U.S. crude fell on Tuesday below $ 77 a barrel on the stock down by expectations that a gradual rise of the yuan, the Chinese currency would have a more limited impact on global demand than previously thought.
The Chinese yuan rose on Tuesday after the central bank set the daily mid-point of the currency at its highest against the dollar since a revaluation in July 2005.
The move, which followed an announcement by the Chinese authorities to allow a slow appreciation of the currency, raised hopes that China would import more goods, including raw materials.
But the yuan went down as they advanced business Tuesday, and analysts said the impact of changes would be limited, at least for some time.
"The immediate positive reaction and the euphoria associated with the news of the yuan were definitely exaggerated. So it is logical to see that the markets back yesterday's gains," said Eugen Weinberg, head of commodities at Commerzbank.
"The commodity markets again show they are under the spell and the fate of the markets (stock), which are receding. The weakness of the euro also contributes to the bottom", he added.
Exchanges in Asia and Europe fell on Tuesday. Traders said optimism about China's initiative was gone, and in addition, equity investors took profits from a peak in weeks.
The July contract for U.S. crude, which expires on Tuesday, was down to a low of $ 76.65 a barrel, down $ 1.17, before rebounding slightly, trading at 76.66 at 1000 GMT.
Crude oil for August, which will become the contract for the next month on Wednesday, decreased from 1.21 to 77.40 dollars.
August Brent crude declined $ 1.10 to $ 77.72.
On Tuesday at 4:30 p.m. Eastern Time U.S. (2030 GMT) data are reported weekly crude inventories American Petroleum Institute. A Reuters poll of analysts showed an average expectation of a fall of 1.3 million barrels.
Mostrando entradas con la etiqueta oil market. Mostrar todas las entradas
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martes, 22 de junio de 2010
martes, 23 de febrero de 2010
OIL-Market about 80 DLRS, Seventh-day strike in France
Oil cut on Tuesday a five-day bull run, although prices were supported near $ 80 a strike of French oil workers, which could close more than half the nation's refining capacity.
U.S. crude futures for April down 37 cents to $ 79.94 a barrel by 0934 GMT. The March contract, which expired on Monday, marked $ 80.51 during the day for a maximum contract next month from 13 January.Brent crude fell 36 cents to $ 78.25.
Strikes at refineries Total has entered its seventh day. The workers are protesting against the French company's plan to close one of its six refineries permanently by weak demand for fuel.
In all refineries, production has been suspended.Workers at both Exxon French refineries have approved suspension of work in solidarity with their counterparts from Total.
The generalization of the measures of force has led to the intervention of President Nicolas Sarkozy, who met with the CEO of Total Christophe de Margerie on Tuesday morning. Earlier, the Government asked motorists to remain calm.
Motorists flocked to the stations, while the oil sector group UFIP said Monday that France was about seven days of fuel supply.Analysts said the strike raised concerns about a potential shortage of gasoline, raising prices of petroleum products and crude oil futures supported, although refinery outages generally translate into lower demand for physical crude oil .
"I see that the market will remain relatively high due to this fear by a strike in France," said Andy Sommer, an energy analyst at Swiss EGL. "We know how quickly they adjusted the basics, or how long.
Later in the day the market's attention will go to the weekly inventory data from the American Petroleum Institute, at 2130 GMT.
U.S. crude futures for April down 37 cents to $ 79.94 a barrel by 0934 GMT. The March contract, which expired on Monday, marked $ 80.51 during the day for a maximum contract next month from 13 January.Brent crude fell 36 cents to $ 78.25.
Strikes at refineries Total has entered its seventh day. The workers are protesting against the French company's plan to close one of its six refineries permanently by weak demand for fuel.
In all refineries, production has been suspended.Workers at both Exxon French refineries have approved suspension of work in solidarity with their counterparts from Total.
The generalization of the measures of force has led to the intervention of President Nicolas Sarkozy, who met with the CEO of Total Christophe de Margerie on Tuesday morning. Earlier, the Government asked motorists to remain calm.
Motorists flocked to the stations, while the oil sector group UFIP said Monday that France was about seven days of fuel supply.Analysts said the strike raised concerns about a potential shortage of gasoline, raising prices of petroleum products and crude oil futures supported, although refinery outages generally translate into lower demand for physical crude oil .
"I see that the market will remain relatively high due to this fear by a strike in France," said Andy Sommer, an energy analyst at Swiss EGL. "We know how quickly they adjusted the basics, or how long.
Later in the day the market's attention will go to the weekly inventory data from the American Petroleum Institute, at 2130 GMT.
martes, 20 de octubre de 2009
OIL-barrel falls below 80 DLRS, caution inventories
Oil prices fell Tuesday from a peak above 80 dollars per barrel recorded earlier on a weaker dollar, as a cautious review of supply and demand weakened the recovery.
