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Wednesday, February 5, 2014

WTI Oil Trades Near One-Week Low as Crude Stockpiles Seen Rising



West Texas Intermediate traded near the lowest price in a week amid speculation crude inventories increased in the U.S., the world’s biggest oil consumer.

Futures were little changed in New York after slipping the most in almost a month yesterday as a manufacturing gauge in the U.S. dropped more than forecast. Crude stockpiles probably gained by 2.25 million barrels last week, according to a Bloomberg News survey before a report tomorrow from the Energy Information Administration.

WTI for March delivery was at $96.58 a barrel, up 15 cents, in electronic trading on the New York Mercantile Exchange at 12:43 p.m. Sydney time. The contract fell 1.1 percent yesterday, the second consecutive decline, to $96.43, the lowest settlement since Jan. 27. The volume of all futures traded was about 40 percent below the 100-day average. Prices are down 1.9 percent this year.

Brent for March settlement dropped 6 cents to $105.98 a barrel on the London-based ICE Futures Europe exchange. The European benchmark crude was at a premium of $9.40 to WTI. It ended the session at $9.61 yesterday.
(Source: Bloomberg)                         


8 comments:

  1. It shows that the transaction in trading could be up and down depend on market. (Sugeng Manalu)

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  2. Pergerakan harga crude oil dalam bahasan diatas memang mengalami penurunan selama kurun waktu satu minggu. Sebenarnya yang perlu dicermati adalah bagaimana supaya dalam minggu berikutnya forecast yang dilakukan tidak jauh meleset dari kenyataannya. Yang tentunya mengacu pada data2 historis serta trend yang terjadi ... (Eka Cahyadimulya)

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  3. The volume of all futures traded was about 40 percent below the 100-day average. Prices are down 1.9 percent this year. The European benchmark crude was at a premium of $9.40 to WTI. It ended the session at $9.61 yesterday. There is trend of price decreased for future and ready to placing repeat order....Walbin roy sagala

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  4. Accoding to the above analysis, oil consumption drop on March and oil stock seen rising, the reasons of lower price for March delivery. It is normal due to oil consumption will lower at the end of winter season.

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  5. This comment has been removed by the author.

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