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 | 03:36pm 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
07:38p Q & M DENTAL SINGAPORE : Proposed Acquisition of Shenyang Lan Hai Tong Mao Medical Equipment Leasing in Shenyang City, China
07:38p Q & M DENTAL SINGAPORE : Update on Proposed Acquisitions of Dental Clinics in Panjin City and Gaizhou City, China
07:33p NIKON : Toda repairs mechanical, but not digital, cameras
07:23p GOODMAN : Change in substantial holding
07:23p SAMSON OIL & GAS : IPAA San Francisco Conference Presentation
07:23p SOUTH STATE : Inclement Weather Delayed Openings
07:20p STANBIC BANK UGANDA : 200 SMEs to benefit from Stanbic mentorship programme
07:15p After five years of negotiations, Pacific trade talks near deal
07:14p STANDARD ALLIANCE INSURANCE : Fed Govt must buy insurance for industry to grow
07:14p UK firms see least certain outlook in two-and-a-half years - Deloitte
Latest news
Hot News 
UBS : Wealth Management Americas Introduces Enhanced Forecasting Capabilities for Equity Plan Clients
URALS ENERGY PCL : Update on Petraco Loan and Petrosakh Well 54
PERFORMANCE FOOD : to Ring New York Stock Exchange Opening Bell
CHURCHILL MINING : Raises GBP750,000 Through Share Placing (ALLISS)
Most Read News
07:15p After five years of negotiations, Pacific trade talks near deal
07:00p SAMSON OIL & GAS : Advisory
06:31p Turbine maker Nordex buys Acciona's wind power business
06:21p HONDA MOTOR : BRIEF: Stolen motorcycle discovered in ditch
06:06p MANCHESTER UNITED : Arsenal, Bayern both win big; Zlatan Ibrahimovic becomes PSG's leading scorer
Most recommended articles
07:15p After five years of negotiations, Pacific trade talks near deal
07:14p UK firms see least certain outlook in two-and-a-half years - Deloitte
06:40p AUD/USD TECHNICAL ANALYSIS : Short Position Remains in Play
06:31p Turbine maker Nordex buys Acciona's wind power business
06:13p Global regulators finalise new capital rule for big insurers