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Tuesday, July 08, 2014

Moderate losses for crude

Prices slip below $104/barrel 


Crude Oil futures settled lower on Monday, 07 July 2014 with the U.S. oil benchmark slipping below $104 a barrel to hold at their lowest level in a month as traders braced for further growth in global oil supplies. 

Crude for August delivery fell 53 cents, or 0.5%, to settle at $103.53 a barrel on the New York Mercantile Exchange. 

Libya on Sunday said it lifted force majeure on two oil ports rebels handed over last week, which would allow the return of significant exports that had been halted for nearly a year. Force majeure protects exporters from legal action in case of disruptions but also bars loads from the affected terminal. The terminals have a total daily loading capacity of around 560,000 barrels. 

The focal point for U.S. traders this week is the FOMC meeting minutes that are due out Wednesday afternoon. 

European stock markets were weaker on Monday, partly due to some weaker-than-expected German industrial production data that showed the sharpest monthly decline in two years. The reading was down 1.8% in May, year-on-year. Germany is the largest economy within the European Union. 

U.S. economic data due for release on Monday was light and included the employment trends index. 

Among other energy products, August gasoline fell 3 cents, or 1%, to $2.99 a gallon, while August heating oil shed more than a cent to $2.915 a gallon. 

August natural gas declined by 18 cents, or 4.1%, to end at $4.225 per million British thermal units. That marked the lowest close for a most-active contract since January.
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