Tag Archives: Carl Larry

News, Politics, Government

Oil slides below $88 per barrel

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The price of oil fell below $88 a barrel Tuesday as shaky economic recoveries in China and the U.S. raise the prospect of weaker demand.

Benchmark oil for May delivery was down $1.05 to $87.66 per barrel at midday Bangkok time in electronic trading on the New York Mercantile Exchange. The contract dropped $2.58, or 2.8 percent, to finish at $88.71 a barrel on Monday after hitting $87.86 earlier in the session. Crude has dropped nearly 10 percent this month.

The Chinese government on Monday said growth in the world’s second-largest economy slowed to 7.7 percent in the first quarter from 7.9 percent in the final quarter of last year. Growth was expected to accelerate slightly to 8 percent. Analysts have warned that China‘s recovery from its deepest slump since the 2008 global crisis is weak.

That slowdown, combined with weak employment and manufacturing reports from the U.S., suggests that demand won’t be strong enough to absorb the ample supplies on the world market.

“This isn’t a fall just because the global economy is shifting down, this is about a world that has enough oil,” said Carl Larry of Oil Outlooks and Opinions in a market commentary.

Brent crude, which is used to price oil used by many U.S. refiners to make gasoline, fell $1.01 to $99.62 a barrel on the ICE Futures exchange in London.

In other futures trading on the Nymex:

— Wholesale gasoline fell 2.4 cents to $2.736 a gallon.

— Heating oil dropped 2.8 cents to $2.802 a gallon.

— Natural gas rose 0.7 cent to $4.144 per 1,000 cubic feet.

From: http://feeds.foxnews.com/~r/foxnews/world/~3/4mcU3NT-JZ8/

News, Politics, Government

Oil price flat as supplies increase

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Oil prices were slightly higher Thursday, stabilizing after a sharp drop the day before sparked by rising U.S. crude supplies.

Benchmark oil for May delivery was up 2 cents to $94.47 per barrel at midday Bangkok time in electronic trading on the New York Mercantile Exchange. The contract dropped $2.74, or 2.8 percent, to close at $94.45 on Wednesday. The last time oil fell by that much in a day was on Nov. 20.

Oil plunged after the U.S. Energy Department said crude oil supplies grew by 2.7 million barrels to 388.6 million barrels in the week ended March 29. The U.S. supply of oil is now 7.2 percent above year-earlier levels and the highest since July 27, 1990, when it was at 391.9 million barrels.

“We did see a move lower yesterday to extreme areas,” said Carl Larry of Oil Outlooks and Opinions. “So far today we are seeing some of the correction we expected.”

Oil production in the U.S. is about 7.1 million barrels a day, up 22 percent from a year earlier and the highest in two decades. Output has jumped as oil companies use techniques such as horizontal drilling and hydraulic fracturing, or fracking, to unlock crude oil trapped in shale rock formations in the U.S.

Brent crude, used to price many kinds of oil imported by U.S. refineries, rose 36 cents to $107.47 per barrel on the ICE Futures exchange in London.

In other energy futures trading on the Nymex:

— Heating oil rose 0.5 cent to $3.007 a gallon.

— Natural gas rose 1.6 cents to $3.916 per 1,000 cubic feet.

— Gasoline futures rose 0.3 cent to $2.917 a gallon.

…read more

Source: FULL ARTICLE at Fox World News

News, Politics, Government

Oil prices down as Cyprus uncertainty continues

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The price of oil fell Thursday as traders awaited a solution to a financial crisis in Cyprus that has raised fears of a destabilizing exit of the country from the euro.

Benchmark oil for May delivery was down 23 cents to $93.27 per barrel at midday Bangkok time in electronic trading on the New York Mercantile Exchange. The contract for April delivery gained 80 cents to settle at $92.96 a barrel on Wednesday.

European jitters have escalated since the government in Cyprus rejected a bailout plan on Tuesday that would have taxed bank deposits. The Mediterranean nation needs to come up with 5.8 billion euros ($7.5 billion) on its own in order to secure 10 billion euros in rescue loans from international creditors.

Without a bailout deal, Cyprus‘ banks would collapse, devastating the country’s economy and potentially forcing it to exit the euro currency.

