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

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 | 11:11pm CEST

--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 analyts' quotes in the fourth and seventh paragraphs.)

 
    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.

"Inventory levels are still very high, and demand still stinks," said Kyle Cooper, managing partner at IAF Advisors in Houston, who said declines could continue as more traders retreat from bullish bets.

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 $2.07, or 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.

Futures for front-month March reformulated gasoline blendstock, or RBOB, settled at a five-month high earlier this week.

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
React to this article
Latest news
Date Title
01:01a XYZPRINTING : Announces Newly Expanded 3D Printing Product Suite on the Heels of Winning Best Choice Golden Award at COMPUTEX Taipei
01:01a GLORY GLOBAL SOLUTIONS : Announces Its Ntegra™ Plus Banknote Sorter for the Next Generation Australian Banknotes
01:01a INTREPID MINES AUSTRALIA : IAU – Final share buy-back notice – Appendix 3F – 30 May 2016
12:56a CORAL CARNAGE : take your anger to the polling booth, says Greenpeace
12:50a REDFLOW : Product & manufacturing update
12:50a SUNCORP : Appointment of Chief Information Officer
12:50a ALS : Appendix 3B - Share Rights forfeited
12:41a OOREDOO : launches fastest 1Gbps fibre plan
12:41a PACIFIC AMERICAN COAL : 27.05.2016 Change in substantial holding HFT Nominees
12:41a PACIFIC AMERICAN COAL : 25.05.2016 Successful Cash Placement Appendix 3B
Latest news
Advertisement
Hot News 
MAY 31 DEADLINE ALERT : GPM Reminds Investors of the Looming Deadline in the Class Action Lawsuit Against DS Healthcare Group, Inc.
K&C REIT : Sells Newbury, Berkshire Retail Site For GBP210,000
VOLVERE : Sees Profits Rise In 2015, Boosted By Shire Foods Sales
PURICORE : To Stop Selling ProduceFresh Until Registered As Pesticide
UBISENSE : Notice of AGM
Most Read News
06:56p CORAL CARNAGE : take your anger to the polling booth, says Greenpeace
06:50p SUNCORP : Appointment of Chief Information Officer
06:41p PACIFIC AMERICAN COAL : 25.05.2016 Successful Cash Placement Appendix 3B
06:50p ALS : Appendix 3B - Share Rights forfeited
06:41p OOREDOO : launches fastest 1Gbps fibre plan
Most recommended articles
05:30pDJSUNCOR ENERGY : Starts to Bring Canadian Oil Sands Back Online
05:21p SUNCOR ENERGY : ramping up operations after Canada wildfire
12:22pDJVOLKSWAGEN : 1Q 2016 - Forecast
11:16a BPOST : Belgian, Dutch mail firms to confirm merger talks on Monday-Le Soir
09:56a GEORG FISCHER : Switzerland's Fischer grooms CEO candidates - SonntagsZeitung