Wednesday April 23, 2014



Oil below $98 ahead of the release of U.S. employment data

BANGKOK - Oil prices hovered below US$98 a barrel Thursday, consolidating recent gains as traders waited for more economic indicators from the U.S.

Benchmark oil for March delivery was down 4 cents to $97.90 at midday Bangkok time in electronic trading on the New York Mercantile Exchange. The contract rose 37 cents to finish at $97.94 per barrel on the New York Mercantile Exchange on Wednesday.

The U.S. economy unexpectedly contracted in the fourth quarter, which turned stock markets lower after a January rally that pushed the Dow Jones industrial average to near-record highs.

Meanwhile, increasing imports pushed U.S. crude oil supplies up by 5.9 million barrels last week, more than twice what analysts expected, the government said Wednesday.

Ample supplies have been a major factor in keeping oil prices from spiking, although prices have risen $6 per barrel since the start of the year. Still, oil hasn't seen the $100-per-barrel level since early May.

Weekly jobless claims will be released later in the day in Washington. Traders were also awaiting the release Friday of employment data and manufacturing for January, hoping to see signs of an improving U.S. economy.

Brent crude, used to price international varieties of oil, rose 10 cents to $115 a barrel on the ICE Futures exchange in London.

In other energy futures trading on Nymex:

Wholesale gasoline fell 0.3 cent to $3.037 per gallon.

Natural gas rose 0.1 cent to $3.336 per 1,000 cubic feet.

Heating oil was up 0.8 cent at $3.116 a gallon.

(TSX:ECA, TSX:IMO, TSX:SU, TSX:HSE, NYSE:BP, NYSE:COP, NYSE:XOM, NYSE:CVX, TSX:CNQ, TSX:TLM, TSX:COS.UN, TSX:CVE)


Comments


NOTE: To post a comment in the new commenting system you must have an account with at least one of the following services: Disqus, Facebook, Twitter, Yahoo, OpenID. You may then login using your account credentials for that service. If you do not already have an account you may register a new profile with Disqus by first clicking the "Post as" button and then the link: "Don't have one? Register a new profile".

The Pipeline News North welcomes your opinions and comments. We do not allow personal attacks, offensive language or unsubstantiated allegations. We reserve the right to edit comments for length, style, legality and taste and reproduce them in print, electronic or otherwise. For further information, please contact the editor or publisher, or see our Terms and Conditions.

blog comments powered by Disqus


About Us | Advertise | Contact Us | Sitemap / RSS   Glacier Community Media: www.glaciermedia.ca    © Copyright 2014 Glacier Community Media | User Agreement & Privacy Policy

LOG IN



Lost your password?