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Gasoline And Heating OilTitle:
Crude down, hits biggest 3-week loss since Aug '11
(Reuters) - Crude oil futures fell more than 1 percent on Friday, down for the sixth straight session, as worsening problems in Greece and Spain raised worries of contagion in the euro zone.
Oil futures fell on the drumbeat from global stock markets, which erased the year's gains as investors pared holdings for safe-haven assets such as gold, on growing concerns about the euro zone debt crisis.
On Wall Street, equities dipped after a messy opening-day trade for social networking darling Facebook (FB.O) failed to lift the spirits of investors. .N
U.S. gasoline futures bucked the day's trend in energy markets, gaining slightly after six days of losses and climbing above its 200-day moving average after falling below that level on Thursday for the first time since February.
Oil investors ...
Title:
Oil down as equities dip on Greek, euro zone woes
Crude oil futures tumbled on Wednesday, coming under pressure with U.S. equities, as banking troubles in Greece further highlighted the euro zone debt crisis, sparking risk aversion across markets.
The European Central Bank confirmed a Reuters report that it has stopped providing refinancing to some Greek banks as they are severely undercapitalized, keeping oil and other commodity prices pinned down.
The ECB move had erased an uptick in oil prices in morning trading after U.S. data showed that domestic stockpiles rose much less than what an industry group reported late on Tuesday.
Title:
Brent rise boosts premium to slumping U.S. crude
Brent oil edged higher on Tuesday, snapping three days of declines and pushing its premium to slumping U.S. crude back above $18 a barrel, as supportive German economic growth helped counter political turmoil in Greece.
Anticipation that inventory reports will show U.S. crude stocks rose an eighth straight time last week, adding to record stockpiles at Cushing, Oklahoma, helped pressure U.S. crude and increase its price deficit to Brent, brokers and traders said.
The approach of the June Brent contract's expiration on Wednesday also helped raise the premium to U.S. June crude to $18.26 a barrel based on settlements.
Brent's premium to U.S. crude pushed above $18 for the first time since April 16, when news of this week's planned reversal of the Seaway crude pipeline broke.
The pipeline ...
Title:
Oil falls as Greece, China feed economic worry
Oil prices fell on Monday as Greece's inability to form a coalition government and concerns about a slowing Chinese economy fed worries about the outlook for petroleum demand.
Greece's turmoil triggered selling in dollar-denominated copper and gold, sending a benchmark commodities index to a 19-month low, while pressuring the euro to a four-month low against the dollar and weighing on the stock market.
Hedge funds and large speculators made the biggest-ever cuts in their net long U.S. crude futures and options positions in the week to May 8, according to government data released on Friday, adding to this week's bearish sentiment.
Crude futures extended losses that, in the two weeks ending on Friday, left Brent crude down 6.2 percent and U.S. crude off 8.4 percent.
"The situation in ...
Title:
Oil reverses losses on unexpected U.S. product draws
Brent crude futures trimmed earlier losses, popping above $112 on Wednesday, supported by a larger than expected drop in U.S. gasoline inventories.
Any bounce was capped, however, by political turmoil in the debt-laden euro zone and a jump in U.S. crude stocks to the highest level since 1990.
Brent crude was up 5 cents to $112.78 a barrel by 1551 GMT, having fallen to as low as $113.31 earlier. Brent had been dropping for a sixth straight session, its longest losing streak since the middle of 2010.
U.S. crude was at $96.54 down 47 cents.
The official weekly inventory data from the U.S. Energy Information Administration (EIA) showed gasoline inventories dropped by 2.61 million barrels in the week to May 4, compared with analysts' forecast for a 100,000 barrel draw.
The data also showed ...
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Oil turns higher on strong U.S. factory growth
(Reuters) - Oil prices turned higher on Tuesday after data showing the U.S. manufacturing sector expanded in April at its fastest pace in 10 months eased concerns about slowing economic growth.
The supportive U.S. factory data from the Institute of Supply Management (ISM) helped U.S. crude end at its highest settlement in five weeks and lifted equities on Wall Street, sending the S&P 500 index up 1 percent and the Dow to its highest level since December 2007. .N
Technical buying kicked in after U.S. crude moved above the 50-day moving average at $105.21 a barrel. Crude had hit formidable resistance at that level in recent sessions.
"The ISM data pushed crude up and strong equities are helping, and when crude moved above the 50-day moving average that triggered some technical buying," ...
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Oil little changed in thin, tug-of-war trade
(Reuters) - Oil prices were little changed on Friday in very light, tug-of-war trading, as concerns about economic growth were countered by hopes for additional easing by the Federal Reserve to boost a sputtering recovery.
Brent edged lower and crude rallied late to settle, reducing Brent's premium to its U.S. counterpart, while both contracts posted second consecutive weekly gains.
Prices felt pressure early, after ratings agency S&P downgraded Spain's credit rating. But oil pared losses ahead of U.S. GDP figures that showed growth cooled in the first quarter.
But some investors believe slowing U.S. growth may prompt the Federal Reserve to launch a third round of government bond buying, or quantitative easing, known on Wall Street as QE3.
"Bad news for the economy is being interpreted ...
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Oil up with Wall Street despite U.S. crude stocks build
Crude oil futures rose in choppy trading on Wednesday, getting a lift from U.S. equities despite pressure from a larger-than-expected increase in U.S. crude inventories and a report that Iran may consider a halt to its nuclear program.
Prices moved little after the U.S. Federal Reserve, as expected, said at the end of a two-day policy meeting that it will keep interest rates exceptionally low at least through late 2014.
"Oil got support from equities, which are on a rally mode and as support developed after the day's lows around $103 was not violated," said Hamza Khan, analyst at the Schork Group in Villanova, Pennsylvania.
The central bank said the U.S. economy had been expanding moderately and that the labor market had improved in recent months. It noted, however, that while the ...
Title:
Brent slips, narrows spread versus stronger oil
Brent oil slipped while crude rose on Tuesday, narrowing the spread between the two benchmarks, while gasoline futures fell as market participants rotated positions.
Gasoline dipped more than 1 percent, the biggest percentage move in the complex, weighed down by anticipated imports, lackluster demand and weak cash price differentials, analysts said.
"(A)n expected upswing in imports during the coming weeks, soft Gulf coast and Midwest cash markets and possible sale of Sunoco's Philadelphia refinery all tilt in favor of renewed gasoline futures weakness," Jim Ritterbusch, president at Ritterbusch & Associates, said in a report.
A weak dollar was cited as bolstering crude, while disappointing economic data offered no support for the complex.
Brent's premium to the West Texas Intermediate ...
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