detik.com

Wednesday, July 31, 2013

WTI Trades Near Four-Week Low as U.S. Discount to Brent Narrows



West Texas Intermediate oil traded near the lowest price in almost a month after dropping the most in a week. New York crude’s discount to London-traded Brent futures narrowed for the first time in six days.
Futures were little changed in New York after slipping 1.4 percent yesterday, trimming the biggest monthly advance since August. U.S. crude inventories decreased by 740,000 barrels last week, the American Petroleum Institute said. A government report today is forecast to show supplies slid by 2.45 million barrels, according to a Bloomberg News survey of analysts.
WTI for September delivery was at $103.16 a barrel, up 8 cents, in electronic trading on the New York Mercantile Exchange at 10 a.m. Sydney time. The volume of all futures traded was 56 percent below the 100-day average. The contract fell $1.47 to $103.08 yesterday, dropping the most since July 24 and closing at the lowest since July 3. Prices are up 6.8 percent this month for a second monthly advance.
Brent for September settlement dropped 11 cents to $106.80 a barrel on the London-based ICE Futures Europe exchange. The European benchmark was at a premium of $3.66 to WTI futures, from $3.83 yesterday.
U.S. gasoline supplies increased by 1.8 million barrels last week, the API said. An Energy Information Administration report today will probably show stockpiles declined by 1.5 million barrels, according to the median estimate of 12 analysts in the Bloomberg survey.
(Source: Bloomberg)

Monday, July 29, 2013

Dollar Falls to 1-Month Low Versus Yen Before Home Sales, FOMC

The dollar dropped to a one-month low versus the yen before a private report forecast to show sales of previously owned homes fell and the Federal Open Market Committee starts a two-day meeting tomorrow.
The Bloomberg Dollar Index touched the lowest level in five weeks as investors weighed whether the U.S. economy is robust enough for the Fed to start reducing stimulus. The yen was supported as a decline in Asian stocks boosted demand for haven assets. Bank of Japan Governor Haruhiko Kuroda will speak at the Research Institute of Japan in Tokyo today.
The dollar touched 97.78 yen, the lowest since June 27, before trading at 98.08 as of 9:50 a.m. in Tokyo, 0.1 percent below last week’s close in New York. The greenback was at $1.3286 per euro from $1.3279 on July 26, when it fell to $1.3297, the weakest since June 20. The yen fetched 130.27 per euro from 130.42.
The Bloomberg Dollar Index, which tracks the greenback against 10 other major currencies, traded at 1,022.42 from 1,022.85 at the end of last week, after touching 1,021.61, a level unseen since June 19.
The MSCI Asia Pacific Index of stocks dropped 0.8 percent, while the Topix Index of Japanese shares sank 2 percent.
(Source: Bloomberg)

Friday, July 26, 2013

WTI Fluctuates Amid Speculation U.S. Growth to Boost Oil Demand



West Texas Intermediate oil swung between gains and losses after advancing yesterday amid signs that economic growth is accelerating in the U.S., the world’s biggest crude consumer.

Futures were little changed in New York, down 2.4 percent this week. Durable goods orders in June rose three times the median forecast of economists surveyed by Bloomberg, according to data from the Commerce Department. A government report on July 24 showed that U.S. crude stockpiles dropped a fourth week while production surged to a 22-year high.

WTI for September delivery was at $105.47 a barrel, down 2 cents, in electronic trading on the New York Mercantile Exchange at 9:50 a.m. Sydney time. The volume of all futures traded was 78 percent below the 100-day average. The contract climbed 10 cents to $105.49 yesterday. Prices are set for the first weekly decline in more than a month.

Brent for September settlement gained 46 cents to $107.65 a barrel on the London-based ICE Futures Europe exchange yesterday. The European benchmark ended the session at a premium of $2.16 to WTI. The contract fell below WTI in intraday trading July 19 for the first time since August 2010.

U.S. crude stockpiles decreased 29.9 million barrels in the four weeks ended July 19, the largest four-week drop in data dating to 1982, the Energy Information Administration said in a report on July 24.
(Source: Bloomberg)

Thursday, July 25, 2013

Gold Extends Biggest Drop in 3 Weeks on Stimulus, Demand Outlook



Gold declined for a second day, extending its biggest drop in almost three weeks, as U.S. housing data backed the case for less stimulus amid speculation the price rally this month may damp demand. Silver dropped.

Spot gold fell as much as 0.5 percent to $1,315.30 an ounce, and traded at $1,320.02 at 8:56 a.m. in Singapore. Prices slid 1.7 percent yesterday, the most since July 5, reversing an advance to $1,348.65, the highest since June 20.

Gold has slumped 21 percent this year, set to end a 12-year bull run, as the Bloomberg Dollar Index rose 4.5 percent amid speculation the U.S. Federal Reserve may taper its bond-buying program as early as this year. Data yesterday showed sales of new U.S. homes rose in June to a five-year high. The volume for Shanghai’s benchmark spot bullion contract decreased to a two-week low of 11,073 kilograms yesterday.
Holdings in the SPDR Gold Trust, the largest bullion-backed exchange-traded product, stood unchanged at 929.76 metric tons yesterday, ending a six-day decline. Assets have shrunk 4.1 percent in July, set for the smallest monthly drop since March.

Gold for December delivery traded at $1,320.50 an ounce on the Comex in New York from $1,320.10 yesterday, when futures retreated 1.1 percent after touching a one-month high of $1,349.20 in the previous session.
(Source: bloomberg)

Tuesday, July 23, 2013

WTI Oil Near Highest in 16 Months as Brent Spread Falls Below $1



West Texas Intermediate traded near the highest price in 16 months after U.S. jobless claims declined. WTI's discount to Brent narrowed to less than $1 for the first time since October 2010 as U.S. inventories fell.

Futures were little changed in New York after gaining 1.5 percent yesterday, the most in more than a week. The Labor Department said jobless claims dropped to the fewest since early May. WTI settled 89 cents below Brent yesterday, the narrowest discount since Oct. 18, 2010.

WTI for August delivery was at $108.05 a barrel, up 1 cent in electronic trading on the New York Mercantile Exchange at 7:44 a.m. Singapore time. The volume of all futures traded was 65 percent lower than the 100-day average. Prices advanced $1.56 a barrel to $108.04 yesterday, the highest settlement since March 19, 2012.

Brent for September settlement rose 9 cents, or 0.1 percent, to $108.70 a barrel on the ICE Futures Europe Exchange yesterday. Volume was 22 percent lower than the 100-day average.

WTI, the main U.S. crude grade, had typically been the more expensive grade until mid-2010. The convergence between Brent, a gauge for more than half the world’s oil, and WTI shows how improved pipeline networks and the use of rail links have helped to unlock a glut at America’s oil-storage hub at Cushing, Oklahoma.

Stockpiles at Cushing dropped 3.57 million barrels in the two weeks ended July 12 to 46.1 million, the least since Nov. 30, the Energy Information Administration reported July 17. Total crude inventories fell by 6.9 million barrels to 367 million.
(Source: Bloomberg)