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Gold hits all-time high |
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| author: gdz | 17 September 2009 | Views: 189 |
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Gold prices settled Wednesday at their highest point as the dollar slumped and inflation concerns boosted demand for the metal as a hedge against rising prices.
Gold for December delivery, the most active contract, settled at $1,020.20 an ounce, up $13.90 from Tuesday's close of $1,006.30 per ounce.
December gold hit an intraday high of $1023.30 on Wednesday. That's about $10 below the highest intraday price, set on March 18, 2008, when it traded as high as $1,033.90 an ounce.
Mark Hansen, director of trading at commodities research firm CPM Group, said the weak dollar is the "main driver" of Wednesday's gold rally.
The dollar fell to a one-year low against a basket of currencies, as upbeat economic data boosted optimism about the global economic recovery and gave investors an appetite for more risky assets, such as stocks.
At the same time, gold prices are being supported by concerns that government efforts to stimulate the economy could result in a bout of inflation a few years from now. "That has given investors more of an appetite for tangible assets," Hansen said.
The inflation concerns come despite a government report that showed consumer prices remained relatively tame last month.
The Labor Department's Consumer Price Index rose 0.4% in August from the month before due to higher |
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Oil nears $75 per barrel on economic optimism |
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| author: gdz | 24 August 2009 | Views: 217 |
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HOUSTON (AP) -- Oil prices approached $75 a barrel Monday for the first time in 10 months amid growing optimism that the world's economies are on the mend.
Benchmark crude for October delivery rose 48 cents to settle at $74.37 a barrel on the New York Mercantile Exchange. Oil last topped $75 in October and on Monday, prices came within 19 cents of that mark.
Natural gas rebounded strongly from new seven-year lows Monday, yet still traded below $3 per 1,000 cubic feet because of a huge glut and very little demand from major industrial customers.
Expectations that demand for energy will grow, at least for oil and gasoline, were spurred Friday by Federal Reserve Chairman Ben Bernanke, who said the U.S. economy is reviving. Bernanke's remarks and signs of improvement in the U.S. housing market sent stock markets higher, and that carried over into the new week.
Even before Bernanke spoke, however, prices already had begun to rise on a large and unexpected drawdown in U.S. oil supplies. One factor that might be keeping crude below $75 is the possibility that last week's storage report was an aberration, given that demand for now remains weak.
Equity and energy markets have been rising and falling in tandem for weeks and at the start of this week, |
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Oil falls below $68 as optimism on economy wanes |
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| author: gdz | 22 June 2009 | Views: 188 |
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Oil prices were down by more than $2 to below $68 a barrel Monday as the World Bank said the global economy would shrink by 2.9 percent this year, much worse than its March prediction for a contraction of 1.7 percent.
Concerns over a weak U.S. economy and the dollar's rise, which tends to pull investors away from commodities, also pushed the market lower.
Benchmark crude for July delivery fell $2.25 to $67.30 a barrel by afternoon in Europe in electronic trading on the New York Mercantile Exchange. On Friday, it dropped $1.82 to settle at $69.55
The July contract expires later Monday. The August contract dropped $2.19 to $67.83.
Crude rose to an eight-month intraday high of $73.23 a barrel earlier this month on investor optimism that the U.S. economy, suffering through its worst recession in decades, may grow by the end of the year.
However, recent economic data has been mixed and reflects an economy still struggling to right itself. The Dow Jones industrial average fell 3 percent last week.
"Oil may have peaked in the short-term," said Victor Shum, an energy analyst with consultancy Purvin & Gertz in Singapore. "The market is overripe for a correction. Eventually the laws of supply and demand will re-exert themselves."
In its report on the global economy, the World Bank also said it expected global trade to plunge by 9.7 |
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Oil falls below $37 on gloomy demand outlook |
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| author: gdz | 13 January 2009 | Views: 346 |
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Oil prices fell below $37 a barrel Tuesday on expectations crude demand will weaken amid a severe global economic slowdown.
By midday in Europe, light, sweet crude for February delivery was down 91 cents at $36.68 a barrel in electronic trading on the New York Mercantile Exchange. In London, February Brent crude fell 19 cents to $42.72 a barrel on the ICE Futures exchange.
"After some transient end-of-year strength, it would appear that crude oil bears have once again found their groove," said the Schork Report, edited by oil trader and analyst Stephen Schork.
Crude prices have fallen more than 25 percent since reaching just above $50 a barrel last week as traders returned from the holiday break to find evidence of falling manufacturing and consumer spending across the globe.
