Crude Oil (CLZ12)
(Bloomberg) Oil traded near the lowest level in almost four months in New York as refineries in New Jersey remained shut, curbing demand for crude a week after Atlantic superstorm Sandy struck the U.S. East Coast. Futures were little changed after falling 2.6 percent on Nov. 2 to cap a third weekly decline. Hess Corp. (HES) Port Reading refinery won't resume operations until after full power has been restored, which will take several days, and Phillips Bayway plant stayed shut for repairs, the companies said yesterday. Economic reports this week may signal a slowing global economy. The impact of Sandy may be quite a regional matter, but all over the world we still have plenty of crude, so the oil market remains in a downtrend, said Ken Hasegawa, an energy trading manager at Newedge Group in Tokyo who predicts New York futures will drop to $80 a barrel by the end of November. There's also a lot of uncertainty over the economy, so we may not be so optimistic. Crude for December delivery was at $85.07 a barrel, up 21 cents, in electronic trading on the New York Mercantile Exchange at 1:52 p.m. Singapore time. The contract slid 1.7 percent last week to $84.86 a barrel, the lowest close since July 10. Prices have lost 14 percent this year.
(Bloomberg) Oil traded near the lowest level in almost four months in New York as refineries in New Jersey remained shut, curbing demand for crude a week after Atlantic superstorm Sandy struck the U.S. East Coast. Futures were little changed after falling 2.6 percent on Nov. 2 to cap a third weekly decline. Hess Corp. (HES) Port Reading refinery won't resume operations until after full power has been restored, which will take several days, and Phillips Bayway plant stayed shut for repairs, the companies said yesterday. Economic reports this week may signal a slowing global economy. The impact of Sandy may be quite a regional matter, but all over the world we still have plenty of crude, so the oil market remains in a downtrend, said Ken Hasegawa, an energy trading manager at Newedge Group in Tokyo who predicts New York futures will drop to $80 a barrel by the end of November. There's also a lot of uncertainty over the economy, so we may not be so optimistic. Crude for December delivery was at $85.07 a barrel, up 21 cents, in electronic trading on the New York Mercantile Exchange at 1:52 p.m. Singapore time. The contract slid 1.7 percent last week to $84.86 a barrel, the lowest close since July 10. Prices have lost 14 percent this year.
Support
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Resistance
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+CLZ12
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83.94
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86.34
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83.10
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87.90
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|
80.70
|
90.33
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