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Oil ends below US$80 as traders eye rising equities
January 15, 2010, Friday
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OIL prices rose above US$80 a barrel before retreating yesterday as climbing stock markets cheered crude investors ahead of fourth quarter corporate earnings reports.
Benchmark crude for February delivery fell 26 cents to settle at US$79.39 a barrel on the New York Mercantile Exchange, after hitting a day high of US$80.36 earlier in the session.
World stock markets rose modestly yesterday after the European Central Bank held interest rates even and software company SAP AG reported upbeat fourth quarter earnings.
U.S. companies began reporting fourth quarter earnings this week with chipmaker Intel Corp. scheduled to post results later yesterday and banking giant JPMorgan Chase & Co. on Friday.
Oil investors often look to stock markets as a measure of overall investor sentiment about the economy.
Oil has fallen from near US$84 a barrel earlier this week on signs of weak U.S. crude demand. The Energy Information Administration said Wednesday that U.S. oil inventories grew more than expected last week, despite a cold weather spell that analysts expected to boost demand for oil products such as heating oil.
"From virtually any perspective, the weekly EIA stats looked bearish," Galena, Illinois-based Ritterbusch and Associates said in a report. "Further price slippage toward the US$75 area would appear likely."
In other Nymex trading in February contracts, heating oil dropped 1.17 cents to settle at US$2.0829 a gallon and gasoline gained 1.36 cents to settle at US$2.0738 a gallon.
Natural gas prices tumbled after a government report showed that even after a frigid two-week winter blast, U.S. stockpiles are still well above average for this time of year. The futures contract for February delivery dipped 14.5 cents at US$5.588 per 1,000 cubic feet, at one point falling nearly 4 percent.
Benchmark crude for February delivery fell 26 cents to settle at US$79.39 a barrel on the New York Mercantile Exchange, after hitting a day high of US$80.36 earlier in the session.
World stock markets rose modestly yesterday after the European Central Bank held interest rates even and software company SAP AG reported upbeat fourth quarter earnings.
U.S. companies began reporting fourth quarter earnings this week with chipmaker Intel Corp. scheduled to post results later yesterday and banking giant JPMorgan Chase & Co. on Friday.
Oil investors often look to stock markets as a measure of overall investor sentiment about the economy.
Oil has fallen from near US$84 a barrel earlier this week on signs of weak U.S. crude demand. The Energy Information Administration said Wednesday that U.S. oil inventories grew more than expected last week, despite a cold weather spell that analysts expected to boost demand for oil products such as heating oil.
"From virtually any perspective, the weekly EIA stats looked bearish," Galena, Illinois-based Ritterbusch and Associates said in a report. "Further price slippage toward the US$75 area would appear likely."
In other Nymex trading in February contracts, heating oil dropped 1.17 cents to settle at US$2.0829 a gallon and gasoline gained 1.36 cents to settle at US$2.0738 a gallon.
Natural gas prices tumbled after a government report showed that even after a frigid two-week winter blast, U.S. stockpiles are still well above average for this time of year. The futures contract for February delivery dipped 14.5 cents at US$5.588 per 1,000 cubic feet, at one point falling nearly 4 percent.
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