WTI (Crude Oil)
Oil trimmed the biggest monthly decline since May and gasoline rose as refineries started resuming operations after the Atlantic super storm Sandy moved away from the U.S. East Coast. Crude futures were little changed after rising 0.2 percent yesterday. Philadelphia Energy Solutions 355,000 barrel-a-day Pennsylvania refinery is restoring operations and NuStar Energy LP (NS)'s 74,000 barrel-a-day Paulsboro, New Jersey, plant will be at full production tomorrow, the companies said. Seven refineries with a total capacity of 1.29 million barrels a day had shut or reduced operations because of Sandy. The hurricane is gone and we now have to investigate how much of an impact it had on the refineries, said Tetsu Emori, a chief fund manager at Astmax Investment Management Inc. in Tokyo. People in the market are unwilling to take fresh positions at the moment, but they are also not willing to sell because oil is currently quite cheap and versold. Crude for December delivery was at $85.79 a barrel, up 11 cents, in electronic trading on the New York Mercantile Exchange at 12:28 p.m. Singapore time. Prices rose 14 cents yesterday to $85.68, the highest close since Oct. 26. Futures are down 7 percent in October and 13 percent this year.
Oil trimmed the biggest monthly decline since May and gasoline rose as refineries started resuming operations after the Atlantic super storm Sandy moved away from the U.S. East Coast. Crude futures were little changed after rising 0.2 percent yesterday. Philadelphia Energy Solutions 355,000 barrel-a-day Pennsylvania refinery is restoring operations and NuStar Energy LP (NS)'s 74,000 barrel-a-day Paulsboro, New Jersey, plant will be at full production tomorrow, the companies said. Seven refineries with a total capacity of 1.29 million barrels a day had shut or reduced operations because of Sandy. The hurricane is gone and we now have to investigate how much of an impact it had on the refineries, said Tetsu Emori, a chief fund manager at Astmax Investment Management Inc. in Tokyo. People in the market are unwilling to take fresh positions at the moment, but they are also not willing to sell because oil is currently quite cheap and versold. Crude for December delivery was at $85.79 a barrel, up 11 cents, in electronic trading on the New York Mercantile Exchange at 12:28 p.m. Singapore time. Prices rose 14 cents yesterday to $85.68, the highest close since Oct. 26. Futures are down 7 percent in October and 13 percent this year.
Support
|
Resistance
|
|
+CLZ12
|
85.15
|
86.29
|
84.55
|
86.83
|
|
84.01
|
87.43
|
No comments:
Write comments