Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 

4-Traders Homepage  >  News

News

Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesHot NewsMost Read NewsRecomm.Business LeadersCalendar 

Nymex Crude Drops to 2013 Low as Stockpiles Rise

share with twitter share with LinkedIn share with facebook
share via e-mail
0
02/21/2013 | 09:12pm CEST

--Increase in U.S. crude stockpiles sends U.S. oil futures lower

--Nymex crude settles at 2013 low

--Domestic oil stockpiles rise to highest level since July, EIA data show

 
    By Jerry A. DiColo 
 

NEW YORK--U.S. crude futures fell 2.5% Thursday to the lowest settlement this year after weekly government data showed an increase in domestic oil stockpiles.

The Energy Information Administration said oil stockpiles increased by 4.1 million barrels last week, above analysts' average forecast of a 1.7-million-barrel increase. The rise sent total stockpiles to 376.4 million barrels, the highest level since July, as an increase in both imports and domestic output coincided with a fall in refinery operations.

Crude stockpiles are at the highest level for this week since the EIA began keeping data in 1982.

The figures, coupled with weak data on U.S. jobs and the euro-zone economy, raised concerns among oil investors that a tepid economic outlook and rising fuel prices could lower oil usage.

Light, sweet crude for April delivery settled $2.38 lower at $92.84 a barrel on the New York Mercantile Exchange. Brent crude on the ICE futures exchange for April delivery traded $1.593 lower at $113.67 a barrel.

Gasoline futures also settled lower despite a decline in stockpiles of the fuel. Stockpiles fell by 2.9 million barrels, the EIA said, a larger drop than the 700,000-barrel decline analysts expected. Stocks of distillate, which include heating oil and diesel, fell by 2.3 million barrels.

Front-month March reformulated gasoline blendstock, or RBOB, settled 2.30 cents, or 0.8%, lower at $3.0365 a gallon.

The data followed weak economic data earlier Thursday. The Labor Department said U.S. jobless claims rose last week, highlighting the slow recovery in the labor market. Additionally, the decline in euro-zone business activity accelerated in February, according to data compiler Markit, which economists say likely means the bloc's economic contraction will continue through the first quarter.

Oil markets are tied to the global economic outlook, as weak growth typically results in sagging demand for gasoline, diesel and other fuels.

March heating oil settled 6.06 cents, or 1.9%, lower at $3.0957 a gallon.

More information on settlements and highs and lows for futures on Nymex and ICE platforms can be found by searching for the following headlines:

 
   Nymex Light Crude Oil Close 
   Nymex Harbor RBOB Gasoline Close 
   Nymex Heating Oil Close 
   ICE Brent Crude Oil Close 
   ICE Gas Oil Close 
 

Write to Jerry A. DiColo at jerry.dicolo@dowjones.com

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news
Date Title
08:10a NORDIC DEVELOPMENT FUND : Biochar – black fertiliser for green growth
08:10a HAWTHORN RESOURCES : Mt Bevan Project - Nickel Sulphide Targets Identified
08:10a BSD CROWN : Termination of CEO’s management services agreement
08:10a EVN : Geschäftsverlauf im 1.–3. Quartal des Geschäftsjahres 2015/16
08:10a BANK VTB : VTB Group announces IFRS results for July and first 7 months of 2016
08:10a AMINO TECHNOLOGIES : Long Term Incentive Plan
08:10a KIBO MINING : Signs New Agreement with SEPCO III
08:10a FIRST GEN : ready to supply Luzon grid after interruption
08:10a PHILIPPINE STOCK EXCHANGE : Xurpas ups stake in Fluxion
08:10a EURONAV NV : Final Half Year Results 2016
Latest news
Advertisement
Hot News 
0.00%Gold Prices Breach Range Support Ahead of Key Yellen Speech
0.24%Oil Prices Fall as U.S. Crude Inventory Data Disappoints
Most Read News
08/24 VERINT : Ex-Comverse CEO pleads guilty to fraud, a decade after fleeing to Africa
02:05a MONSANTO INDIA : Exclusive - Monsanto pulls new GM cotton seed from India in protest
12:24a EXCLUSIVE : Monsanto pulls new GM cotton seed from India in protest
08/24 HP : beats estimates, weak printer demand weighs on forecast
08/24DJOil Prices Fall as U.S. Crude Inventory Data Disappoints
Most recommended articles
02:09aDJAHOLD DELHAIZE : Says On Track for Merger Targets as Earnings Rise
02:05a MONSANTO INDIA : Exclusive - Monsanto pulls new GM cotton seed from India in protest
01:58aDJMALAYAN BANKING BERHAD : 2nd-Quarter Net Profit Falls 26.6%
01:41aDJDNB : Nordea and DNB Agree to Combine Baltic Operations
01:21a EXCLUSIVE : Companies made deals that could run afoul of U.S. whistleblower rules