Homepage  Homepage     Search on site  Search on site     To write the letter  To write the letter     Site map  Site map
Agro Perspectiva
We are on: 
   
 


Home > News

Crude Oil Falls for a Fourth Day Amid Signs of Slowing Fuel Consumption

05.05.2011 09:46 "Agro Perspectiva" (Kyiv) — Oil declined for a fourth day in New York, the longest losing streak in almost eight weeks, as a drop in gasoline consumption added to signs of slowing growth in the U.S. economy, the world’s biggest crude consumer. Futures dropped as much as 0.7 percent after the Energy Department said yesterday that crude stockpiles climbed to the highest since October and gasoline consumption fell to a four- week low. Separate reports showed a lower-than-forecast expansion in U.S. service industries and employment. «The data is signaling that the recovery isn’t as rapid as some were expecting,» said Ben Westmore, a minerals and energy economist at National Australia Bank Ltd. in Melbourne, who predicted oil will average $113 in the third quarter. «It’s going to be a slow grind back for the U.S.» Crude for June delivery lost as much as 81 cents to $108.43 a barrel in electronic trading on the New York Mercantile Exchange. The contract was at $108.95 at 1:16 p.m. Singapore time. Yesterday, it slid $1.81, or 1.6 percent, to $109.24, the lowest since April 19. Oil is headed for a fourth day of decline, the longest streak of losses since the four days ended March 11. Prices are up 36 percent from a year earlier. Brent crude for June settlement was at $121.18 a barrel, down 1 cent, on the London-based ICE Futures Europe exchange. Oil Inventories U.S. gasoline demand slid 2.2 percent to 8.94 million barrels a day, the Energy Department said. Stockpiles fell 1.05 million barrels to 204.5 million last week, the lowest since June 2009. They were forecast to drop 500,000 barrels, according to the median of 15 analyst responses in a Bloomberg News survey. U.S. crude inventories rose 3.42 million barrels to 366.5 million last week, the Energy Department report showed. They were forecast to climb 2 million barrels in the survey. Stockpiles at Cushing, Oklahoma, the delivery point for the New York-traded West Texas Intermediate grade, gained 102,000 barrels, the biggest increase in a month. The increase in crude inventories and decline in gasoline demand «suggested to many that oil demand has been hurt by high pump prices and an economy that is still having trouble walking upright on two feet,» Cameron Hanover Inc. said in a report dated May 4. Oil Demand ‘Hurt’ «The overnight data reports raised doubts over the strength of the U.S. recovery,» Mark Pervan, head of commodity research at Australia & New Zealand Banking Group Ltd. in Melbourne, said in an e-mailed note today. «Coupled with another 3.4 million barrel rise in U.S. crude stockpiles, price trends could remain soft.» Crude’s 14-day relative strength index, a measure of how rapidly prices are rising or falling, was at 49, the lowest in almost 11 weeks. A reading of 70 typically indicates prices are set to retreat, while 30 suggests they may rise. Prior to this week’s decline, the index was at 67. Bloomberg’s Fear and Greed Indicator has generated a sell signal on crude for the first time since March 11. Brent, the European benchmark, traded at a premium of $11.95 a barrel to U.S. futures yesterday. The difference between front-month contracts in London and New York surged to a record $19.54 on Feb. 21. It averaged 76 cents last year. U. S. Employment Oil also declined on signs of weaker economic growth after U.S. companies added fewer jobs and service companies expanded less than forecast. Employment rose 179,000 in April, according to ADP Employer Services, less than the 198,000 median estimate in a Bloomberg survey of economists. Labor Department data tomorrow may show payrolls increased by 185,000 workers last month after 216,000 a month earlier, a separate poll showed. The Institute for Supply Management’s index of non- manufacturing companies slumped to 52.8 in April, the lowest level since August. The most-active oil options contracts in electronic trading were June 2011 $105 puts with 3,360 lots changing hands. They gained 23 cents to 82 cents a barrel. June $115 calls, the next- most active option, fell 54 cents to 51 cents a barrel. One contract covers 1,000 barrels of oil. Oil options volatility fell for the first day in three. Oil has climbed 19 percent in New York this year as unrest in the Middle East and North Africa toppled leaders in Egypt and Tunisia and spread to Libya, Algeria, Bahrain, Iran, Oman, Syria and Yemen. Forces loyal to Muammar Qaddafi attacked rebel-held cities in western Libya as ministers from 22 nations prepared to meet in Rome to discuss ways to end the fighting.

Bloomberg

< Sugar Falls for a Fifth Day on Thai Output, China Inflation; Coffee Drops All news for
05.05.2011
AGCO Committed to Growing Presence in China and India >

