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Oil falls slightly, supply data eyed
Source: Agencies |
June 5, 2013, Wednesday
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Online Edition
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THE price of oil fell slightly yesterday as traders awaited the latest report on oil supplies and gasoline demand.
Benchmark oil for July delivery fell 14 cents to finish at US$93.31 a barrel on the New York Mercantile Exchange.
Data showing that manufacturing activity in the US slowed in the month of May boosted energy markets Monday because traders believed the weaker the economy could push the Federal Reserve to continue its monetary stimulus measures.
Traders will now be monitoring fresh information on US stockpiles of crude and refined products. Data from the Energy Department for the week ending May 31 is expected to show a decline of 1 million barrels in crude oil stocks and a build of 1 million barrels in gasoline stocks, according to a survey of analysts by Platts, the energy information arm of McGraw-Hill.
The American Petroleum Institute will release its report on oil stocks later yesterday, while the report from the Energy Information Administration - the market benchmark - will be out on Wednesday.
At the pump, the average price for a gallon of gas held steady at US$3.62. That's 3 cents higher than at this time last year.
Brent crude, a benchmark for many international oil varieties, rose US$1.18 to end at US$103.24 a barrel on the ICE Futures exchange in London.
In other energy futures trading on the New York Mercantile Exchange:
- Wholesale gasoline added 3 cents to finish at US$2.82 a gallon.
- Heating oil rose 3 cents to end at US$2.86 per gallon.
- Natural gas rose 1 cent to finish at US$4 per 1,000 cubic feet.
Benchmark oil for July delivery fell 14 cents to finish at US$93.31 a barrel on the New York Mercantile Exchange.
Data showing that manufacturing activity in the US slowed in the month of May boosted energy markets Monday because traders believed the weaker the economy could push the Federal Reserve to continue its monetary stimulus measures.
Traders will now be monitoring fresh information on US stockpiles of crude and refined products. Data from the Energy Department for the week ending May 31 is expected to show a decline of 1 million barrels in crude oil stocks and a build of 1 million barrels in gasoline stocks, according to a survey of analysts by Platts, the energy information arm of McGraw-Hill.
The American Petroleum Institute will release its report on oil stocks later yesterday, while the report from the Energy Information Administration - the market benchmark - will be out on Wednesday.
At the pump, the average price for a gallon of gas held steady at US$3.62. That's 3 cents higher than at this time last year.
Brent crude, a benchmark for many international oil varieties, rose US$1.18 to end at US$103.24 a barrel on the ICE Futures exchange in London.
In other energy futures trading on the New York Mercantile Exchange:
- Wholesale gasoline added 3 cents to finish at US$2.82 a gallon.
- Heating oil rose 3 cents to end at US$2.86 per gallon.
- Natural gas rose 1 cent to finish at US$4 per 1,000 cubic feet.
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