Not Logged In Log In   Sign Up   Points Leaders
Follow Us    9:52 AM

Message Forum - Read Message

Category: Daily News Article Discussions > Topics Add to favorite topics  
Author Topic: Oil rises, as China data trump inventory numbers Back to Topics
brbaritone

Champion Author
Virginia

Posts:3,629
Points:2,270,690
Joined:Jan 2007
Message Posted: Jan 24, 2013 8:54:40 AM

Benchmark U.S. oil futures moved higher in electronic trade Thursday, as upbeat Chinese data trumped higher-than-expected crude inventories and a stronger dollar.

Crude oil for March delivery rose 35 cents, or 0.4%, to $95.58 a barrel during East Asia business hours, rebounding from a 1.5% drop during Wednesday’s regular New York Mercantile Exchange session.

Meanwhile, Brent crude for March slipped a penny to $112.79, further narrowing the spread between the New York and London benchmarks.

The gains for Nymex crude came after the preliminary reading of a monthly HSBC survey of Chinese manufacturers showed further improvement for the sector.
---
Given China’s large appetite for oil, its economy serves as a key focus for energy-futures investors, as GFT Markets Analyst Fawad Razaqzada ...
Visit MarketWatch for full article
REPLIES (newest first) Post a Reply
Profile Pic
sjf238
Champion Author Philadelphia

Posts:1,215
Points:650,655
Joined:Mar 2011
Message Posted: Jan 25, 2013 12:52:43 PM

ok
Profile Pic
jrs4125
Champion Author Indiana

Posts:4,817
Points:1,179,395
Joined:Sep 2011
Message Posted: Jan 25, 2013 9:43:22 AM

Dooooooh
Profile Pic
doctorindyj
Champion Author Santa Fe

Posts:4,960
Points:1,390,560
Joined:Nov 2009
Message Posted: Jan 24, 2013 12:15:13 PM

Any excuse.
Profile Pic
Jeff4U
Champion Author Atlanta

Posts:11,424
Points:2,450,955
Joined:Nov 2004
Message Posted: Jan 24, 2013 10:31:31 AM

Crude now:
$96.05 (+0.82)
Profile Pic
Zuegma
Champion Author Nova Scotia

Posts:3,509
Points:844,060
Joined:Aug 2012
Message Posted: Jan 24, 2013 10:31:09 AM

Gas prices are befuddled by too many alledged factors.
Profile Pic
WalkingWV
Champion Author West Virginia

Posts:3,875
Points:808,385
Joined:May 2008
Message Posted: Jan 24, 2013 10:21:12 AM

35¢ spike at the pumps yesterday. now $3.49, disgusting!
Profile Pic
Buckeyee
Champion Author Maine

Posts:7,787
Points:1,463,530
Joined:May 2010
Message Posted: Jan 24, 2013 10:06:35 AM

Just think, 4 more years of no government intervention of rampant oil speculation. The democrats know not to bite the hand that paid for their elections.
Profile Pic
humblepie
Champion Author Toledo

Posts:57,358
Points:2,974,770
Joined:Mar 2006
Message Posted: Jan 24, 2013 9:50:06 AM

$95.91 right now
Profile Pic
knutzAL
Champion Author Alabama

Posts:2,248
Points:373,880
Joined:Feb 2012
Message Posted: Jan 24, 2013 9:39:34 AM

Why is this G'ment agency, the inventory numbers, manipulating the dang price? So insiders can bet the right way and make mucho dinairo!
Profile Pic
brbaritone
Champion Author Virginia

Posts:3,629
Points:2,270,690
Joined:Jan 2007
Message Posted: Jan 24, 2013 8:56:11 AM

The article continues:

... noted in comments just ahead of Thursday’s data.

“Fundamentally oil remains bid, thanks, in part, to the recent upturn in Chinese data. This has boosted demand expectations from the world’s second largest consumer of oil,” Razaqzada wrote.

Nymex crude’s modest advance came in the face of several headwinds, including a stronger U.S. dollar.

The ICE dollar index advanced to 80.041 Thursday, up from late Wednesday’s 79.938. A rising dollar often depresses oil prices as it makes the commodity more expensive to holders of other currencies.

The gains also followed a larger-than-expected build in U.S. crude-oil inventories, according to the American Petroleum Institute’s weekly report, released late Wednesday.

The API report showed crude supplies for the week ended Jan. 18 rose by 3.2 million barrels, beating expectations for a 2 million-barrel climb from a Platts survey of analysts.
Profile Pic
merlinCO
Champion Author Colorado

Posts:4,212
Points:935,110
Joined:Mar 2012
Message Posted: Jan 24, 2013 8:56:10 AM

Speculators and Saudia Arabia win again over what the truth is.
Profile Pic
HoosierDaddyKY
Champion Author Kentucky

Posts:2,916
Points:692,095
Joined:Dec 2011
Message Posted: Jan 24, 2013 8:55:56 AM

You don't say...
Post a reply Back to Topics