Posted on 02/14/2014 9:32:18 AM PST by ckilmer
Oil futures closed back $100-a-barrel level on Wednesday, after Chinese data showed record oil imports for January and key oil producers raised their forecast on global demand growth for the year, but a bigger-than-expected rise in crude supplies kept price gains in check.
(Excerpt) Read more at marketwatch.com ...
ping
Why do you make the excerpts so short? It can be up to 300 words as long as it is less than half the article.
March crude oil rose 43 cents, or 0.4%, to settle at $100.37 a barrel on the New York Mercantile Exchange, erasing the contract’s 12-cent pullback Tuesday. The settlement was the highest for a most-active contract since Dec. 27, FactSet data show.
There were plenty of traders willing to short the psychological $100 level, but once the APIs were released after Tuesday’s close, the spot price began to grind higher, said Tyler Richey, an analyst for the 7:00’s Report, which offers daily markets commentary.
On Wednesday, the market reacted “in a confused manner as futures were in the process of breaking out to the upside pre-EIA (but for the wrong reasons: short covering), however the fundamentals from the EIA were bearish,” he said. Prices, which had been trading up at around $101.18, pared their gains immediately after the U.S. supply reported, bounced back, then eased again.
The U.S. Energy Information Administration said crude stockpiles rose 3.3 million barrels for the week ended Feb. 7. Analysts polled by Platts were looking for a climb of 2.5 million barrels.
Out her in California summer blend time is around the corner 50 cent per gallon increase within a week or so
If supply kept it in check, what caused it to go up in the first place?
I saw oil going over $100 a barrel and gas at the local station up $0.20 (to $3.49) from last week and was thinking. This chart answers my question.
Your post reminded me to look for the correlation. Thanks much. FYI BUMP!
Look no further than the fed printing press.
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