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发表于 16-4-2009 05:32 PM
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Crude Oil Rises as U.S. Equity Rally Spurs Demand Expectations
By Christian Schmollinger and Ann Koh
April 16 (Bloomberg) -- Crude oil rose for the first time in a week as equities in the U.S., the world’s biggest oil user, rallied and the Federal Reserve said some of the country’s biggest regional economies slowed the pace of their decline.
Oil gained as much as 1.2 percent after stocks climbed in the last hour of trading yesterday. Fed districts reporting a slower economic decline or signs of stabilization include San Francisco, the largest district, New York, Chicago, Kansas City and Dallas, the Fed said in its Beige Book business survey.
“The sentiment is becoming more bullish for all commodities, perhaps prematurely but that is the market,” said David Moore, a commodity strategist with Commonwealth Bank of Australia Ltd. “With the speculation that things aren’t getting as bad as they were previously, it’s providing support to commodity prices.”
Crude oil for May delivery climbed as much as $1.05, or 2.1 percent, to $50.30 a barrel on the New York Mercantile Exchange. It was at $49.81 a barrel at 3:09 p.m. Singapore time. Prices are up 11 percent so far this year.
Yesterday, oil fell 16 cents, or 0.3 percent, to $49.25 a barrel, the lowest settlement on the Nymex since April 7, after a government report showed that U.S. stockpiles climbed to the highest level in almost 19 years as demand dropped.
The Dow Jones Industrial Average jumped 109.44 points, or 1.4 percent, to 8,029.62 yesterday.
The trend of higher equity prices continued into Asian trading. Japan’s Nikkei 225 Stock Average gained 0.5 percent to 8,931.15, while South Korea’s Kospi index climbed 1.1 percent.
China GDP
China’s gross domestic product grew at the slowest pace in almost 10 years, probably marking the low point for world’s second largest oil consumer.
GDP expanded 6.1 percent in the first quarter from a year earlier, after a 6.8 percent gain in the previous three months, the statistics bureau said in Beijing today. The figure was below the 6.2 percent median estimate of 13 economists surveyed by Bloomberg News.
“China’s PMI however is up above the 50-level again,” said Yingxi Yu, a commodities analyst at Barclays Capital. “We expect an improvement in conditions in the second half of this year.”
Other commodities also gained on the climb in stock prices. Copper climbed for a sixth day, poised for its longest rally since July 2006. Three-month delivery copper on the London Metal Exchange rose 1 percent to $4,869.25 a ton.
Commodities, Inventories Gain
Gains in oil inventories have limited future prices to between $43.62 and $54.66 a barrel over the past month.
Oil inventories rose 5.67 million barrels to 366.7 million last week, the highest since September 1990, the Energy Department said yesterday. Supplies were forecast to increase by 1.75 million barrels, according to the median of 14 analyst estimates in a Bloomberg News survey.
Stockpiles at Cushing, Oklahoma, where New York-traded West Texas Intermediate crude is delivered, fell 742,000 barrels to 29.2 million last week, the lowest since the week ended Dec. 26.
Gasoline stockpiles declined 944,000 barrels to 216.5 million in the week ended April 10, according to the department. Distillate fuels, a category that includes heating oil and diesel, fell 1.17 million barrels to 139.6 million.
Daily fuel demand averaged over the past four weeks was 18.7 million barrels, down 5.2 percent from a year earlier, according to the department.
Refineries operated at 80.4 percent of capacity, down 1.5 percentage points from the week before, the lowest since the week ended Sept. 26, when units were shut in the aftermath of Hurricanes Gustav and Ike, the department said. A gain of 0.1 percentage point was forecast.
The International Energy Agency cut its 2009 oil-demand forecast last week for an eighth month, reducing its outlook by 1 million barrels a day to 83.4 million barrels.
Brent crude oil for June settlement rose as much as 94 cents, or 1.8 percent, to $53.38 a barrel on London’s ICE Futures Europe exchange. It was at $53.12 a barrel at 3:09 p.m. Singapore time.
To contact the reporters on this story: Christian Schmollinger in Singapore at christian.s@bloomberg.net; Ann Koh in Singapore at akoh15@bloomberg.net
Last Updated: April 16, 2009 03:11 EDT
http://www.bloomberg.com/apps/news?pid=20601091&sid=atZd0Q5eS1QQ&refer=india#
[ 本帖最后由 klagigi 于 16-4-2009 05:35 PM 编辑 ] |
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