The February contract fell 8 percent on Monday, or $3.24, to settle at $37.59 after Alcoa Inc., the world's third-largest aluminum company, reported a quarterly loss of $1.19 billion.
Alcoa, the first component of the Dow Jones industrial average to post results, said last week it plans to lay off about 13 percent of its global work force by the end of 2009 amid sinking prices and demand for |
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Oil falls below $67 on US recession fears |
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| author: gdz | 22 October 2008 | Views: 322 |
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NEW YORK (AP) -- Oil prices tumbled below $67 a barrel to 16-month lows Wednesday after the government reported big increases in U.S. fuel supplies -- more evidence that the economic downturn is drying up energy demand.
The Energy Information Administration said crude inventories jumped by 3.2 million barrels last week, above the 2.9 million barrel increase expected by analysts surveyed by energy research firm Platts. Gasoline inventories rose by 2.7 million barrels last week, and inventories of distillates, which include heating oil and diesel, rose by 2.2 million barrels.
Over the last four weeks, the EIA said, motor gasoline demand was down 4.3 percent from the same period last year. Distillate fuel demand was down 5.8 percent, and jet fuel demand was down 9.2 percent.
"The main theme here that's driving this market into new low ground is demand deterioration," said Jim Ritterbusch, president of energy consultancy Ritterbusch and Associates. "As we begin to see evidence that demand is leveling -- it doesn't have to increase, just level -- then we can start discussing a possible price bottom. But it appears premature at this point."
Light, sweet crude for December delivery fell $5.43 to settle at $66.75 on the New York Mercantile Exchange, after falling as low as $66.20. It was the lowest close for a front-month contract since June 13, 2007, when crude settled at $66.26.
The energy markets have also been weighed down by the weak stock market, as investors grow more pessimistic about how long it will take the economy to recover from the current global financial turmoil. |
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House votes to end offshore drilling ban |
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| author: gdz | 24 September 2008 | Views: 263 |
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WASHINGTON (AP) -- The House, responding to growing public demand for more domestic energy, voted Wednesday to end a quarter-century ban on oil and natural gas drilling off the Atlantic and Pacific coasts, giving Republicans a major victory on energy policy.
An extension of the ban for another year was left off a $630 billion-plus stopgap government spending bill that President Bush had threatened to veto -- possibly shutting down the government -- if the anti-drilling measure were included.
The bill was approved 370-58 and now goes to the Senate, where it is likely to be approved within the next few days, also without the drilling ban.
The decision to avoid a fight with the White House over offshore drilling marks a major shift by Democrats on energy policy and a reflection that the GOP argument for more domestic energy production had found a support among voters this election year, even though coastal states long have worried that offshore drilling might cause spills, soil beaches and threaten their tourist businesses.
Republican presidential nominee John McCain has made expanded offshore drilling a central part of his campaign, arguing that access to an estimated 18 billion barrels of oil in the off-limits Outer Continental Shelf is essential if the country is to become more energy independent.
McCain's Democratic presidential rival, Barack Obama, also has endorsed limited expansion of offshore drilling, but only as part of a broader energy package that boosts use of alternative energy sources and |
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Oil falls below $106 on weak US energy demand |
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| author: gdz | 24 September 2008 | Views: 398 |
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NEW YORK (AP) -- Oil prices ended a choppy session slightly lower Wednesday, falling below $106 a barrel as weak U.S. fuel demand and a stronger dollar outweighed concerns over a reduction in global crude output.
Light, sweet crude for November delivery fell 88 cents to settle at $105.73 a barrel on the New York Mercantile Exchange after rising as high as $109.50. On Tuesday, the contract fell $2.76 to settle at $106.61.
Crude prices have risen about $15 in the past week as investors funnel money back into commodities on worries that a proposed $700 billion bailout of financial firms will undercut the dollar and boost inflation.
But analysts said signs of weak U.S. demand for fuel have taken some of the momentum out of the rally. The economic slowdown has forced American consumers and businesses to cut back on energy use, sending oil prices falling from a record $147.27 a barrel reached July 11.
Demand for gasoline over the four weeks ended Sept. 19 was 3.5 percent lower than a year earlier, averaging 9 million barrels a day, the U.S. Energy Department's Energy Information Administration said in its weekly inventory report.
"Demand continues to be sluggish at best," said Andrew Lebow, senior vice president and broker at MF Global in New York. "Some people want to own real assets as an inflation hedge but others see crude as a consumable good, and any economic weakness is going to be bearish factor even if this bailout gets approved."
