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Oil rises on positive reading on US job market
Source: Agencies |
June 7, 2013, Friday
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OIL rose to a high for the week yesterday after a positive reading on the US job market, as natural gas plunged on a surprisingly large increase in the nation's supplies.
US benchmark oil for July delivery gained US$1.02 to finish at US$94.76 a barrel in New York, the highest close since May 28. Earlier in the session, crude hit US$95.32 a barrel.
Natural gas dropped 17 cents, or 4.1 percent, to end at US$3.83 per 1,000 cubic feet.
Oil prices received support from the latest government unemployment update. The Labor Department said yesterday that the number of Americans seeking unemployment benefits fell 11,000 last week to a seasonally adjusted 346,000, a level consistent with steady job growth. The claims figures come a day ahead of the monthly payrolls report, which often sets the tone across financial markets for a week or two after its release.
Natural gas sank after the government released weekly supply numbers. Natural gas supplies tend to rise at this time of year, between the heating and air conditioning seasons. The report showed supplies rose by 111 billion cubic feet to 2.252 trillion cubic feet for the week ended May 31. That was well above the average increase for the last week of May of 82 billion cubic feet to 98 billion, according to the daily newsletter The Schork Report.
Natural gas futures have dropped 43 cents, or 10 percent in the last two weeks.
Brent crude, a benchmark for many international oil varieties, rose 57 cents to finish at US$103.61 a barrel on the ICE Futures exchange in London.
In other energy futures trading on the New York Mercantile Exchange:
- Wholesale gasoline rose 3 cents to end at US$2.85 a gallon.
- Heating oil added 2 cents to finish at US$2.87 per gallon.
US benchmark oil for July delivery gained US$1.02 to finish at US$94.76 a barrel in New York, the highest close since May 28. Earlier in the session, crude hit US$95.32 a barrel.
Natural gas dropped 17 cents, or 4.1 percent, to end at US$3.83 per 1,000 cubic feet.
Oil prices received support from the latest government unemployment update. The Labor Department said yesterday that the number of Americans seeking unemployment benefits fell 11,000 last week to a seasonally adjusted 346,000, a level consistent with steady job growth. The claims figures come a day ahead of the monthly payrolls report, which often sets the tone across financial markets for a week or two after its release.
Natural gas sank after the government released weekly supply numbers. Natural gas supplies tend to rise at this time of year, between the heating and air conditioning seasons. The report showed supplies rose by 111 billion cubic feet to 2.252 trillion cubic feet for the week ended May 31. That was well above the average increase for the last week of May of 82 billion cubic feet to 98 billion, according to the daily newsletter The Schork Report.
Natural gas futures have dropped 43 cents, or 10 percent in the last two weeks.
Brent crude, a benchmark for many international oil varieties, rose 57 cents to finish at US$103.61 a barrel on the ICE Futures exchange in London.
In other energy futures trading on the New York Mercantile Exchange:
- Wholesale gasoline rose 3 cents to end at US$2.85 a gallon.
- Heating oil added 2 cents to finish at US$2.87 per gallon.
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