Oil prices are crashing

Oil shows a new minimum

In brief: Oil prices, in particular, for the most popular futures, is rapidly shifted down to the minimum point.

Oil is no longer attractive to investors. Oil prices of all types are falling. Prices for petroleum futures Brent and Light Sweet decline, which, according to analysts, due to expected increase of crude oil and petroleum products in the U.S. At this point in time the price of oil futures transactions were ($ / bbl.): – Light, Sweet Crude Oil (June) – 75.96 (-0.84) in the range of quotations 75,36-77,39 – IPE Brent Crude (June) – 79.51 (-0.61) in the range of quotations 78,91-80,59.

Today, industry experts predict that as at 7 May 2010. Crude oil stockpiles in the U.S. could increase during the week to 1,5-1,7 million barrels., gasoline supplies could grow up to 850-900 thousand barrels. and heavy distillates stocks – by 1,3-1,4 million barrels. Oil reserves at the Cushing terminal in Oklahoma, intended for the settlement of transactions in futures Light Sweet at NYMEX, for the past week, apparently, also increased. Recall, as of April 30, stocks of oil at the terminal Cushing updated its historic high and reached 36.2 million barrels.

Report of the U.S. Department of Energy to the official data on stocks of petroleum and petroleum products in the country will be published on May 12 at 18:30 Moscow time, and early the same day at 0:30 Moscow time, its independent data on stocks of petroleum and petroleum products in the United States will present the American Petroleum Institute ( American Petroleum Institute, or abbreviated API). Negative dynamics of prices for transactions in oil futures today due to some additional strengthening of the positions of the U.S. dollar on world currency markets.

Ukrainian Globalist
2010-05-11 14:13, Economics.

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