Tag Archives: Crude

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WTI Climbs Near Six-Week High

After the slump seen in October that kept crude down all through last month as well, demand is once again up in the world’s largest oil consumers giving a boost to West Texas Intermediate that brought it to its highest price in six weeks as Chinese imports rebounded and U.S. unemployment figures fell.

The commodity’s six-day advance was capped on 6th December and numbers remained relatively unchanged since then. The General Administration of Customs’ data showed that China’s net oil imports increased 19 percent to 5.73 million barrels per day, driving consumption out of its lowest levels in 14 months.

In the U.S., data released by the Labor Department on Friday showed that the unemployment rate fell to 7 percent, the lowest level in five years.

WTI to be delivered in January came in at $97.78 a barrel, an increase of 13 cents. The contract climbed 27 cents to $97.65 on 6th December the highest close since 29th October.

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Commodities

Technical Analysis Predicts 11% Losses for Commodities

Technical analysis by Bank of America Corp. sees commodities falling 11 percent in the upcoming weeks to their lowest levels since May 2010.

The Continuous Commodity Futures Price Index of 17 raw materials has been described as “on the edge of breaking down” by MacNeil Curry, the head of foreign exchange and interest-rate technical strategy at Bank of America in New York, and is reportedly expected to drop to 447.

An index of the six primary industrial metals traded on the London Metal Exchange is set for a second weekly drop, as are gold and silver for immediate delivery. In Chicago, corn and wheat are falling for a third consecutive week. Crude oil is charting a declining course for a fifth week in New York and arabica coffee reached its lowest point since 2006 yesterday.

The commodities measures closed yesterday at 503.99, marking a 9.1-percent drop for the year. Curry warns that a sustained break of 500, which he interprets as two closes below the 500-mark, would open an additional 10 percent slide.

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Oil_well

WTI Falls Along With U.S. demand

West Texas Intermedeiate (WTI) recorded another drop, prolonging its second monthly loss with increased crude stockpiles in the U.S. indicating slower demand in the world’s biggest oil consumer.

Futures took a hit of 0.8 percent in New York when the industry-funded American Petroleum Institute announced that inventories increased by 5.9 million barrels last weeks. Supplies reached 382.2 million barrels, recording a jump of 2.4 million barrels, the highest in four months before data from the Energy Administration today.

December deliver of WTI fell as much as 80 cents to &97.40 a barrel on the New York Mercantile Exchange, which the volume of all futures traded declined 17 percent more than the 100-day average. October has seen a drop of 4.5 percent following a 4.9 percent drop last month.

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Keystone – The Pipeline to Prosperity

WTI Wavers While U.S. Supplies Reach a Three-Month High

West Texas Intermediated wavered up and down before the release of date indicating that crude stockpiles rose to a three-months high in the U.S.
In New York Futures fluctuated after last week’s drop to 1.2 percent. In the week ended on 11th October, U.S. crude inventories probably climbed by 3 million barrels to 373.5 million, according to a Bloomberg News survey preceding a government report today. That would be the highest level since July.

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Crude Rises

Crude Rises

Monday morning market opening saw U.S. light sweet crude rise 25 cents, or 0.26 percent, to $96.13 per barrel. Other commodities also went up on indication that the world’s second largest economy China is becoming more dynamic, coupled with sanguinity that the nastiest eurozone debt crisis is over and that Japan’s efforts to revive its stagnant economy are paying dividends.

Moreover, Brent oil prices move near a three-month high at $113 a barrel before the Fed’s two-day meeting starting on Tuesday and the employment data on Friday that is expected to show more signs of recovery.

In general, stock indexes showed diversity on Monday as oil prices rose following strong U.S. durable goods data and earnings results from Caterpillar, NBC news reported as markets in the US opened.

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