CL Redux
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UPDATE 1-NYMEX-Crude down on stronger dollar, demand woes
5/3/11 EOD reuters report
http://www.reuters.com/article/2011/05/03/markets-energy-nymex-idUSN0311815320110503
UPDATE 1-NYMEX-Crude down on stronger dollar, demand woes
Tue May 3, 2011 4:32pm EDT
* Dollar rises from 3-year low vs basket of currencies
* U.S. crude stocks seen up last week on import rise
NEW YORK, May 3 (Reuters) - U.S. crude oil futures fell for
a second day in a row on Tuesday as the dollar strengthened
from a three-year low against a basket of currencies,
encouraging investors to sell riskier assets.
Prices declined amid global demand worries and as weekly
inventory data was forecast to show that U.S. crude and refined
product stocks rose last week.
<b>
A Reuters poll of analysts showed crude inventories likely
rose 2.0 million barrels, distillate stockpiles gained 600,000
barrels and gasoline supplies edged up 300,000 barrels.
[EIA/S]
Ahead of the data from the American Petroleum Institute due
at 4:30 p.m. EDT (2030 GMT), a MasterCard Advisors'
SpendingPulse report showed U.S. retail gasoline demand fell 1
percent last week. [ID:nN03567356]
</b>
FUNDAMENTALS
* On the New York Mercantile Exchange, crude for June
delivery CLM1 settled at $111.05 a barrel, down $2.47, or
2.18 percent, after trading from $110.30 to $113.22.
* In two days, front-month NYMEX crude has fallen $2.88, or
2.53 percent, the biggest two-day percentage loss since April
12, when prices had dropped 5.8 percent.
* In London, ICE Brent crude for June delivery LCOM1
settled at $122.45 a barrel, dropping $2.67, or 2.13 percent,
also falling for a second day and trading from $121.75 to
$125.02.
* In two days, front-month Brent crude has dropped $3.44,
or 2.73 percent, the biggest two-day percentage loss also since
April 12, when prices had fallen 4.52 percent.
<b>
* Open interest in U.S. crude oil on the NYMEX hit an
all-time high 1,608,194 on Friday and rose again to 1,625,407
on Monday, equivalent to more than 1.6 billion paper barrels of
oil, the CME Group said. [ID:nN03180468]
</b>
* India's central bank raised interest rates by 50 basis
points, steeper than expected, as it stepped up its fight
against high inflation. [ID:nL3E7G30NW]
* OPEC output from its 12 members averaged 28.42 million
barrels per day in April, the lowest level in 23 months and
down from a revised 28.48 million bpd in March. Extra output
from Saudi Arabia and Nigeria did not make up for supplies lost
due to fighting in Libya and oilfield maintenance in Angola, a
Reuters poll showed. [ID:nLDE421DW]
* Syrian security forces swept into the coastal city of
Banias, a protest leader said, taking control of another urban
center from demonstrators challenging the authoritarian rule of
President Bashar al-Assad. [ID:nLDE7420PI]
* China's state oil firms PetroChina (0857.HK) and Sinopec
(0386.HK) have asked the government to cut fuel consumption tax
to reduce their refining losses. [ID:nL3E7G31WX]
MARKETS NEWS
* The U.S. dollar was up 0.21 percent against a basket of
currencies in late trading. .DXY. The euro rose, then fell
back to little changed as investors digested news that Portugal
had reached agreement with the European Union and the
International Monetary Fund on a bailout loan. [USD/]
<b>
* U.S. equities fell as investors worried about earnings
growth, raising questions about the sustainability of the
current rally. [.N]
* Silver suffered its biggest two-day loss since 1987,
dragging down gold more than 1 percent as speculators rushed to
liquidate positions after COMEX's third margin increase in a
week, traders said. [GOL/]
</b>
UPCOMING DATA/EVENTS
* U.S. durable goods data for March, 8:30 a.m. EDT (1230
GMT), Wednesday.