28.03.2024  
12:55 Council compromise on Ukraine ATMs – Only a half step forward in the right direction
09:18 Commission approves amendment to Italian State aid scheme to support companies in Friuli Venezia Giulia in the context of Russia's war against Ukraine
26.03.2024  
10:55 Projected famine in Gaza: FAO urges immediate access to deliver urgent and critical assistance at scale. About 1.1 million people are experiencing catastrophic food insecurity
08:44 EU makes major step forward in the delivery of 2024 humanitarian aid for Palestinians in Gaza*
25.03.2024  
16:17 Commission approves ˆ86.9 million Bulgarian State aid scheme to support farmers in the context of Russia's war against Ukraine
21.03.2024  
11:15 Commission takes action to boost biotechnology and biomanufacturing in the EU
20.03.2024  
11:13 Deal to extend trade support for Ukraine with safeguards for EU farmers
19.03.2024  
09:43 CAP - The Commission proposes simplifications that safeguard agricultural transitions!
18.03.2024  
23:10 The European Union and Switzerland launch negotiations to deepen bilateral relations
10:05 Commission proposes targeted review of Common Agricultural Policy to support EU farmers
15.03.2024  
23:36 Cargill Power CanolaTM Program Helps Farmers Take Advantage of Growing Bioenergy Market Opportunities for Canadian Canola
23:19 FAO will provide Ukrainian farmers with soybean and sunflower seeds for spring sowing campaign
13.03.2024  
23:27 FAO urges more cooperation in banana sector, significant for some least developed and low-income food-deficit countries and smallholder farmers
16:51 The European Commission sets out key steps for managing climate risks to protect people and prosperity
12.03.2024  
20:25 Coreper and COMENVI approve the provisional agreement on EU Carbon Removal Certification Framework
20:24 INTA MEPs fail EU producers by dismissing potential improvements to Ukraine ATMs
08:10 Soybean meal is expected to be a more competitive feed ingredient on higher global supplies.
11.03.2024  
09:11 U.S. Corn Exports Shift Destinations as Brazil Captures China Market
08.03.2024  
15:20 Conflicts push acute food insecurity higher
13:21 FAO Food Price Index declines further in February
13:14 Packaging: Council and Parliament strike a deal to make packaging more sustainable and reduce packaging waste in the EU
11:45 Commission approves ˆ61.3 million Bulgarian State aid scheme to support farmers, producers of grain and oil crops, in the context of Russia's war against Ukraine
07.03.2024  
20:41 First go-ahead to renewing trade support for Ukraine and Moldova
05.03.2024  
15:55 Commission proposes to prolong road transport agreements with Ukraine and Moldova and introduces updates to the agreement with Ukraine
02.03.2024  
07:31 Heroes of deserts and highlands: Nourishing people and culture
23.02.2024  
10:21 BASF’s financial strength supports proposed stable dividend of ˆ3.40 per share for the 2023 business year
10:17 The Council has chosen to ignore farmers' concerns regarding Ukraine ATMs; it is now imperative for the European Parliament to take action
20.02.2024  
20:27 South Asia is anticipated to import nearly 14 million tons wheat in 2023/24
19.02.2024  
13:00 Cargill and ENOUGH expand partnership to provide consumers with innovative, sustainable protein options
17.02.2024  
17:47 Global Environment Facility approves new FAO-led projects and programs benefiting 46 countries
16.02.2024  
09:10 The EU is at a crossroads with the Ukrainian agricultural issue - COPA-COGECA, AVES, CEFS, CEPM, CIBE, EUWEP
13.02.2024  
17:31 European farmers exempted from rules on land lying fallow
12.02.2024  
16:45 India Wheat Stocks Plummet to Lowest in 15 Years
03.02.2024  
17:35 Mandarins. Global production for 2023/24 is forecast to rise to 38.0 million tons
09:59 Record cereal output in 2023
07:15 FAO Food Price Index down again in January led by lower wheat and maize prices
29.01.2024  
10:32 President von der Leyen launches Strategic Dialogue on the Future of EU Agriculture
26.01.2024  
11:31 Record Exports Forecast for Egypt Oranges
23.01.2024  
17:55 With the Federal Chancellor in the show bakery
19.01.2024  
11:45 Organic production in Ukraine
16.01.2024  
23:25 Domestic consumption of dairy products may double in 2024 – analysts
12.01.2024  
23:53 Competition Tightens for Leading Pork Exporter
22:55 Peru Fish Meal Exports at Lowest Level Since 2015/16 El Niño
22:43 Grains Trade Disrupted by Challenges in Key Shipping Routes
10.01.2024  
15:38 In China, the largest import market for dairy products, surplus raw milk production led to government subsidies to stabilize the domestic processing sector
09.01.2024  
11:55 The FAO Sugar Price Index averaged 134.6 points in December, down 26.8 points from November
06.01.2024  
12:43 Polish fish and seafood imports continued to grow in 2022 and reached over $3 billion, with a $129 million (4 percent market share) originating from the USA
05.01.2024  
17:21 EU imports are dominated by unroasted green coffee beans, which accounts for about 90 percent of trade
17:00 FAO Food Price Index declines in December. Benchmark measure of world food commodity prices ends 2023 about 10 percent below its year-earlier level
29.12.2023  
09:53 Global and Bank of Georgia sign EUR50 million loan agreement to support small businesses

Also available: 


NewsNews - News - News - News - News - News
BriefWeekly Reports - Free article
SubscriptionTariff - News&Reports
AdvertisingMagazine - Site
ConferencesForum AGRO-2013 - DAIRY WORLD-2008 - FERTILIZERS-2010
Statistics
For our clientsAgroNewsDaily - Ukrainian Grain&Oilseed Market - Fertilizers - Milk Monthly - Milk Weekly
About usAbout project - Contact
2002 -2024 © Agrarika, ltd.
tel.: +380 67 4473802; +380 67 5964652
e-mail: client@agroperspectiva.com