Log in
Login
Password
Remember
Lost password
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 

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 | 03:36pm 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

(Adds Brent futures settlement in the fifth paragraph)

 
    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 decline 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 settled 1.8% lower at $113.53 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.

"It's bearish for crude and bullish for refined products," said Dominick Chirichella, an analyst at the Energy Management Institute, noting that the stockpile decline in gasoline is "adding fuel to the fire" that lower supplies in the Northeast could keep prices elevated.

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
05:20a APPEA AUSTRALIAN PETROLEUM PRODUCTION & EXPLORAT : Labor support for moratorium puts jobs at risk
05:19a PR NEWSWIRE : - Service Test Notice
05:14aDJAlberta Energy Regulator Orders Oil-Sands Operation to Shut Pipelines
05:03a Largest Dutch pension fund exits Mylan over death penalty concerns
05:01a BARCLAYS : Spieth loses top ranking after missing cut
04:51a ORACLE : buying up Maxymiser to drive mobile experience forward
04:51a INTERRA RESOURCES : Walgreens taps healthcare provider to run new clinics, boost customer communication capabilities
04:51a BLUE CALYPSO : App-less mobile tool strives to engage shoppers, boost traffic and sales
04:46a VIRTUAL PIGGY : adds more functionality to Oink P2P mobile app
04:46a VERIFONE SYSTEMS : Chile processing network to deploy Verifone mPOS device
Latest news
Advertisement
Hot News 
OPPORTUNITY INVEST MGMT : 28 augustus 2015 - PRESS RELEASE: Announcement OIM 28 August 2015
MOLYCORP : Massive Mojave mine Molycorp to close, taking nearly 500 jobs
CHALLENGER ACQUISITIONS : Says It Is Focused On Integrating Starneth
MAVEN INCOME & GROWTH VCT : 4 Net Asset Value Total Return Rises
BIG LOTS : Announces Quarterly Dividend On Common Stock
Most Read News
08/28 SHAREHOLDER ALERT : Brower Piven Encourages Investors Who Have Losses in Excess of $100,000 From Investment in The Spectranetics Corporation to Contact Brower Piven Before the Lead Plaintiff Deadline in Class Action Lawsuit -- SPNC
08/28 Woodbridge Fireplace Introduces Two New Fireplace Models
08/28 AER Issues Suspension Order to Nexen
08/28 PIVOTAL THERAPEUTICS : Announces Second Quarter Financial Results
08/28 BRASKEM 72 HOUR DEADLINE ALERT : Approximately 72 Hours Remain; Former Louisiana Attorney General and Kahn Swick & Foti, LLC Remind Investors of Deadline in Class Action Lawsuit Against Braskem S.A. -- BAK
Most recommended articles
05:14aDJAlberta Energy Regulator Orders Oil-Sands Operation to Shut Pipelines
05:03a Largest Dutch pension fund exits Mylan over death penalty concerns
04:03a Ashley Madison courted several buyers, landed none before attack
01:55a China's Commerce Ministry defends devaluation, sees 'limited' impact
08/28DJGRAIN HIGHLIGHTS : Top Stories Of The Day