Archive for September 2009
Heating oil 'could edge up'
15/09/2009
Heating oil and other distillates could be set for rising fortunes over the remainder of the week, reports Forbes.
The publication explains that a short-term lack of supply is expected to drive prices higher for distillates, which include heating oil.
One trader in the New York Harbor market tells the news provider: "Differentials should firm up; less barrels coming up the line."
The ...
Brent drops as expiry nears
15/09/2009
Brent oil for October delivery slipped slightly as its expiry date neared, reports Reuters.
On Monday (September 14th), Brent oil fell in London trading, landing at $67.44 per barrel.
The day saw it trading between a high of $68 and a low of $66.66, down 25 cents in total.
Reuters reports that this represented a proportional downward shift over the course of Monday of 0.37 per cent.
The newswire adds that the contract for October delivery is due to expire on T...
Crude prices drop ahead of expected low demand
15/09/2009
A shortage of demand has been identified by one analyst as a potential factor that could subdue crude oil prices in the weeks to come.
Phil Flynn of PFG Best tells the AFP newswire: "Oil bloat may get the bull's goat as we are entering the weakest demand period of the year."
His comments followed a troubled trading period for crude oil in New York over the course of Monday (September 14th).
Light, sweet crude for October delivery lost 43 cents over the first ...
Short-term market responses 'could be changing'
14/09/2009
The recent market reaction to news about distillate stocks - including heating oil and diesel - indicates a more long-term approach to responding, it has been suggested.
Bloomberg reports that heating oil fell slightly in New York trading on Friday (September 11th), reaching $1.7308 for October delivery.
This represented a 3.2 per cent decline or 5.77 cents over the course of the day's trading.
Brent rises in London
14/09/2009
Brent for October delivery rose in value during trading in London on Friday (September 11th), reports Reuters.
Over the course of the day, Brent gained 25 cents, trading in the range from $69.48 to $70.77 per barrel.
This took it to a spot price of $70.11 on the London exchange, a modest gain of 0.36 per cent for the day.
Previously on Thursday, the prices had gained on London's ICE Futures exchange, as reported by the Associated Press.
Trading at a value of $...
Crude gains 'are on the cards'
11/09/2009
Further increases in crude oil prices could be set to occur in the weeks to come, in light of one analyst's expectation of OPEC output.
Speaking to Reuters, Peter McGuire, managing director of Commodity Warrants Australia, explains that OPEC has the power to place the price of oil within its ideal target range.
"If you want to play ball, they are the only game in town," he comments.
"And remember, they own the pitch, the bat, the ball, the umpire and eve...
Brent prices higher on ICE
11/09/2009
Brent prices rose on the ICE Futures exchange on Thursday (September 10th), reports the Associated Press.
The commodity gained 0.6 per cent over its previous pricing level on the London exchange, according to the newswire.
As a result, it crept up by 42 cents to reach a new value of $70.25 over the course of the day.
The trend contrasted with the fortunes of heating oil and gasoline, both of wh...
Demand 'improving' for gas oil
11/09/2009
Demand for gas oil is improving, although its pace is relatively slow, reports MarketWatch.
The commodities news provider explains that Jim Ritterbusch from Ritterbusch and Associates believes a surplus in gas oil stocks could lead to difficulties in crude oil investments.
However, he adds that there is currently a "continued slow but improving pace of demand" for the commodity.
"Gasoline stocks have expanded back out to more than an 11 million-barrel su...
Distillate stocks 'exceed expectations'
10/09/2009
Figures from the American Petroleum Institute show that US stocks of distillates - including heating oil and kerosene - "shot up" in the week leading up to September 4th, reports Reuters.
The newswire explains that a rise of around 800,000 barrels of distillates had been expected by market analysts.
But the organisation p...
Crude oil futures up in Asia
10/09/2009
Thursday (September 10th) saw crude oil futures rise in Asia following the OPEC decision not to raise output, reports MarketWatch.
On London's ICE Futures exchange, Brent crude oil for October delivery reached $70.59 per barrel.
This represented a rise of 76 cents over its previous position, according to the investment news provider.
Meanwhile, electronic trading took light, sweet crude futures higher on the New York Mercantile Exchange.
At 07:03 GMT, the news...
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