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 | 09:36pm 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

(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

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news
Date Title
06:29p PLANT IMPACT : Launches Soybean Crop Enhancer Fortalis In US
06:29p BIG LOTS : Theft charges filed after use of counterfeit bills
06:29p DGAP-AFR : Zalando SE: Vorabbekanntmachung über die Veröffentlichung von Finanzberichten gemäß § 37v, 37w, 37y WpHG
06:29p AGRIUM : to present at the Raymond James 38th Annual Institutional Investors Conference
06:29p DGAP-AFR : Zalando SE: Preliminary announcement of the publication of financial reports according to Articles 37v, 37w, 37y of the WpHG
06:28p GENERAL MOTORS : PSA-Opel must address job concerns - French economy minister
06:28p GENERAL MOTORS : May to speak to Peugeot CEO later on Wednesday - spokesman
06:27p TOUCHPOINT DASHBOARD : Raises the Bar with Launch of Customer Journey Validation
06:26p SCOTTISH GREEN PARTY : Transport stats show lack of support for public transport
06:26p HEIJMANS : ‘You share the responsibility, but only one person is liable’
Latest news
Advertisement
Hot News 
-19.77%SERCO : slumps as turnaround faces political uncertainties
6.17%TOLL BROTHERS : Reports Increase in Contracts, Profit Decline
-8.90%Weir hurt by weak oil prices while peer Petrofac sees order uptick
-2.40%AccorHotels beats profit expectations, ex-president Sarkozy joins board
4.08%DOW CHEMICAL : DuPont on Track to Win Merger Clearance From EU Regulators -- Sources
Most Read News
02/21 Las Vegas Sands CEO says Japan casino resort could cost up to $10 billion
02:02aDJBAYER : Fourth-Quarter Net Profit Falls 26%
10:13a Saudi Aramco recruits JPMorgan, Morgan Stanley for IPO, HSBC a contender - source
02:18aDJAIRBUS : Profit Plunges on A400 Million Costs -- Update
12:28p GENERAL MOTORS : May to speak to Peugeot CEO later on Wednesday - spokesman
Most recommended articles
12:28p GENERAL MOTORS : May to speak to Peugeot CEO later on Wednesday - spokesman
12:25p AO WORLD : founder steps down as CEO
12:23p Euro recovers against dollar after France's Macron gains support
12:22p Unilever, Lloyds help FTSE edge higher
12:19p BoE's Cunliffe says euro-denominated clearing should not be forced into euro zone