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Tuesday, May 19, 2015

Crude at lowest level in a week

Disappointing U.S. economic data dulled the outlook for energy demand 


Crude Oil futures settled lower on Monday, 18 May 2015 with the U.S. benchmark at its lowest level in a week, failing to find much support from clashes in Iraq and Yemen as disappointing U.S. economic data dulled the outlook for energy demand. Oil traders also fretted over the potential for a recovery in U.S. shale-oil production and mulled the outcome of next month's meeting of the Organization of the Petroleum Exporting Countries. 

June crude fell 26 cents, or 0.4%, to settle at $59.43 a barrel on the New York Mercantile Exchange. 

The oil market will be keeping an eye on this week's data. They include housing starts Tuesday, the Federal Reserve Open Market Committee minutes from the April meeting due Wednesday and the consumer price index on Friday. 

There continues to be debate in the market place about the health of the U.S. economy—namely at what pace it is growing. Recent mixed U.S. economic reports have added fuel to the debate. There is a large contingent of market watchers that believe the U.S. economy is not growing fast enough to warrant a Federal Reserve interest rate hike this year—even though the central bank has indicated it wants to raise rates this year. Wednesday afternoon's release of the minutes of the latest FOMC meeting will be very closely examined by traders and investors. This report could be the most important new element for the markets this week. 

Among other energy products, June gasoline fell by 1.6 cents, or 0.8%, to $2.041 a gallon, while June heating oil ended lower by 1.8 cents, or 0.9%, to $1.987 a gallon.
June natural gas fell less than a cent to $3.01 per million British thermal units. 
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