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Oil lower on disappointing jobs report
Source: Agencies |
May 27, 2011, Friday
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OIL prices fell yesterday after the U.S. government offered fresh signs of slower economic growth.
The Commerce Department confirmed that the economy grew at an annual rate of 1.8 percent in the first quarter. The government cited high gasoline prices, weaker-than-expected consumer spending and government budget cuts as reasons for the sluggishness. Consumer spending accounts for about 70 percent of all economic activity.
Also the Labor Department reported that more people applied for unemployment benefits last week.
Tom Bentz, analyst at BNP Paribas Commodity Futures, said oil traders watch every report for evidence of how the economy is faring. If the news is good, oil prices tend to rise on hopes that demand will improve. If the news is disappointing, prices fall, he said.
Benchmark oil for July delivery fell US$1.09 to settle at US$100.23 per barrel on the New York Mercantile Exchange. In London, Brent crude rose 12 cents to settle at US$115.05 on the ICE Futures exchange.
Natural gas prices dropped after the Energy Department said supplies continued to grow, rising more than analysts expected last week. Gas held in underground storage in the lower 48 states totaled 2.024 trillion cubic feet for the week ended May 20. That was 1.3 percent below the five-year average.
Natural gas for July delivery fell 6.3 cents to settle at US$4.300 per 1,000 cubic feet on the Nymex.
In other Nymex trading heating oil picked up 0.11 cent to settle at US$2.9934 per gallon and gasoline gained 2.07 cents to settle at US$3.0074 per gallon.
The Commerce Department confirmed that the economy grew at an annual rate of 1.8 percent in the first quarter. The government cited high gasoline prices, weaker-than-expected consumer spending and government budget cuts as reasons for the sluggishness. Consumer spending accounts for about 70 percent of all economic activity.
Also the Labor Department reported that more people applied for unemployment benefits last week.
Tom Bentz, analyst at BNP Paribas Commodity Futures, said oil traders watch every report for evidence of how the economy is faring. If the news is good, oil prices tend to rise on hopes that demand will improve. If the news is disappointing, prices fall, he said.
Benchmark oil for July delivery fell US$1.09 to settle at US$100.23 per barrel on the New York Mercantile Exchange. In London, Brent crude rose 12 cents to settle at US$115.05 on the ICE Futures exchange.
Natural gas prices dropped after the Energy Department said supplies continued to grow, rising more than analysts expected last week. Gas held in underground storage in the lower 48 states totaled 2.024 trillion cubic feet for the week ended May 20. That was 1.3 percent below the five-year average.
Natural gas for July delivery fell 6.3 cents to settle at US$4.300 per 1,000 cubic feet on the Nymex.
In other Nymex trading heating oil picked up 0.11 cent to settle at US$2.9934 per gallon and gasoline gained 2.07 cents to settle at US$3.0074 per gallon.
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