Member access

4-Traders Homepage  >  News

News

Latest NewsCompaniesMarketsEconomy & ForexCommoditiesHot NewsMost Read NewsRecomm.Business LeadersVideosCalendar 

Nymex Crude Drops to 2013 Low as Stockpiles Rise

02/21/2013 | 04:12pm US/Eastern

--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

Latest news
Date Title
16m ago Superstar field for fun in the sun
16m ago hammer blow as Sakho sucker punch floors city
16m ago BUSINESS MACHINES : Reinvention is in IBM's mainframe, but can its supercomputer stop it from stalling?
17m ago hammer-s blow as Sakho sucker punch floors city
17m ago AVENG : steels itself amid claims of carrying out purge of blacks
17m ago JUVENTUS FOOTBALL CLUB : Sport on TV
24m ago Sanyo to pull out of TV business in N. America
25m ago RESONA : to start 24-hour money transfer service in April
33m ago COURTOIS : Manchester United vs Chelsea: Red Devils Battle Blues in FIFA 15
35m ago INTEL : NewsWatch Video Highlights Four Apps optimized for Android* tablets powered by Intel® Atom™ processors that Help to Make Holidays Fun
Latest news
Advertisement
Hot News 
DIGITAL RIVER : Announces Agreement to be Acquired by Investor Group Led by Siris Capital Group for $26.00 per Share in Cash
EDREAMS ODIGEO : Statement responding to BA and Iberia statement
4IMPRINT : Full Year Expectations Underpinned By Strong Third Quarter
ATLANTIS RESOURCES : Raises GBP5.0 Million In Discounted Placing (ALLISS)
MERIT MEDICAL SYSTEMS : posts 3Q profit
Most Read News
1d ago CHINA MOBILE : Alibaba to form JV for messaging platform
1d ago MEREDITH : Fiscal 2015 First Quarter Earnings Grow Over 20 Percent
1d ago TESCO : Half Yearly Report
3h ago MICROSOFT : NICE Trading Recording Solution Receives Microsoft Lync Qualification
1d ago AVALONBAY COMMUNITIES : Construction underway for North Station apartments
Most recommended articles
1h ago Panasonic says to transfer Sanyo TV unit in U.S. to Funai Electric
1d agoDJAustralia Says Investor Visa Changes Will Better Combat Corruption
1d ago ECB faces test of its own as Europe braces for landmark banking review
1d agoDJHow to Find a Missing Tax Refund
1d agoDJFinal Polls Before Brazil Presidential Election Give Edge to Rousseff
Dynamic quotes  
ON
| OFF