Americas
Thursday, 21 February 2013 02:24
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NEW YORK: Crude oil futures fell sharply on Wednesday, joining in a sell off hitting precious metals and copper, as selling accelerated amid market talk that a hedge fund was forced to liquidate substantial positions in commodities.
Oil entered into a steep decline just before 11 a.m. EST ( 1700 GMT), diving more than $2 per barrel over 20 minutes with several volumes spikes. Several traders cited rumors that a hedge fund had been forced to sell out of positions across several commodities.
Exiting of long positions built up during the recent rally and the triggering of sell-stop orders accelerated the slide as the US March crude contract approached expiration at the end of the day's session, brokers and traders said.
"It's called long liquidation out of what had become a crowded trade," said Tim Evans, energy futures specialist at Citi Futures Perspective in New York.
Evans added that it was unlikely the market ...
KIEV: Chevron remains optimistic over prospects for a shale gas deal in Ukraine but talks with the government which have already been extended cannot drag on indefinitely, an executive with the US company said on Tuesday.
Chevron is negotiating a production-sharing agreement for shale exploration of the Olesska field towards Ukraine's western borders with the European Union.
Royal Dutch Shell signed a $10 billion deal with the government for exploration of the Yuzivska field in eastern Ukraine ...
NEW YORK: US natural gas futures rose nearly 4 percent on Tuesday, lifted by the return of weekday industrial demand after the long Presidents Day holiday weekend and by forecasts for continued cold weather in consuming regions of the nation.
"The natural gas market is staging a price recovery as updated temperature forecasts point to above average heating demand through the week ending March 8," said Citi Futures energy specialist Tim Evans.
Thomson Reuters Natural Gas Analytics ...
NEW YORK: Oil prices rose on Tuesday as traders grew bullish amid a rally in US stock markets, even as US pipeline bottlenecks and European economic concerns threatened to weigh on oil markets.
US crude for March delivery rose 80 cents to settle at $96.66 a barrel. The March contract expires on Wednesday.
The S&P 500 stock index rose by about 0.6 percent on Tuesday. US equities indices are hovering near five-year highs on prospects for quicker ...
NEW YORK: US natural gas futures edged higher early on Wednesday, rising for a second straight day amid continued cold weather in consuming regions of the nation.
In addition, forecasts for more cold in the West next week and nuclear power plant outages that remain well above normal were keeping momentum to the upside.
But some traders expect bloated inventories and the impending end of winter to add some weight to the downside.
As of 9:06 a.m. EST ...
NEW YORK: US oil prices rose again Tuesday, backed by forecasts for stronger demand as the market awaited Wednesday's weekly US oil inventory report.
A barrel of West Texas Intermediate for delivery in March settled at $97.51, up 48 cents compared with the level on Monday.
In London, a barrel of the European benchmark Brent crude traded at $118.66, up 53 cents from Monday.
The jump in oil prices came as the Organization of Petroleum Exporting Countries revised ...
NEW YORK: Front-month US natural gas futures lost ground for a third straight day on Monday, pressured by forecasts for milder weather in the Northeast and Midwest early this week, which should slow demand for gas used to heat homes and businesses.
Despite a blizzard that pounded the Northeast over the weekend, traders noted that winter was winding down and few expected much upside in prices. Inventories remain high, production is at or near an all-time ...
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