Crude Oil Futures Options
CALL 1-888-456-8090 TO BEGIN TRADING TODAY!INTERNATIONAL INVESTORS CALL 1-541-773-5741
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Crude Oil Futures OptionsCALL 1-888-456-8090 TO BEGIN TRADING TODAY!INTERNATIONAL INVESTORS CALL 1-541-773-5741 |
Crude Oil Futures: Oil Futures Rise for First Time in a Week as Stocks Climb, Dollar Weakens July 29th, 2010 Crude oil futures rose for the first time in a week as the dollar weakened against the euro, boosting the appeal of commodities as an alternative investment. Crude oil futures gained 1.8 percent as the dollar fell to a 12-week low against the euro amid confidence that Europe’s economy improved. The number of Americans filing first-time claims for unemployment insurance decreased, signaling that fuel demand may rise as the job market improves. “The oil market is being set by the financial markets,” said Tim Evans, an energy analyst at Citi Futures Perspective in New York. “We’re back to that kind of correlation trade and not paying so much attention to niggly details like rising inventories and rising OPEC production.” Crude oil futures for September delivery gained $1.37 to settle at $78.36 a barrel on the New York Mercantile Exchange. Prices have risen 24 percent in the past year and 3.6 percent this month. The dollar fell against the euro after the European Commission in Brussels reported European confidence in the economic outlook rose to the highest level in more than two years in July. The euro increased 0.7 percent to $1.308 at 3:07 p.m. in New York. Earlier, it climbed to $1.3107. U.S. jobless claims fell by 11,000 to 457,000 in the week ended July 24, the Labor Department reported in Washington. German unemployment also declined for a 13th month in July as exports sustained a recovery. The number of people out of work declined a seasonally adjusted 20,000 to 3.21 million, the lowest level since November 2008, the Federal Labor Agency in Nuremberg said today. Crude Oil Commodities AdvanceThe dollar’s decline boosted commodities across the board. The Reuters/Jefferies CRB Index of 19 commodities advanced 1.5 percent to 270.2, the strongest level since May 4. Eighteen of the commodities increased.Investment funds appear to be doing “pretty strong buying” of energy commodities, said Tom Bentz, a senior energy analyst at BNP Paribas Commodity Futures Inc. in New York. Crude oil declined to a one-week low yesterday after a government report showed U.S. crude imports jumped to the highest level in almost four years, leading to an unexpected increase in overall inventories. “The weak dollar is kind of glossing over the fact that the market is kind of feeling the weight of these gluttonous supplies,” said Phil Flynn, vice president of research at PFGBest in Chicago. Crude Oil U.S. ImportsCrude oil supplies climbed 7.31 million barrels to 360.8 million in the week ended July 23, the biggest increase since March 19, according to the Energy Department. Imports rose 1.18 million barrels a day, or 12 percent, to 11.2 million, the highest level since Aug. 25, 2006.“Fundamentals appear to be becoming increasingly negative,” said Jim Ritterbusch, president of Ritterbusch & Associates, a Galena, Illinois, consulting firm. The Organization of Petroleum Exporting Countries’ oil output increased for the third time in four months in July, led by gains in Iraq, the one member not subject to a quota, a Bloomberg News survey showed. OPEC production rose by 80,000 barrels, or 0.3 percent, to an average 29.24 million barrels a day from a revised 29.16 million in June, according to the survey of oil companies, producers and analysts. Output by members with quotas gained 30,000 barrels to 26.825 million from a revised 26.795 million in June. The July figure was 1.98 million above their target. Crude Oil OPEC ShipmentsOPEC, which supplies about 40 percent of the world’s crude, will reduce shipments in the four weeks to Aug. 14, as summer demand for driving fuels wanes in the U.S. and Europe, according to a report today from tanker tracker Oil Movements. OPEC will ship 23.42 million barrels a day in the period, down from 23.79 million barrels a day in the month to July 17.Brent crude for September settlement on the London-based ICE Futures Europe exchange rose $1.53, or 2 percent, to $77.59 a barrel. Equities erased early gains as declines in technology and consumer-staples shares wiped out an early advance triggered by better-than-estimated earnings by companies such as Exxon Mobil Corp. and Goodyear Tire & Rubber Co. and the drop in jobless claims. The Standard & Poor’s 500 Index fell 0.4 percent to 1,101.53 at 4:03 p.m. in New York, and the Dow Jones Industrial Average lost 0.3 percent to 10,467.16. Crude oil futures volume in electronic trading on the Nymex was 505,724 contracts as of 3:09 p.m. in New York. Volume totaled 578,140 contracts yesterday, 17 percent below the average of the past three months. Open interest was 1.25 million contracts, the highest level in two weeks. - Margot Habiby in Dallas at Bloomberg. Click here for your Free Crude Oil Futures eGuide |
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