Action Insight | Written by ActionForex.com | Feb 09 07 07:42 GMT | Forex Daily Technical Report EUR/JPY to Test Record High, Sterling Remains Weak EUR/JPY continue to strengthen today and is set to test record high of 158.61. Yen’s weakness returns this week as expectation on G7 meeting that starts today turns. Markets are quick to price out the possibility of Yen being formally mentioned in the G7 communique. While Euro is supported by Trichet’s confirmation of a March hike...
Crude Oil Prices Creep Higher Despite Latest Inventory Increase
February 9, 2007 on 10:23 am | In |
BY REUTERS
Posted 1/24/2007
U.S. crude oil futures ended higher in a late rebound as products clambered from their session lows despite a surprise rise in distillate supplies and a larger-than-expected gain in gasoline stocks.
Some traders said a test of the day’s lows failed and players, including funds, came in and the energy markets regained their footing.
On the New York Mercantile Exchange, March crude settled 33 cents higher, or 0.6%, at $55.37 a barrel, bouncing off the day’s open-outcry low of $53.70. In electronic trade earlier, it fell as low as $53.66. It posted the day’s high near the close at $55.45.
Crude futures gained for the second consecutive day, following up on a more than 4% gain on Tuesday after the U.S. announced it planned to expand the nation’s Strategic Petroleum Reserves and amid a cold snap through most of the nation.
Just last week, prices were down, to $49.90, the lowest since May 2005. But the situation changed quickly after colder winter weather hit the U.S. Northeast, the biggest regional user of heating oil.
In London, ICE March Brent crude turned higher as well, ending 33 cents higher, or 0.6%, at $55.43 a barrel.
NYMEX February heating oil gained 0.76 cent, or 0.5%, to settle at $1.5839 a gallon, after moving moving between $1.542 and $1.587.
February RBOB jumped back 1.43 cents to end at $1.4616 a gallon.
For the week ended Jan. 19, domestic distillate supplies rose 700,000 barrels to 142.6 million barrels, according to the U.S. Energy Information Administration, the statistical arm of the Department of Energy.
That went counter to forecasts in a Reuters poll of analysts for a decline of 800,000 barrels.
However, among distillate products, heating oil stocks dropped 1.5 million barrels to 58.8 million barrels. A rise in diesel fuel inventories more than compensated for that decline.
Despite the stock increase, demand for distillates rose for the week to 4.1 million barrels per day from 3.98 million bpd the week before, apparently on deliveries to distributors amid a cold snap in the U.S. Northeast.
Distillate production fell about 100,000 bpd to 3.9 million bpd, while imports rose to 436,000 bpd from 277,000 bpd the week before.
Crude stocks rose 700,000 barrels to 322.2 million barrels, below forecasts for a 1.1 million increase.
Stocks were up as refinery runs decreased 0.5 percentage point to 87.4% of capacity. Crude imports fell back 1.25 million bpd to 9.8 million bpd.
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Bush reshuffles military commanders »United States President George W Bush is changing the military commanders in Iraq, ahead of announcing his new plan for the war. The top US commander in Iraq, General George Casey, will now head the Army. General Casey will be replaced by Lieutenant General David Petraeus, who once led the training of Iraqi troops. The US commander in the Middle East, General John Abizaid, will retire. General Abizaid will be replaced by Admiral William Fallon, the American commander in the Pacific....
Northrop May Pull Refueling Tanker Bid Northrop Withdrawal From Lucrative Air Force Refueling Contract May Not End Tanker Controversy By BEN EVANS The Associated Press WASHINGTON - The withdrawal by Northrop Grumman Corp. from an Air Force refueling tanker contract bid potentially worth more than $100 billion would not necessarily hand the deal to rival Boeing Co. at least not right away. The prospect of having only one bidder Northrop Grumman is threatening to bow out on one of the most...
Crude Oil Prices Creep Higher Despite Latest Inventory Increase
January 31, 2007 on 8:41 pm | In Finance |
BY REUTERS
Posted 1/24/2007
U.S. crude oil futures ended higher in a late rebound as products clambered from their session lows despite a surprise rise in distillate supplies and a larger-than-expected gain in gasoline stocks.
Some traders said a test of the day’s lows failed and players, including funds, came in and the energy markets regained their footing.
On the New York Mercantile Exchange, March crude settled 33 cents higher, or 0.6%, at $55.37 a barrel, bouncing off the day’s open-outcry low of $53.70. In electronic trade earlier, it fell as low as $53.66. It posted the day’s high near the close at $55.45.
Crude futures gained for the second consecutive day, following up on a more than 4% gain on Tuesday after the U.S. announced it planned to expand the nation’s Strategic Petroleum Reserves and amid a cold snap through most of the nation.
Just last week, prices were down, to $49.90, the lowest since May 2005. But the situation changed quickly after colder winter weather hit the U.S. Northeast, the biggest regional user of heating oil.
In London, ICE March Brent crude turned higher as well, ending 33 cents higher, or 0.6%, at $55.43 a barrel.
NYMEX February heating oil gained 0.76 cent, or 0.5%, to settle at $1.5839 a gallon, after moving moving between $1.542 and $1.587.
February RBOB jumped back 1.43 cents to end at $1.4616 a gallon.
For the week ended Jan. 19, domestic distillate supplies rose 700,000 barrels to 142.6 million barrels, according to the U.S. Energy Information Administration, the statistical arm of the Department of Energy.
That went counter to forecasts in a Reuters poll of analysts for a decline of 800,000 barrels.
However, among distillate products, heating oil stocks dropped 1.5 million barrels to 58.8 million barrels. A rise in diesel fuel inventories more than compensated for that decline.
Despite the stock increase, demand for distillates rose for the week to 4.1 million barrels per day from 3.98 million bpd the week before, apparently on deliveries to distributors amid a cold snap in the U.S. Northeast.
Distillate production fell about 100,000 bpd to 3.9 million bpd, while imports rose to 436,000 bpd from 277,000 bpd the week before.
Crude stocks rose 700,000 barrels to 322.2 million barrels, below forecasts for a 1.1 million increase.
Stocks were up as refinery runs decreased 0.5 percentage point to 87.4% of capacity. Crude imports fell back 1.25 million bpd to 9.8 million bpd.
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Sorry, the comment form is closed at this time.
Back to basics for biggest Glastonbury »It promises to be the biggest ever Glastonbury, with the toughest measures yet to combat ticket touts. But organisers yesterday revealed that this year’s festival will also go back to basics with a new village green-style field celebrating the spirit of its founding father - and mother. The Park will feature folk music, acoustic bands, poetry readings and surprise DJ sets by some of the festival’s biggest names on the exact spot where the first Eavises in Glastonbury, the aptly named...