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Oil below US$103 amid possible reserves release
Source: Agencies |
March 30, 2012, Friday
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OIL dipped below US$103 a barrel and finished at a six-week low yesterday on expectations that the US and Europe will release crude reserves to push energy costs lower.
Benchmark oil for May delivery lost US$2.63, or 2.5 percent, to settle at US$102.78 a barrel on the New York Mercantile Exchange. Brent crude for May delivery fell US$1.77 to end at US$122.39 per barrel in London.
France's prime minister said yesterday that there's a "good chance" that the US and Europe will agree to release some of their oil reserves. The White House has been mum about any future plans for the nation's Strategic Petroleum Reserve.
The stock release would seek to lower prices, which have been driven higher in recent months by fears that a potential military attack by Israel or the US on Iran's nuclear facilities would disrupt crude supplies. Analysts worry that a further spike in crude prices will spark inflation and hurt consumer spending.
In other energy trading in New York, natural gas prices tumbled to a 10-year low after a surprising jump in US supplies.
The futures price dropped sharply after the government reported that natural gas inventories expanded well beyond what analysts expected. The US total supply grew by 57 billion cubic feet last week to a level that's now 59 percent above the five-year average.
There's enough gas in storage to supply all the country's needs for more than a month, and analysts say storage facilities across the US will be pushed close to capacity in coming months.
Natural gas futures plunged by 13 cents, or 5.7 percent, to finish at US$2.15 per 1,000 cubic feet.
Heating oil fell 5 cents to end at US$3.16 per gallon and gasoline futures were down about a half-cent to finish at US$3.40 per gallon.
Benchmark oil for May delivery lost US$2.63, or 2.5 percent, to settle at US$102.78 a barrel on the New York Mercantile Exchange. Brent crude for May delivery fell US$1.77 to end at US$122.39 per barrel in London.
France's prime minister said yesterday that there's a "good chance" that the US and Europe will agree to release some of their oil reserves. The White House has been mum about any future plans for the nation's Strategic Petroleum Reserve.
The stock release would seek to lower prices, which have been driven higher in recent months by fears that a potential military attack by Israel or the US on Iran's nuclear facilities would disrupt crude supplies. Analysts worry that a further spike in crude prices will spark inflation and hurt consumer spending.
In other energy trading in New York, natural gas prices tumbled to a 10-year low after a surprising jump in US supplies.
The futures price dropped sharply after the government reported that natural gas inventories expanded well beyond what analysts expected. The US total supply grew by 57 billion cubic feet last week to a level that's now 59 percent above the five-year average.
There's enough gas in storage to supply all the country's needs for more than a month, and analysts say storage facilities across the US will be pushed close to capacity in coming months.
Natural gas futures plunged by 13 cents, or 5.7 percent, to finish at US$2.15 per 1,000 cubic feet.
Heating oil fell 5 cents to end at US$3.16 per gallon and gasoline futures were down about a half-cent to finish at US$3.40 per gallon.
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