CL
U.S. crude oil imports increased last week by the most since 2008, rebounding from a 17-year low, as shipments to the Gulf Coast gained. Imports climbed 21 percent to 7.81 million barrels a day in the week ended May 23, the Energy Information Administration reported. That’s the largest percentage gain since September 2008. They increased 1.34 million barrels a day, the biggest amount since December 2011. U.S. imports dropped to the lowest level since 1997 in the previous week as rising domestic production reduced dependence on foreign oil. U.S. crude output stayed at a 28-year high as a combination of horizontal drilling and hydraulic fracturing, or frocking, unlocked supplies trapped in shale formations in North America.
GOLD
Gold reached a 16-week low in New York amid speculation that the U.S. will rebound from its winter slowdown. Bullion tumbled 28 percent last year on expectations that the Fed would cut debt buying as the economy accelerates. Assets in global exchange-traded funds backed by gold are near the smallest since 2009, and money managers have cut their bets on a rally by about a third since this year’s peak in March. The American economy contracted for the first time in three years from January through March, a government report on gross domestic product showed yesterday. Federal Reserve policy makers said at their April meeting that growth has strengthened after adverse weather took its toll. Fewer Americans than forecast filed applications for unemployment benefits last week.
