CL Redux
- Thread starter schizo
- Start date
Business Inventories at the top of the hour and obviously the EIA report at the bottom of the hour.
http://www.briefing.com/Investor/Public/Calendars/EconomicCalendar.htm
http://www.briefing.com/Investor/Public/Calendars/EconomicCalendar.htm
Here it is.
Futures Movers
April 13, 2011, 9:54 a.m. EDT
Oil trades higher, pushes toward $107 a barrel
By Claudia Assis, MarketWatch
SAN FRANCISCO (MarketWatch) â Crude-oil futures traded higher Wednesday, recouping some of the previous sessionâs steep losses, as investors hoped a weekly government report due later in the session will show declines in inventories.
Crude for May delivery (NEW:CLK11) added 54 cents, or 0.5%, to $106.77 a barrel on the New York Mercantile Exchange. That follows losses of 3.3% on Tuesday.
Late Tuesday, the American Petroleum Institute report showed a surprisingly sharp decline for crude-oil products and a smaller-than-expected increase for crude supplies.
The trade groupâs bullish report raised hopes of a similarly supportive report from the Energy Information Administration.
The EIAâs report is due 10:30 a.m. Eastern. Analysts polled by Platts expect an increase of 1.6 million for crude inventories. They also forecast a decline of 1.3 million for gasoline and unchanged inventories of distillates.
The report will be closely examined for any signs of âa slowdown in U.S. demand,â analysts at Commerzbank said.
The API figures âdo not fit into the picture, though,â they added. The report indicated that gasoline inventories fell a surprisingly sharp 4.6 million barrels, while distillate inventories dropped 3.7 million barrels. âThis has at least stopped the downward trend of oil prices for now,â they said.
The API figures came too late on Tuesday to stanch crudeâs fall to the lowest in nearly two weeks.
Several economists have lowered their estimates for first-quarter U.S. growth, and prices fell as investors feared reduced economic activity will translate into less need for oil.
Meanwhile, other energy products tracked crude higher on Wednesday.
Gasoline for May delivery (NEW:RBK11) added 4 cents, or 1.1%, to $3.20 a gallon. May heating oil (NEW:HOK11) added 2 cents, or 0.5%, to $3.19 a gallon.
Futures Movers
April 13, 2011, 9:54 a.m. EDT
Oil trades higher, pushes toward $107 a barrel
By Claudia Assis, MarketWatch
SAN FRANCISCO (MarketWatch) â Crude-oil futures traded higher Wednesday, recouping some of the previous sessionâs steep losses, as investors hoped a weekly government report due later in the session will show declines in inventories.
Crude for May delivery (NEW:CLK11) added 54 cents, or 0.5%, to $106.77 a barrel on the New York Mercantile Exchange. That follows losses of 3.3% on Tuesday.
Late Tuesday, the American Petroleum Institute report showed a surprisingly sharp decline for crude-oil products and a smaller-than-expected increase for crude supplies.
The trade groupâs bullish report raised hopes of a similarly supportive report from the Energy Information Administration.
The EIAâs report is due 10:30 a.m. Eastern. Analysts polled by Platts expect an increase of 1.6 million for crude inventories. They also forecast a decline of 1.3 million for gasoline and unchanged inventories of distillates.
The report will be closely examined for any signs of âa slowdown in U.S. demand,â analysts at Commerzbank said.
The API figures âdo not fit into the picture, though,â they added. The report indicated that gasoline inventories fell a surprisingly sharp 4.6 million barrels, while distillate inventories dropped 3.7 million barrels. âThis has at least stopped the downward trend of oil prices for now,â they said.
The API figures came too late on Tuesday to stanch crudeâs fall to the lowest in nearly two weeks.
Several economists have lowered their estimates for first-quarter U.S. growth, and prices fell as investors feared reduced economic activity will translate into less need for oil.
Meanwhile, other energy products tracked crude higher on Wednesday.
Gasoline for May delivery (NEW:RBK11) added 4 cents, or 1.1%, to $3.20 a gallon. May heating oil (NEW:HOK11) added 2 cents, or 0.5%, to $3.19 a gallon.