CL Redux
- Thread starter schizo
- Start date
* IEA lowers 2011 global oil demand growth
* China raises reserve requirements ratio
* Coming up: EIA natgas storage data, 10:30 a.m. EDT Thurs
1/ NEW YORK, May 12 (Reuters) - U.S. crude oil futures fell more than 2 percent Thursday
- on a lowered demand growth estimate from the International Energy Agency
- and another bank reserve rate hike by China's central bank.
2/ The dollar hit a three-week high versus a currency basket as the rout in commodities prompted an unwinding of dollar-funded bets on risky assets, dragging the euro through technical support to a five-week low. [USD/]
3/ NYMEX crude tumbled more than 5 percent Wednesday after an unexpected jump in gasoline inventories reported by the government sent RBOB gasoline futures into a tailspin.
Crude stocks also rose more than expected last week, according to the
U.S. Energy Information Administration's weekly report. [EIA/S]
FUNDAMENTALS
* On the New York Mercantile Exchange, June crude CLM1 fell $2.74, or
2.8 percent, to $95.47 a barrel by 8:18 a.m. EDT (1218 GMT), trading from
$95.25 to $99.72.
* High prices are holding back oil demand growth and threaten economic
recovery in the West, the International Energy Agency said in a report that
trimmed the advisor to industrialized nations' global oil demand growth
estimates to 1.29 million barrels per day, or 1.5 percent, from 1.43
million bpd in its previous report. [ID:nLDE72E0Q3]
* China's central bank increased the reserve requirement ratio for its
commercial banks by another 50 basis points, extending its campaign to calm
prices despite initial signs of slowing in the economy. [ID:nL3E7GC287]
* Brent
* China raises reserve requirements ratio
* Coming up: EIA natgas storage data, 10:30 a.m. EDT Thurs
1/ NEW YORK, May 12 (Reuters) - U.S. crude oil futures fell more than 2 percent Thursday
- on a lowered demand growth estimate from the International Energy Agency
- and another bank reserve rate hike by China's central bank.
2/ The dollar hit a three-week high versus a currency basket as the rout in commodities prompted an unwinding of dollar-funded bets on risky assets, dragging the euro through technical support to a five-week low. [USD/]
3/ NYMEX crude tumbled more than 5 percent Wednesday after an unexpected jump in gasoline inventories reported by the government sent RBOB gasoline futures into a tailspin.
Crude stocks also rose more than expected last week, according to the
U.S. Energy Information Administration's weekly report. [EIA/S]
FUNDAMENTALS
* On the New York Mercantile Exchange, June crude CLM1 fell $2.74, or
2.8 percent, to $95.47 a barrel by 8:18 a.m. EDT (1218 GMT), trading from
$95.25 to $99.72.
* High prices are holding back oil demand growth and threaten economic
recovery in the West, the International Energy Agency said in a report that
trimmed the advisor to industrialized nations' global oil demand growth
estimates to 1.29 million barrels per day, or 1.5 percent, from 1.43
million bpd in its previous report. [ID:nLDE72E0Q3]
* China's central bank increased the reserve requirement ratio for its
commercial banks by another 50 basis points, extending its campaign to calm
prices despite initial signs of slowing in the economy. [ID:nL3E7GC287]
* Brent
(j/k, eh?)