Highlighting Americans' reduced driving habits, filling stations hungry for business continued to ratchet |
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Gasoline rises on Ike, but crude dips below $100 |
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| author: gdz | 12 September 2008 | Views: 274 |
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NEW YORK (AP) -- Gasoline prices jumped at the wholesale level Friday as Hurricane Ike swept through Gulf of Mexico, prompting companies along the Texas coast to shut down refining and drilling operations.
Crude oil on the futures market, however, briefly sank below the psychologically important $100-a-barrel mark for the first time since April 2 -- showing that investors believe a worsening global economy will continue to drive down demand for some time in the United States and elsewhere.
The fact that U.S. fuel demand is so weak right now might mean the recent surge in the wholesale price of gasoline -- which rose to about $4.85 a gallon in the Gulf Coast market Friday -- might not be passed along to consumers unless Ike's impact is severe and long-lasting.
"Major oil companies are sensitive to raising prices in this environment," said Ben Brockwell, director of data pricing and information services at the Oil Price Information Service.
Ike is forecast to land early Saturday as a Category 3 hurricane near Galveston, a barrier island about 50 miles southeast of Houston. The Houston region is home to about one-fifth of U.S. refining capacity, and the site of a major fuel and grain distribution channel.
Wholesale gasoline prices on the Gulf Coast moved further into uncharted territory Friday, as refineries anticipated that Ike would lead to at least a significant pause in their operations, and at worst damage to their facilities. On Thursday, the Gulf Coast wholesale price of gasoline last traded at around $4.75 a |
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Oil prices close at 5-month low on US gas report |
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| author: gdz | 4 September 2008 | Views: 342 |
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NEW YORK (AP) -- Oil prices closed at their lowest level in five months Thursday as a lower-than-expected drop in U.S. gasoline supplies gave traders more reason to believe that a cooling economy is forcing Americans to drive less.
Light, sweet crude for October delivery fell $1.46 to settle at $107.89 a barrel on the New York Mercantile Exchange. It was the lowest settlement price for a front-month contract since April 4.
Crude prices have fallen for five straight sessions, extending an almost two-month slide as traders shift their attention away from supply-threatening storms and back toward a stronger dollar and evidence of falling demand.
On Wednesday, oil prices settled 36 cents lower at $109.35 a barrel, a day after a dramatic, nearly $6 plunge in response to less damage from Hurricane Gustav than the oil industry feared. That brought crude prices in sight of $100 a barrel, a level not seen since April 1.
A smaller-than-expected drawdown of U.S. gasoline stocks was the primary driver of Thursday's declines.
In its weekly inventory report, the Energy Department's EIA said U.S. gasoline stocks fell by 1 million barrels to 194.4 million barrels for the week ending Aug. 29, less than the 1.8 million-barrel drop analysts surveyed by energy research firm had Platts expected.
Jim Ritterbusch, president of energy consultancy Ritterbusch and Associates in Galena, Ill., said the inventory numbers may have been skewed by market irregularities caused by Gustav, but he said the |
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Oil prices fall over $6 on stronger dollar |
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| author: gdz | 22 August 2008 | Views: 524 |
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NEW YORK (AP) -- Oil prices tumbled more than $6 a barrel Friday -- the biggest one-day percentage plunge in nearly four years -- after a rebounding dollar and a Russian troop pullback in Georgia sparked another frenzied sell-off.
Crude's nosedive wiped out all the gains from the previous day's big rally and reaffirmed the belief that high energy prices and a softening global economy are still cutting into consumer demand for fossil fuels in the U.S. and overseas.
Light, sweet crude for October delivery fell $6.59, or 5.43 percent, to settle at $114.59 a barrel on the New York Mercantile Exchange.
It was crude's largest single-day price drop percentage-wise since Dec. 27, 2004, when prices dropped 6.47 percent. In dollar terms, it was oil's steepest one-day slide since Jan. 17, 1991, just after the start of the Gulf War. Crude prices had risen for three straight days, including an almost $6 rally on Thursday.
"This is extreme volatility," said Jim Ritterbusch, president of energy consultancy Ritterbusch and Associates in Galena, Ill. "The fact that we erased all of yesterday's gains so fast suggests that we're still in a bear market. There's just not much demand out there."
At the pump, a gallon of regular fell another penny overnight to a new national average of $3.692, according to auto club AAA, the Oil Price Information Service and Wright Express. Prices had peaked at |
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