Related News
Oil slips as traders wait for Fed, supply data
Source: Agencies |
May 22, 2013, Wednesday
|
Online Edition
Online Edition
THE price of oil fell yesterday as investors waited for the Federal Reserve's latest views on the US economy.
Benchmark crude for June delivery dropped 55 cents to US$96.16 a barrel on the New York Mercantile Exchange.
Today Fed chairman Ben Bernanke will appear before Congress and the central bank will release minutes of its most recent policy meeting. Traders will be looking for hints on what the Fed might be preparing to do in light of recent data that has pointed toward a sustained economic recovery.
There is speculation that the Fed might want to scale back or modify its loose monetary policy and its US$85 billion-a-month program of bond purchases intended to keep interest rates low and prop up the recovery.
Investors will also be monitoring fresh information on US stockpiles of crude and refined products.
Data for the week ending May 17 is expected to show declines of 1.2 million barrels in crude oil stocks and of 200,000 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 Department's Energy Information Administration - the market benchmark - will be out on Wednesday.
Brent crude, a benchmark for many international oil varieties, fell 89 cents to US$103.91 a barrel on the ICE Futures exchange in London.
In other energy futures trading on Nymex:
- Wholesale gasoline fell 6 cents to US$2.85 a gallon.
- Heating oil lost 2 cents to US$2.93 a gallon.
- Natural gas added 10 cents to US$4.19 per 1,000 cubic feet.
Benchmark crude for June delivery dropped 55 cents to US$96.16 a barrel on the New York Mercantile Exchange.
Today Fed chairman Ben Bernanke will appear before Congress and the central bank will release minutes of its most recent policy meeting. Traders will be looking for hints on what the Fed might be preparing to do in light of recent data that has pointed toward a sustained economic recovery.
There is speculation that the Fed might want to scale back or modify its loose monetary policy and its US$85 billion-a-month program of bond purchases intended to keep interest rates low and prop up the recovery.
Investors will also be monitoring fresh information on US stockpiles of crude and refined products.
Data for the week ending May 17 is expected to show declines of 1.2 million barrels in crude oil stocks and of 200,000 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 Department's Energy Information Administration - the market benchmark - will be out on Wednesday.
Brent crude, a benchmark for many international oil varieties, fell 89 cents to US$103.91 a barrel on the ICE Futures exchange in London.
In other energy futures trading on Nymex:
- Wholesale gasoline fell 6 cents to US$2.85 a gallon.
- Heating oil lost 2 cents to US$2.93 a gallon.
- Natural gas added 10 cents to US$4.19 per 1,000 cubic feet.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 娌狪CP璇侊細娌狪CP澶05050403鍙-1
- |
- 浜掕仈缃戞柊闂讳俊鎭湇鍔¤鍙瘉锛31120180004
- |
- 缃戠粶瑙嗗惉璁稿彲璇侊細0909346
- |
- 骞挎挱鐢佃鑺傜洰鍒朵綔璁稿彲璇侊細娌瓧绗354鍙
- |
- 澧炲肩數淇′笟鍔＄粡钀ヨ鍙瘉锛氭勃B2-20120012
Copyright 漏 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
