Oil udah usd 66.
Sept. 24 (Bloomberg) -- Crude oil fell to a one-month low after a government
report of a larger-than-forecast gain in U.S. fuel supplies signaled that a
glut is forming in the world’s biggest energy-consuming country.
U.S. gasoline stockpiles surged 5.41 million barrels last week, more than 10
times what was forecast by analysts in a Bloomberg News survey. Inventories of
distillate fuel, a category that includes heating oil and diesel, rose 2.96
million barrels, almost double what was estimated. Crude-oil supplies also
climbed in the week ended Sept. 18.
“We had three major stock builds and increases in the year-on-year surplus,”
said Peter Beutel, president of trading adviser Cameron Hanover Inc. in New
Canaan, Connecticut. “We are testing support and will have to see if we can
break out of the recent range.”
Crude oil for November delivery fell $2.69, or 3.9 percent, to $66.28 a barrel
at 10:27 a.m. on the New York Mercantile Exchange. Futures touched $65.79, the
lowest level since Aug. 17. Prices have ranged between $65 and $75 since July
31.
The drop in oil prices accelerated after the dollar climbed against the euro.
A rising U.S. currency dims investor demand for commodities as a hedge against
inflation.
The U.S. Energy Department report showed crude inventories rose 2.86 million
barrels, to 335.6 million barrels, the biggest increase since the week ended
July 24. Analysts had expected a 1.4 million-barrel decrease. The gain left
stockpiles 9.1 percent above the five-year average.
‘Extremely Bearish’
“There’s no question that yesterday’s report was extremely bearish,” said Rick
Mueller, a director of oil markets at Energy Security Analysis Inc. in
Wakefield, Massachusetts. “It fell enough to break through some support lines,
which got the attention of the technical guy.”
The November contract broke below the 100-day moving average of $69.53
yesterday, a signal to so-called technical traders that prices will move lower.
Futures have gained 49 percent this year on speculation global fuel
consumption may recover as economies emerge from the recession and as a
weakening dollar encourages investors to purchase commodities as an inflation
hedge.
“There comes a point when you have to pay attention to the fundamentals,”
Mueller said. “‘There has been a lot of talk about green shoots, but we are
still shedding jobs and oil demand is still going to drop by 2 million barrels
this year.”
Global oil consumption will drop 1.9 million barrels a day to 84.4 million
this year, according to an International Energy Agency report released on Sept.
10.
Brent crude for November settlement dropped $2.55, or 3.8 percent, to $65.44 a
barrel on the London-based ICE Futures Europe exchange. The contract touched
$64.97, the lowest since July 17.
To contact the reporter on this story: Mark Shenk in New York at
[email protected] .
===
Sent from Bloomberg for Blackberry. Download it from the Blackberry App World!
Sent from my BlackBerry®
powered by Sinyal Kuat INDOSAT
------------------------------------
+ +
+ + + + +
Mohon saat meREPLY posting, text dari posting lama dihapus
kecuali diperlukan agar CONTEXTnya jelas.
+ + + + +
+ +Yahoo! Groups Links
<*> To visit your group on the web, go to:
http://groups.yahoo.com/group/obrolan-bandar/
<*> Your email settings:
Individual Email | Traditional
<*> To change settings online go to:
http://groups.yahoo.com/group/obrolan-bandar/join
(Yahoo! ID required)
<*> To change settings via email:
mailto:[email protected]
mailto:[email protected]
<*> To unsubscribe from this group, send an email to:
[email protected]
<*> Your use of Yahoo! Groups is subject to:
http://docs.yahoo.com/info/terms/
