Investing.com - Financial Markets Worldwide
Get 40% Off
Get 40% Off
👀 👁 🧿 All eyes on Biogen, up +4,56% after posting earnings. Our AI picked it in March 2024.
Which stocks will surge next?
Unlock AI-picked Stocks

Crude Slips To Lowest In A Month After Strong US Data Triggered Taper

ByICN.com
Published 01/03/2014, 04:20 AM
Updated 07/09/2023, 06:31 AM

Crude oil fell more than three dollars on Thursday and is steady around the $95.30 a barrel level on Friday as the fall in the US jobless claims and the expansion in manufacturing added to speculation that the Federal Reserve will further curb stimulus measures after signs of improvement in the US economy, the world’s largest oil consumer.

Yet, losses may be limited today as the Energy Information Administration report today may show that crude stockpiles probably decreased by 2.83 million barrels to 364.7 million last week in the US. Gasoline stockpiles probably rose 1.38 million barrels to 221.2 million and distillates probably rose 750,000 barrels to 114.9 million.

“The strong inventories decline that we had in recent weeks is very likely linked to tax management at year-end than true underlying strength in demand”. Yet “Oil prices could also be slightly more volatile this year than 2013 as supply may outweigh demand although geopolitical risks will underpin prices”, said Mark Keenan from Societe Generale.
 
Investors are now watching production in Libya which has dropped to around 220,000 barrels per day from 1.4 million bpd in July as ports in the eastern part of the country remain shut, while in South Sudan tensions persist as President Salva Kiir declared a state of emergency in two states on Wednesday.
 
- WTI crude oil futures for February is trading around $ 95.36 a barrel after falling $0.08
 
- Brent futures for February settlement is trading around $ 108.02 a barrel after rising $0.24
 
- Natural gas is trading at $ 4.291 per cubic feet after falling 0.69%
 
- Gasoline is trading at $ 2.6974 per cubic feet after rising 0.09%
 
- Heating oil (diesel) is trading at $ 2.9976 a gallon after rising 0.36%

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

Latest comments

Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.