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

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 CET

--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
09:30a HILTON WORLDWIDE : introduces Saudi college students to careers in hospitality as part of the brands 'Global Month of Service'
09:30a CAVERION OYJ : quality work recognised in the Excellence Finland competition
09:30a SOLTEQ OYJ : Plc share issue directed to personnel
09:30a TOMIZONE : to Raise USD0.75 Million in Private Placement of Shares
09:30a TOMIZONE : to Raise USD3.05 Million in Private Placement of Shares
09:30a CHANNELADVISOR : Wins Two Prestigious UK Industry Awards
09:28a KUWAIT FUND FOR ARAB ECONOMIC DEVELOPMENT : Signature of a loan agreement for financing construction of a sea water desalination plant project for eastern port said city, a grant for financing a feasibility study for the establishment of a solar energy system plant for the generation of electricity and the establishment of a factory for the production of solar energy cells, and a grant in aid in response to the syrian refugees in the arab republic of egypt
09:28a AMUNDI S A : UniCredit and Amundi enter into exclusive negotiations regarding the sale of Pioneer
09:28a DKER STATE ENERGY AND WATER REGULATORY COMMISSIO : Energy and water regulatory commission became a founding member of the newly created francophone network of energy regulators
09:28a PHILEX MINING : Mineral ore production not sufficient for smelting plant
Latest news
Advertisement
Hot News 
12.43%CAMBIAN : UK health firm Cambian to sell adult services unit for 377 mln stg
-5.74%China trainmaker CRRC to build more plants abroad in expansion plan - China Daily
1.84%BURBERRY : rejects multiple takeover offers from Coach - Financial Times
0.85%BAYERISCHE MOTOREN WERKE : BMW seeks to be 'coolest' ride-hailing firm with autonomous car
0.60%No longer the bad guy, Tesco set to reassert UK dominance
Most Read News
02:54a BAYERISCHE MOTOREN WERKE : BMW seeks to be 'coolest' ride-hailing firm with autonomous car
03:13a Panasonic in talks to buy ZKW to accelerate push into auto electronics - source
12/04 SGS : US State of Maine Proposes to Designate 2 Flame Retardants as Priority Chemicals for Reporting
12/04DJCheung Kong Bids $5.4 Billion for Duet Group
12/04 AIRBUS : chief wants soft Brexit, higher German military budget
Most recommended articles
12/02 Platts considers first addition to Brent basket since 2007
11/30DJCash Crunch Looms Over India's Growth Spurt
03:27a ROYAL BANK OF SCOTLAND : RBS settles with majority of claimants over 2008 share issue
03:16a Mexico deep water oil push taps data that solved dinosaur riddle
03:13a Panasonic in talks to buy ZKW to accelerate push into auto electronics - source