“It’s hard to think that the island tourist country of Cyprus could really drag the Bulls down,” said Carl Larry, president of Oil Outlooks and Opinions in a commentary. “It’s the farthest from any kind of sustainable industry outside of tourism and they depend solely on interest earned from their banking system.”

Brent crude, used to price many kinds of oil imported by U.S. refineries, fell 8 cents to $108.64 a barrel on the ICE Futures exchange in London.

The American Petroleum Institute said crude oil stocks fell by about 400,000 barrels to 376.7 million barrels for the week ending March 15. On Wednesday, the Energy Department said the nation’s crude oil supplies declined last week by 1.3 million barrels, or 0.3 percent, to 382.7 million barrels, which is 10.5 percent above year-ago levels. Analysts were expecting supplies to increase.

In other energy futures trading on the Nymex:

— Wholesale gasoline fell 0.7 cent to $3.095 a gallon.

— Heating oil rose 0.1 cent to $2.997 a gallon.

— Natural gas fell 1.5 cents to $3.945 per 1,000 cubic feet.

…read more
Source: FULL ARTICLE at Fox World News

News, Politics, Government

Oil prices drop below $95 per barrel

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Oil fell below $95 a barrel Thursday as disagreement among U.S. Federal Reserve officials about its super easy monetary policy weighed on prices ahead of the release of a report on U.S. crude inventories.

Benchmark crude for April delivery was down 89 cents to $94.33 per barrel at midday Bangkok time in electronic trading on the New York Mercantile Exchange. The contract lost $1.88, or 2 percent, to finish at $95.22 a barrel on the Nymex on Wednesday.

Oil prices were undercut by expectations for higher U.S. crude supplies when the Energy Department’s Energy Information Administration releases its weekly inventory report later Thursday.

Carl Larry of Oil Outlooks and Opinions forecast a rise of 1.5 million barrels.

“An increase in inventories here may seem like the best thing with refineries cutting runs, but we’re cutting our imports and increasing our domestic production,” he said in an email commentary. Ample supplies tend to lower prices.

Brent crude, used to price many international varieties of oil imported by U.S. refineries, fell 53 cents to $115.07 a barrel in London.

Oil prices were also weighed down by a transcript of the latest Federal Reserve meeting that showed some policymakers expressing doubts about the Fed’s bond-buying program. If the Fed curtails or ends the program earlier than anticipated, that could strengthen the dollar. Oil prices tend to move inversely against the dollar.

In other energy futures trading on the Nymex:

— Heating oil fell 1.1 cents to $3.142 per gallon.

— Wholesale gasoline fell 1.7 cents to $3.242 per gallon.

— Natural gas fell 2 cents to $3.259 per 1,000 cubic feet.

…read more
Source: FULL ARTICLE at Fox World News

News, Politics, Government

Oil falls below $97 amid ample supply

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The price of oil slipped back below $97 a barrel Tuesday after a sharp rise the day before as supply remains ample and demand tepid.

Benchmark oil for March delivery was down 13 cents to $96.90 at midday Bangkok time in electronic trading on the New York Mercantile Exchange. The contract on Monday gained $1.31 to finish at $97.03 a barrel on the Nymex as the euro strengthened against the dollar.

A strong euro tends to result in higher oil prices by making crude priced in dollars cheaper for traders using currencies other than the greenback.

On Friday, new figures showed the U.S. trade deficit fell nearly 21 percent in December from November, the smallest trade deficit in nearly three years, due largely to plunging oil imports. Production of oil is surging in the U.S., weighing on the price of U.S. crude oil.

“Our exports of oil products jumped by $10 billion last year and will more than likely see bigger improvements this year. We’re bringing in less crude from other countries,” Carl Larry, president of Oil Outlooks and Opinions, said in a market commentary. “It’s all good for the US, but we’re getting high on our own supply and keeping it cheap. This means there’s less demand for crude wherever we can send our cheap cargoes.”

In London, Brent crude, used to price international varieties of oil, rose 5 cents to $117.26 a barrel on the ICE Futures exchange.

In other energy futures trading on the Nymex:

— Wholesale gasoline rose 0.8 cent to $3.029 a gallon.

— Natural gas rose 0.6 cent to $3.285 per 1,000 cubic feet.

— Heating oil was almost unchanged at $3.231 a gallon.

…read more
Source: FULL ARTICLE at Fox World News