Log in
Lost password
Become a member for free
Sign up
Sign up
Dynamic quotes 

4-Traders Homepage  >  News


Latest NewsCompaniesMarketsEconomy & ForexCommoditiesHot NewsMost Read NewsRecomm.Business LeadersVideosCalendar 

Nymex Crude Drops to 2013 Low as Stockpiles Rise

02/21/2013 | 03:12pm 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

React to this article
Latest news
Date Title
02:20a ADB ASIAN DEVELOPMENT BANK : Graduates Complete ADB, Australia-Supported Financial Training
02:18a COCA COLA : Christmas looks real thing as truck rolls into town
02:18a ETSY : Ten of the best apps for doing your Christmas shopping
02:17a YAHOO : World Cup is internet hit ; BRITAIN TODAY
02:17a GENERAL MILLS : Consider factory closure's impact, supermarkets told
02:15a HSBC : Big banks will have to ; CITY DESK
02:15a HSBC : Big banks will have to
02:15a POUNDLAND : Rather notto grotto
02:15a J SAINSBURY : Some Fuder for thought
Latest news
Hot News 
OPPORTUNITY INVEST MGMT : 27 november 2015 - Announcement AGM on 22 december 2015
ATLANTIS RESOURCES : Tidal generating firm announces long partnership for investment by Gordon Calder
CYTOTOOLS : berichtet über Ergebnisse der europäischen klinischen Studie Phase III: Resultate der Behandlung des diabetischen Fußes mit DermaPro(R) bestätigen nicht die Ergebnisse der vorangegangenen Studien (DGAP News)
STOCK SPIRITS : Further Downgrades Earnings Guidance For 2015
IMAGINATION TECHNOLOGIES : Sir Hossein Yassaie receives 2015 Lifetime Achievement Award in annual Elektra European Electronics Industry Award...
Most Read News
11/27 RESEARCH AND MARKETS : Rotavirus Infections Therapeutic Development - Pipeline Review & Analysis, H2 2015
11/27 RESEARCH AND MARKETS : Acute Renal Failure (ARF) (Acute Kidney Injury) - Pipeline Review & Analysis, H2 2015
11/27 Board meeting of Dawood Capital Management Limited will be held on November 30, 2015
11/27 RESEARCH AND MARKETS : Global Metastatic Adenocarcinoma of The Pancreas Therapeutics Pipeline Review, H2 2015
11/27 RESEARCH AND MARKETS : Global Ischemic Stroke Therapeutics Pipeline Review, H2 2015
Most recommended articles
12:26a CHINA CHENGTONG DEVELOPMENT : South Africa firms sign $930 million in deals ahead of Xi trip: Xinhua
11/27 WEEKLY TRADING FORECAST : Expect FX Volatility with NFPs, ECB and Much More Ahead
11/27 US Rate Speculation Versus a Tumultuous World of Fundamentals
11/27DJBrazil to File $5.3 Billion Suit Against Samarco, Owners in Dam Collapse -- 2nd Update
11/27 Australian Dollar Faces Perfect Storm of Key Event Risk Ahead