Most Popular
1. It’s a New Macro, the Gold Market Knows It, But Dead Men Walking Do Not (yet)- Gary_Tanashian
2.Stock Market Presidential Election Cycle Seasonal Trend Analysis - Nadeem_Walayat
3. Bitcoin S&P Pattern - Nadeem_Walayat
4.Nvidia Blow Off Top - Flying High like the Phoenix too Close to the Sun - Nadeem_Walayat
4.U.S. financial market’s “Weimar phase” impact to your fiat and digital assets - Raymond_Matison
5. How to Profit from the Global Warming ClImate Change Mega Death Trend - Part1 - Nadeem_Walayat
7.Bitcoin Gravy Train Trend Forecast 2024 - - Nadeem_Walayat
8.The Bond Trade and Interest Rates - Nadeem_Walayat
9.It’s Easy to Scream Stocks Bubble! - Stephen_McBride
10.Fed’s Next Intertest Rate Move might not align with popular consensus - Richard_Mills
Last 7 days
Stocks Correct into Bitcoin Happy Thanks Halving - Earnings Season Buying Opps - 4th July 24
24 Hours Until Clown Rishi Sunak is Booted Out of Number 10 - UIK General Election 2024 - 4th July 24
Clown Rishi Delivers Tory Election Bloodbath, Labour 400+ Seat Landslide - 1st July 24
Bitcoin Happy Thanks Halving - Crypto's Exist Strategy - 30th June 24
Is a China-Taiwan Conflict Likely? Watch the Region's Stock Market Indexes - 30th June 24
Gold Mining Stocks Record Quarter - 30th June 24
Could Low PCE Inflation Take Gold to the Moon? - 30th June 24
UK General Election 2024 Result Forecast - 26th June 24
AI Stocks Portfolio Accumulate and Distribute - 26th June 24
Gold Stocks Reloading - 26th June 24
Gold Price Completely Unsurprising Reversal and Next Steps - 26th June 24
Inflation – How It Started And Where We Are Now - 26th June 24
Can Stock Market Bad Breadth Be Good? - 26th June 24
How to Capitalise on the Robots - 20th June 24
Bitcoin, Gold, and Copper Paint a Coherent Picture - 20th June 24
Why a Dow Stock Market Peak Will Boost Silver - 20th June 24
QI Group: Leading With Integrity and Impactful Initiatives - 20th June 24
Tesla Robo Taxis are Coming THIS YEAR! - 16th June 24
Will NVDA Crash the Market? - 16th June 24
Inflation Is Dead! Or Is It? - 16th June 24
Investors Are Forever Blowing Bubbles - 16th June 24
Stock Market Investor Sentiment - 8th June 24
S&P 494 Stocks Then & Now - 8th June 24
As Stocks Bears Begin To Hibernate, It's Now Time To Worry About A Bear Market - 8th June 24
Gold, Silver and Crypto | How Charts Look Before US Dollar Meltdown - 8th June 24
Gold & Silver Get Slammed on Positive Economic Reports - 8th June 24
Gold Summer Doldrums - 8th June 24
S&P USD Correction - 7th June 24
Israel's Smoke and Mirrors Fake War on Gaza - 7th June 24
US Banking Crisis 2024 That No One Is Paying Attention To - 7th June 24
The Fed Leads and the Market Follows? It's a Big Fat MYTH - 7th June 24
How Much Gold Is There In the World? - 7th June 24
Is There a Financial Crisis Bubbling Under the Surface? - 7th June 24

Market Oracle FREE Newsletter

How to Protect your Wealth by Investing in AI Tech Stocks

Economic Data, BP Oil Spill Push Crude Prices Higher at End of Week

Commodities / Crude Oil May 01, 2010 - 04:51 AM GMT

By: OilPrice_Com

Commodities Oil Market Summary for: 04/26/2010 to 04/30/2010

Stubbornly high crude oil inventories continued to stymie bulls through the middle of the week, but the market seized on positive economic data to push prices higher toward the end of the week.


The oil spill from a collapsed rig off the Gulf coast may also have played a role in firming prices. Analysts said that the spill could have a short-term impact on supply if it interfered with oil deliveries to Gulf coast refineries, and a longer-term impact if it led to new restrictions on offshore drilling.

The gains on Thursday and Friday enabled oil futures to offset the decline in the first part of the week and finish higher on the week, with the West Texas Intermediate benchmark June contract settling at $86.15 a barrel on Friday, compared with $85.12 a week ago. The contract traded below $82 at one point during the week.

The news Friday that consumer spending powered U.S. GDP growth to a 3.2% annual rate in the first quarter spurred oil prices to further gains after Thursday’s report of a continuing decline in jobless claims also boosted the outlook for oil demand. Analysts also cited the Federal Reserve’s upbeat assessment of the economic situation following the Federal Open Market Committee meeting on Wednesday.

But the weekly inventory report from the Energy Information Administration showed crude stocks up nearly 2 million barrels, with inventories at the New York Mercantile Exchange depot in Cushing, Oklahoma up by 450,000 barrels, and this weighed on the Nymex contract.

The high inventories at Cushing have enabled the European benchmark contract, the ICE Brent crude, which normally trades at a discount to the WTI contract, to overtake the Nymex contract, with the gap this week at times widening to more than $3 a barrel in favor of Brent oil. Brent crude settled at $87.11 on Friday.

The situation has also kept oil futures in contango – later-dated contracts are priced higher than the nearest month because traders expect prices to improve when inventories decline. The July contract on Nymex closed at $88.36 a barrel on Friday.

Oil prices rose on Friday even as stocks plummeted, with the Dow Jones Industrial Index accelerating its decline in late trading to finish down 158 points to 11,008 as financials were hit by news of a criminal probe of Goldman Sachs.

Source:http://oilprice.com/Energy/..

By Darrell Delamaide for OilPrice.com who focus on Fossil Fuels, Alternative Energy, Metals, Crude Oil Prices and Geopolitics To find out more visit their website at: http://www.oilprice.com

© 2010 Copyright OilPrice.com- All Rights Reserved
Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.


© 2005-2022 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in