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September 30, 2009
by Elaine Frei
Crude oil prices rose significantly Wednesday after the US Energy Information Administration released its weekly inventories report, which showed that gasoline stockpiles were lower in the week ending 25 September.
Gasoline inventories dropped by 1.6 million barrels in the US last week, against an expected rise of 1.2 million barrels, sending prices higher even though crude oil stockpiles rose by ...
September 29, 2009
by Elaine Frei
Crude oil prices were a bit lower, dropping in both New York and London Tuesday as worries over the Iran situation took a back seat to continuing concerns about demand after some analysts said the dispute between Iran and the west over nuclear installations in Iran would not likely produce supply disruptions.
November contracts for West Texas Intermediate crude were down 13 ...
September 28, 2009
by Elaine Frei
The price of crude oil was up Monday ahead of a number of new reports on issues such as US unemployment, home prices, and consumer confidence, while the retail price of gasoline in the US dropped below $2.50 per gallon for the first time in two months.
November contracts for West Texas Intermediate crude were up 82 cents to $66.84 ...
September 25, 2009
by Elaine Frei
The price of crude oil ended slightly higher in New York Friday on new tensions over Iran’s nuclear enrichment program after US President Barack Obama criticized Iran for “breaking rules” in delaying notification to the International Atomic Energy Agency of a new uranium enrichment plant it is building.
The US and some other Western nations believe that Iran intends to use ...
September 24, 2009
by Elaine Frei
Crude oil prices took another big drop Thursday as the US dollar strengthened and after the National Association of Realtors said that US existing home sales dropped by 2.7 percent in August, casting doubt on just how fast and how far the economy has recovered and will continue to recover.
November contracts for West Texas Intermediate crude was down $3.22 ...
September 23, 2009
by Elaine Frei
Crude oil prices were lower Wednesday after the US Energy Information Administration said in its weekly US inventories report that crude oil, gasoline and distillates supplies were all higher last week.
November contracts for West Texas Intermediate crude had dropped $2.80 near the close of floor trade to $68.96 per barrel on the New York Mercantile Exchange while at last report ...
September 22, 2009
by Elaine Frei
Crude oil prices were higher Tuesday as the US dollar weakened in relation to the euro and ahead of Wednesday’s new US inventories data from the Energy Information Administration.
October contracts for West Texas Intermediate crude were $1.86 higher to $71.57 per barrel on the New York Mercantile Exchange just before the close of floor trade, while November contracts added $1.67 ...
September 21, 2009
by Elaine Frei
Crude oil prices fell significantly Monday on concerns about demand and ahead of upcoming meetings by the US Federal Reserve, which will make a decision on US interest rates, and the G-20 nations, which will meet to consider solutions to the global recession.
October contracts for West Texas Intermediate crude were down $2.50 to $69.54 per barrel at about five minutes ...
September 18, 2009
by Elaine Frei
European equities markets were mixed to end the week on Friday.
The FTSE 100 added 0.17 percent to 5,172.89 in London, but the FTSE 250 dropped 0.61 percent to 9,306.93.
DIY retailer Kingfisher (LSE: KFG) led gainers on the 100 and turned in the best performance in the retail sector as it added 4.29 percent, while clothing retailer Next (LSE: NXT) also scored among the top five gainers ...
September 17, 2009
by Elaine Frei
The price West Texas Intermediate crude fell Thursday by 6 cents to $72.45 per barrel for October contracts by about five minutes before the close of the floor session on the New York Mercantile Exchange after a day of up-and-down trade that saw the price go as high as $73.16 per barrel before settling lower.
Meanwhile, at last report ...
by Elaine Frei
European equities markets were up again Thursday as hopes continued that the global economy is making its way out of recession.
The FTSE 100 added 0.77 percent to 5,163.78 in London, while the FTSE 250 was up 0.63 percent to 9,363.54.
Construction group Balfour Beatty (LSE: BBY) was the best in its sector and led gainers on the 100 as it added 7.94 percent ...
September 16, 2009
by Elaine Frei
Crude oil prices were up Wednesday after the US Energy Information Administration reported that crude oil stockpiles in the United States dropped 4.7 million barrels last week, nearly 2 million more barrels of a decline than had been anticipated, but gasoline stockpiles added half a million barrels during the week ending 11 September and distillates in stock, including heating oil ...
by Elaine Frei
European equities markets were higher Wednesday.
The FTSE 100 was up 1.63 percent to 5,124.13 in London, while the FTSE 250 added 1.54 percent to 9,305.24.
Components of the energy sector led both the 100 and the 250.
Wellstream Holdings (LSE: WSM), which designs pipeline systems for the oil and gas industry, led the sector and the 250 as it added 9.52 percent, ...
September 15, 2009
by Elaine Frei
Natural gas prices rose again in New York Tuesday on the New York Mercantile Exchange, making gains despite inventories that are more than ample concerns that there won’t be enough room to store the 12 percent more in inventory the US Energy Information Administration has forecast will flow in by October.
Nymex October natural gas futures were up another 2 cents on the ...
by Elaine Frei
The British pound was weaker Tuesday after Bank of England Governor Mervyn King said that the Bank could soon cut the rate paid for the Bank of hold reserves.
Banks are now paid 0.5 percent on deposits of their reserves held by the Bank.
The pound traded at 88.89p to the shared currency in afternoon trade in New York, while it took $1.6403 to ...
by Elaine Frei
Equities markets in Europe were higher Tuesday on good news from the United States, where retail sales were reported up in August, manufacturing in the New York region saw gains and US Federal Reserve Chairman Ben Bernanke said that the recession is likely over in the US.
The FTSE 100 was 0.46 percent higher to 5,042.13 in London, while the FTSE 250 ...
September 14, 2009
by Elaine Frei
October contracts for West Texas Intermediate crude dropped 43 cents Monday to $68.86 per barrel on the New York Mercantile Exchange and Brent crude was down 13 cents to $67.56 per barrel on the ICE Futures Europe exchange in London as many refineries began to ramp down production for scheduled autumn maintenance.
Nymex October gasoline was down 2 cents ...
by Elaine Frei
European equities markets were mixed Monday after the oil sector declined and miners were largely down on the session.
The FTSE 100 was up 0.15 percent to 5,018.85 in London, but the FTSE 250 was down 0.92 percent to 9,123.13.
Defense contractor BAE Systems (LSE: BA) had the best day on the 100 as it gained 2.14 percent, while metal products manufacturer IMI (LSE: IMI) led the 250 ...
September 11, 2009
by Elaine Frei
The price of crude oil fell Friday, with October contracts for West Texas Intermediate crude dropping $2.66 to $69.28 per barrel on the New York Mercantile Exchange after it failed to rise above the month’s previous high of nearly $73 per barrel as equities markets fell in New York, but prices remained 1.9 percent higher at the end ...
by Elaine Frei
The US dollar weakened Friday on decreased demand in favor of higher yielding currencies after a Reuters/University of Michigan survey showed US consumer sentiment at 70.2 in September, from 65.7 last month.
The rise in sentiment sent investors looking for riskier investments at the expense of the lower-yielding dollar, but the greenback gained back declines versus the euro after a scare ...
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