The dollar fell to its lowest in 14 months against a basket of currencies on Tuesday. A weak dollar lowers the dollar-denominated commodities like oil, for those who derive their income in other currencies.
U.S. crude for November delivery touched $ 80.05 a barrel in Asian trade, the highest since Oct. 14 last year, but then fell back to $ 79.35 a barrel toward 1010 GMT.
London Brent crude fell 20 cents to $ 77.57 a barrel.
Oil prices have risen by almost $ 10 since early October fueled by optimism about the strength of the season of corporate earnings announcements as a sign of economic recovery, in addition to the renewed growth of oil demand.
"We see little support for the surge (oil prices), which collects eight days now, and we think at some point OPEC spare capacity of around 6 million barrels, along with the huge inventory offshore, unleash a correction phase, "said an analyst with Energy JCB, David Wech, in a research note.
The secretary general of the Organization of Petroleum Exporting Countries (OPEC) Abdullah al-Badri said Tuesday he doubted that oil prices can continue around $ 80 a barrel, due to high inventories.
The U.S. inventory data disclosed on Tuesday that American Petroleum Institute could accelerate the losses in prices if crude inventories grow, according to some analysts.
A preliminary Reuters poll of analysts projected that the data reflect an accumulation of 2 million barrels in crude stocks last week.
The dollar fell to its lowest in 14 months against a basket of currencies on Tuesday. A weak dollar lowers the dollar-denominated commodities like oil, for those who derive their income in other currencies.
U.S. crude for November delivery touched $ 80.05 a barrel in Asian trade, the highest since Oct. 14 last year, but then fell back to $ 79.35 a barrel toward 1010 GMT.
London Brent crude fell 20 cents to $ 77.57 a barrel.
Oil prices have risen by almost $ 10 since early October fueled by optimism about the strength of the season of corporate earnings announcements as a sign of economic recovery, in addition to the renewed growth of oil demand.
"We see little support for the surge (oil prices), which collects eight days now, and we think at some point OPEC spare capacity of around 6 million barrels, along with the huge inventory offshore, unleash a correction phase, "said an analyst with Energy JCB, David Wech, in a research note.
The secretary general of the Organization of Petroleum Exporting Countries (OPEC) Abdullah al-Badri said Tuesday he doubted that oil prices can continue around $ 80 a barrel, due to high inventories.
The U.S. inventory data disclosed on Tuesday that American Petroleum Institute could accelerate the losses in prices if crude inventories grow, according to some analysts.
A preliminary Reuters poll of analysts projected that the data reflect an accumulation of 2 million barrels in crude stocks last week.
martes, 13 de octubre de 2009
OPEC foresees more global oil demand in 2009 and 2010
The Organization of Petroleum Exporting Countries (OPEC) has revised up its forecast for oil demand in 2009 and 2010, following signs of "restoration" of the world economy, in its monthly report published on Tuesday in Vienna.
The decline in consumption was limited to -1.65% this year instead of 1.8% previously expected, and will rise to 0.8% in 2010, against 0.6% previously raised, the report of the OPEC.
In absolute terms, OPEC increased its forecast for 2009 and 2010 by around 0.2 million barrels per day (mbd).
The organization, source of 40% of world oil, is betting on a world recession of -1.2% this year and 2.7% growth in 2010, instead of 2.3% previously.
"The world economy appears to be entering a new phase, moving from a period of limiting the effects of the crisis to a period of economic recovery," said the cartel.
Despite a recovery in U.S. oil demand in 2010 will be driven primarily by emerging powers like China and India and regions like the Middle East and Latin America, OPEC said.
Last Friday, the International Energy Agency (IEA) had also revised upwards its projection of world oil consumption in 2009, which according to the agency will suffer a decline of 1.9% compared to 2008, instead of -2.2 % in its previous monthly report.
The decline in consumption was limited to -1.65% this year instead of 1.8% previously expected, and will rise to 0.8% in 2010, against 0.6% previously raised, the report of the OPEC.
In absolute terms, OPEC increased its forecast for 2009 and 2010 by around 0.2 million barrels per day (mbd).
The organization, source of 40% of world oil, is betting on a world recession of -1.2% this year and 2.7% growth in 2010, instead of 2.3% previously.
"The world economy appears to be entering a new phase, moving from a period of limiting the effects of the crisis to a period of economic recovery," said the cartel.
Despite a recovery in U.S. oil demand in 2010 will be driven primarily by emerging powers like China and India and regions like the Middle East and Latin America, OPEC said.
Last Friday, the International Energy Agency (IEA) had also revised upwards its projection of world oil consumption in 2009, which according to the agency will suffer a decline of 1.9% compared to 2008, instead of -2.2 % in its previous monthly report.
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