Home

 
India Bullion iPhone Application
  Quick Links
Currency Futures Trading

MCX Strategy

Precious Metals Trading

IBCRR

Forex Brokers

Technicals

Precious Metals Trading

Economic Data

Commodity Futures Trading

Fixes

Live Forex Charts

Charts

World Gold Prices

Reports

Forex COMEX India

Contact Us

Chat

Bullion Trading Bullion Converter
 

$ Price :

 
 

Rupee :

 
 

Price in RS :

 
 
Specification
  More Links
Forex NCDEX India

Contracts

Live Gold Prices

Price Quotes

Gold Bullion Trading

Research

Forex MCX India

Partnerships

Gold Commodities

Holidays

Forex Currency Trading

Libor

Indian Currency

Advertisement

 
BS: U.S. Oil Futures Reach Two-Week High on Refinery Demand
 
West Texas Intermediate crude rose to the highest in more than two weeks as strong refinery demand reduced U.S. inventories.

Prices gained for a third time in four days. U.S. refineries operated at the highest rate in nine years in the week ended July 11, according to the Energy Information Administration. Crude inventories at Cushing, Oklahoma, the delivery point for WTI, dropped to a six-year low as oil flowed to the Gulf Coast where prices were higher. Brent was steady as the U.S. and Europe threatened further sanctions against Russia.

“The supply side really should keep us higher,” said Phil Flynn, senior market analyst at the Price Futures Group in Chicago. “Cushing is the delivery point so the drawdown there is giving the market a boost. The drop at Cushing is definitely favoring WTI over Brent.”

VIDEO: Oil Renaissance Pushes Refinery Records: Grisanti
WTI for August delivery, which expires tomorrow, gained 74 cents, or 0.7 percent, to $103.85 a barrel at 9:54 a.m. on the New York Mercantile Exchange. The more-active September future was up 30 cents at $102.25. The volume of all futures was about 17 percent above the 100-day average.

Brent for September settlement gained 2 cents to $107.26 a barrel on the London-based ICE Futures Europe exchange. The volume of all futures traded was about 19 percent below the 100-day average for the time of day. WTI was at a discount of $5.06 to Brent on the ICE, down from $5.29 on July 18.

WTI traded $6 below Light Louisiana Sweet crude on the Gulf Coast today, the widest discount since February, according to data compiled by Bloomberg.

VIDEO: Iraq Insurgency Seen to Tighten Global Oil Market
Cushing Inventories

Inventories at Cushing dropped 650,000 barrels in the week ended July 11 to 20.3 million, the lowest since 2008, according to the EIA, the Energy Department’s statistical arm. Total U.S. stockpiles fell 7.53 million, the biggest decline since January.

U.S. refineries operated at 93.8 percent of their capacity in the week ended July 11, the highest since 2005.

President Vladimir Putin defied international anger over Russia’s alleged role in the shooting down of a Malaysia Air flight in Ukraine as the U.S. and Europe threatened further sanctions against his increasingly isolated country.

VIDEO: Sunni Militants Attack Iraq’s Largest Oil Refinery
“Geopolitical risk is right now the driver of the market,” said Gene McGillian, an analyst and broker at Tradition Energy in Stamford, Connecticut.

Brent and WTI jumped on July 17 after the airplane was shot down. The crash site at Grabovo, less than 60 miles from Russia, has become a focus of international outrage as armed rebels hovered over the investigation, making reclamation of wreckage and corpses more difficult. A total of 282 bodies have been found, the Ukrainian government said today.

Russia’s relations with the rest of the world are deteriorating four months after its annexation of Ukraine’s Crimea region sparked Europe’s biggest geopolitical crisis since the end of the Cold War.

VIDEO: Why Metalor Chose Singapore for Gold Refinery
“The concern about Russia is keeping the market higher,” said Flynn.

To contact the reporter on this story: Moming Zhou in New York at mzhou29@bloomberg.net

To contact the editors responsible for this story: David Marino at dmarino4@bloomberg.net Stephen Cunningham
Source