Oil gains in New York compared to the expectations of stocks will increase as U.S. demand, the end of the summer period after the demand.
An Energy Department report today will show U.S. crude oil supplies climbed 1 million barrels last week, according to the median of 15 responses in a Bloomberg News survey. Gasoline demand slipped to its lowest level in six months last week, according to MasterCard Inc. ‘s Spending Pulse report yesterday.
“Now is the time between demand periods,” said Ken Hasegawa, a commodity derivative sales manager at Newedge in Tokyo. “Summer is done and the winter has not started the question. The level of stocks of crude and product is much higher than the five year average. ”
The contract was $ 74.72 per barrel in October, up 5 cents, in electronic trading on the New York Mercantile Exchange at 11:24 Singapore time. Futures earlier gained as much as 60 cents, or 0.8 percent, to $ 75.27. Yesterday 58 cents to $ 74.67 added. Prices have fallen 5.2 percent this year.
U.S. motorists bought an average of 9.13 million barrels per day in the week ending September 3, by 0.5 percent from the previous week, the report showed Mastercard. It was the lowest level since February 12 and the third consecutive decline.
Brent crude oil for October settlement rose as much as 39 cents, or 0.5 percent, to $ 78.56 per barrel on the London-based ICE Futures Europe exchange. It gained 43 cents, or 0.6 percent, to $ 78.17 yesterday, the highest price since August 10.
Brent cost $ 3.50 a barrel Nymex futures more than yesterday. The spread was at $ 3.65 to 9.07, the widest among the most active contracts on both exchanges since May 20
An Energy Department report will show fuel stocks fell by 1 million barrels last week, according to Bloomberg News survey. U.S. inventories of crude oil fell 7.31 million barrels last week, the American Petroleum Institute said. Gasoline supplies rose 654,000 barrels last week, the group said.
The API gathers inventory information on a voluntary basis to operators of refineries, bulk terminals and pipelines. The government requires that reports be submitted to the Energy Department for the weekly poll.
“The market for crude oil is not as strong even with the decrease in the number of API,” said Newedge’s Hasegawa.
source:bloomberg
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