily as inventory levels from developed economies declined, showing signs of demand recovery. However, we are yet to confirm if crude oil has resumed the rise from 33.2 (January 2009) until price can trade sustainably above 80. On monthly basis, December will be a volatile month but actual gain or loss will be minimal.
Natural gas soars for the third consecutive day and has gained +1.4% so far this week. The market sentiment has turned after gas inventory dropped in the past 2 weeks. Later today, the US Energy Department will probably report that gas storage declined -171 bcf to 3395 bcf in the week ended December 18.....Read the entire article.
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Wednesday, December 16, 2009
Oil Extends Gain After U.S. Government Releases Supply Report
Crude oil futures extended gains after the U.S. Energy Department released its report on stockpiles. Crude oil for January delivery rose $1.49, or 2.1 percent, to $72.18 a barrel at 10:31 a.m. on the New York Mercantile Exchange. Oil traded at $71.71 before the release of the report at 10:30 a.m. in Washington.....From Bloomberg News.
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Friday, October 23, 2009
Crude Oil Futures May Decline on Ample Stockpiles, Survey Shows
Crude oil futures may fall next week on speculation that U.S. inventories are sufficient to meet weakening demand. Eighteen of 36 analysts, or 50 percent, said oil will drop through Oct. 30. Twelve respondents, or 33 percent, forecast that the market will rise and six said prices will be little changed. Last week, analysts were split over whether prices would rise or fall.
“There is significant downside risk for crude oil,” said Tim Evans, an energy analyst with Citi Futures Perspective in New York. “Inventories remain high and demand is still weak.” Crude oil stockpiles rose 1.31 million barrels to 339.1 million last week, the U.S. Energy Department said in a report Oct. 21. The gain left inventories 9.4 percent above the five year average for the period. Supplies of distillate fuel, a category that includes heating oil and diesel, were 30 percent higher than average, the department said.....Read the entire article.
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Tuesday, August 18, 2009
Oil Gains for First Time in Three Days Before Inventory Report
Oil rose for the first time in three days before tomorrow’s scheduled report on crude inventories from the U.S. Energy Department. Oil stockpiles in the U.S. probably rose for a fourth week as refinery operations trailed year earlier levels, a Bloomberg News survey showed. Still, crude tracked global equities higher today after economic data from the U.S. and Germany fueled speculation that demand for energy will rebound. “The hope is that we see an increase in crude demand as the economy stabilizes,” said Kaha Kiknavelidze, managing partner at Rioni Capital Partners LLP, a hedge fund specializing in emerging markets.....Complete Story
Wednesday, August 5, 2009
Oil Falls on Supply Report
Crude oil futures continued falling this morning after the U.S. Energy Department posted stockpile reports. September crude oil for fell 81 cents, or 1.1 percent, to $70.61 a barrel on the New York Mercantile Exchange. Oil traded at $70.73 before the release of the report out of Washingtonat 10:30 a.m.
Friday, July 17, 2009
Natural Gas Heads to Seven Year Low as Supplies Swell
Natural gas futures, the worst performing commodity in 2009, may fall to seven year lows as demand drops with the deepest recession in half a century. Because chemical plants and power producers are burning less, gas inventories rose to 2.886 trillion cubic feet in the week ended July 10, the highest for any week in July since at least 1994, the U.S. Energy Department reported yesterday. Natural gas is down 36 percent this year on the New York Mercantile Exchange.....Complete Story
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Tuesday, June 30, 2009
Oil Rises After Industry Report Shows Drop in Crude Inventories
Oil rose above $70 after an industry report showed the biggest decline in crude inventories since September in the U.S., the world’s largest user of the fuel. Crude supplies fell by 6.8 million barrels to 349.7 million last week, the industry funded American Petroleum Institute said yesterday. A U.S. Energy Department report today will probably show crude oil stockpiles declined 2 million barrels, according to the median of 15 estimates in a Bloomberg News survey.....Complete Story
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