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Wednesday, February 24, 2010

Crude ends up

Crude prices rise in tandem with higher gasoline price 

Crude prices pared earlier losses and ultimately ended little higher on Monday, 22 February 2010. Prices were volatile, pared earlier losses, and rose following higher gasoline prices. Strikes at Total SA refineries and depots in France boosted prices of refined products.

On Monday, crude-oil futures for light sweet crude for March delivery closed at $80.16/barrel (higher by $0.25 or 0.3%). The March contract expired today. Last week, crude gained 7.7%. In January 2010, crude ended lower by 8.3%. On a year to date basis, crude is higher by 1.1%.

US stocks traded in the red with mild losses for most part of the day on Monday mainly bogged down by the 
healthcare sector.

In the currency market on Monday, the dollar index, which weighs the strength of dollar against the basket of six other currencies erased earlier losses and rose marginally against the euro.

Paris based, IEA, left its forecasts for global oil demand for 2010 virtually unchanged in its latest monthly report earlier this month. It forecasts demand of 86.3 million barrels a day in 2010, up 1.7%, or 1.4 million barrels a day higher than 2009.

Among other energy products on Monday, gasoline rose 3.01 cents, or 1.4% to end the session at $2.1158 a gallon in New York.

Natural gas fell to its lowest price in 11 weeks in New York on Monday in anticipation of milder weather that would cut demand for the heating fuel. Natural gas for March delivery fell 14.9 cents, or 3% to settle at $4.895 per million British thermal units. Gas fell 7.8% last week.

Crude ended FY 2009 higher by 78%, the highest yearly gain since 1999. It reached a high of $82 earlier in October 2009 and hit a low of $33.98 on 12 February 2009. Oil prices had reached a high of $147 on 11 July, 2008 but have dropped almost 48.8% since then. Crude prices had ended FY 2008 lower by 54%, the largest yearly loss since trading began at Nymex.

At the MCX, crude oil for February delivery closed Rs 12 (0.32%) lower at Rs 3,699/barrel. Natural gas for February delivery closed lower by Rs 8.2 (3.5%) at Rs 225.1/mmbtu.
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