Saturday, 17 November, 2018

Crude Oil Lower Ahead Of Inflation

Oil price rises have made US shale oil production profitable Crude Oil Lower Ahead Of Inflation
Russell Knight | 13 March, 2018, 14:31

Oil prices settled with a loss on Monday (http://www.marketwatch.com/story/oil-prices-pull-back-from-strong-finish-last-week-as-market-renews-us-supply-watch-2018-03-12), giving back part of the sharp gains seen in the previous session as recent data showed a rise in weekly USA output, as well as expectations for a further increase in domestic production next month.

Hedge funds and money managers pared their bullish wagers on USA crude oil, with long positions falling last week for the first time in three weeks. April West Texas Intermediate crude fell 68 cents, or 1.1%, to settle at $61.36 a barrel on the New York Mercantile Exchange.

Brent crude futures-where Nigeria's oil is pegged-sold at $64.77 per barrel, down 18 cents, or 0.3 percent.

Energy investors are weighing increased USA supply against the likelihood that the Organization of the Petroleum Exporting Countries will maintain supply cuts that have been in effect more than a year.

Oil markets gained yesterday on the back of a drop in the number of USA rigs drilling for more production and as the United States economy continued to create jobs, which industry hopes will drive higher fuel demand.

Benchmark 10-year notes last rose 2/32 in price to yield 2.8865 percent, from 2.894 percent on Friday. S. data showed the economy in February added the most jobs in more than 1-1/2 years.

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This week's Consumer Price Index (CPI) release, given its potential impact on the dollar, could be critical, said Bill Baruch, president of Blue Line Futures in Chicago.

U. S. stocks closed mixed.

Wall Street's main indexes had closed up almost 2 percent on Friday on the strength of the jobs report, and have almost reclaimed losses sustained in recent weeks when investors feared that higher wages might lead to price pressures.

MSCI's world equity index hit a two-week high, while Hong Kong's Hang Seng Index closed up 1.93 percent.

In currencies, investors' appetite for riskier bets caused the US dollar to inch down.

ING's Patterson agrees that keeping a lid on price hikes is necessary; in an interview in Singapore he said, "We need to see prices in the short-term trade below $60 to reduce that incentive for USA producers".

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