WTI Crude Set for Longest Run of Weekly Losses Since 1998
By Grant Smith - Nov 15, 2013
West Texas Intermediate crude headed for a sixth weekly decline, the longest in 15 years, as rising supplies in the U.S. countered speculation the Federal Reserve will maintain economic stimulus.
Futures have lost 0.8 percent in New York this week, poised for the longest weekly losing streak since December 1998. U.S. crude inventories climbed to the highest level since June as expanding production caused stockpiles to increase at the storage hub in Cushing, Oklahoma, data yesterday from the Energy Information Administration show. Janet Yellen, the nominee for Federal Reserve chairman, said she will ensure the central bank’s asset purchases program doesn’t end too soon.
“The numbers were mildly bearish as the Cushing build would limit the upside in WTI,” said Andrey Kryuchenkov, an analyst at VTB Capital in London.
WTI for December delivery increased 12 cents to $93.88 a barrel in electronic trading on the New York Mercantile Exchange at 12:33 p.m. London time. The volume of all futures traded was 35 percent below the 100-day average.
Brent for January settlement declined 30 cents to $107.98 a barrel on the London-based ICE Futures Europe exchange. The December contract expired yesterday after rising 1.3 percent to $108.54. The European benchmark crude was at a premium of $13.49 to WTI for the same month, compared with $14.78 yesterday, the highest based on closing prices since March.
more...
http://www.bloomberg.com/news/2013-11-15/wti-trims-sixth-weekly-loss-as-investors-weigh-stimulus-outlook.html
= new reply since forum marked as read