5/3/11 EOD reuters report
http://www.reuters.com/article/2011/05/03/markets-energy-nymex-idUSN0311815320110503
UPDATE 1-NYMEX-Crude down on stronger dollar, demand woes
Tue May 3, 2011 4:32pm EDT
* Dollar rises from 3-year low vs basket of currencies
* U.S. crude stocks seen up last week on import rise
NEW YORK, May 3 (Reuters) - U.S. crude oil futures fell for
a second day in a row on Tuesday as the dollar strengthened
from a three-year low against a basket of currencies,
encouraging investors to sell riskier assets.
Prices declined amid global demand worries and as weekly
inventory data was forecast to show that U.S. crude and refined
product stocks rose last week.
<b>
A Reuters poll of analysts showed crude inventories likely
rose 2.0 million barrels, distillate stockpiles gained 600,000
barrels and gasoline supplies edged up 300,000 barrels.
[EIA/S]
Ahead of the data from the American Petroleum Institute due
at 4:30 p.m. EDT (2030 GMT), a MasterCard Advisors'
SpendingPulse report showed U.S. retail gasoline demand fell 1
percent last week. [ID:nN03567356]
</b>
FUNDAMENTALS
* On the New York Mercantile Exchange, crude for June
delivery CLM1 settled at $111.05 a barrel, down $2.47, or
2.18 percent, after trading from $110.30 to $113.22.
* In two days, front-month NYMEX crude has fallen $2.88, or
2.53 percent, the biggest two-day percentage loss since April
12, when prices had dropped 5.8 percent.
* In London, ICE Brent crude for June delivery LCOM1
settled at $122.45 a barrel, dropping $2.67, or 2.13 percent,
also falling for a second day and trading from $121.75 to
$125.02.
* In two days, front-month Brent crude has dropped $3.44,
or 2.73 percent, the biggest two-day percentage loss also since
April 12, when prices had fallen 4.52 percent.
<b>
* Open interest in U.S. crude oil on the NYMEX hit an
all-time high 1,608,194 on Friday and rose again to 1,625,407
on Monday, equivalent to more than 1.6 billion paper barrels of
oil, the CME Group said. [ID:nN03180468]
</b>
* India's central bank raised interest rates by 50 basis
points, steeper than expected, as it stepped up its fight
against high inflation. [ID:nL3E7G30NW]
* OPEC output from its 12 members averaged 28.42 million
barrels per day in April, the lowest level in 23 months and
down from a revised 28.48 million bpd in March. Extra output
from Saudi Arabia and Nigeria did not make up for supplies lost
due to fighting in Libya and oilfield maintenance in Angola, a
Reuters poll showed. [ID:nLDE421DW]
* Syrian security forces swept into the coastal city of
Banias, a protest leader said, taking control of another urban
center from demonstrators challenging the authoritarian rule of
President Bashar al-Assad. [ID:nLDE7420PI]
* China's state oil firms PetroChina (0857.HK) and Sinopec
(0386.HK) have asked the government to cut fuel consumption tax
to reduce their refining losses. [ID:nL3E7G31WX]
MARKETS NEWS
* The U.S. dollar was up 0.21 percent against a basket of
currencies in late trading. .DXY. The euro rose, then fell
back to little changed as investors digested news that Portugal
had reached agreement with the European Union and the
International Monetary Fund on a bailout loan. [USD/]
<b>
* U.S. equities fell as investors worried about earnings
growth, raising questions about the sustainability of the
current rally. [.N]
* Silver suffered its biggest two-day loss since 1987,
dragging down gold more than 1 percent as speculators rushed to
liquidate positions after COMEX's third margin increase in a
week, traders said. [GOL/]
</b>
UPCOMING DATA/EVENTS
* U.S. durable goods data for March, 8:30 a.m. EDT (1230
GMT), Wednesday.
Quote from NoDoji:
My post for you yesterday contained hypnotic commands designed to cause you to choose good entries and place good stops
Nice trading!
thanks for that, although, since your hypnotic post to me, I also seem to be wetting myself everytime the doorbell rings. Is that supposed to happen?
long 110.87
15c stop
15c stop
out 111.07 +20