Oil

[raihan8212]

Gold futures rose to the highest level in a week during U.S. morning hours on Wednesday, as sentiment firmed up after U.S. equity markets reopened after remaining closed for two consecutive days in the wake of Hurricane Sandy.

Gold traders waited for key Chinese manufacturing and U.S. employment data later in the week to gauge the health of the global economy.

On the Comex division of the New York Mercantile Exchange, gold futures for December delivery traded at USD1,718.95 a troy ounce during U.S. morning trade, up 0.4% on the day.

Gold futures rose by as much as 1% earlier in the day to hit a session high of USD1,722.35 a troy ounce, which was the strongest level since October 23.

Gold prices were likely to find support at USD1,688.85 a troy ounce, the low from September 7 and resistance at USD1,730.35, the high from October 23.

Gold�s gains came as the euro found support after Spanish Prime Minister Mariano Rajoy said earlier that his country needs the help of the European Union to meet its budget goals, and added that EU progress on a banking union would allow leeway on making a formal request for aid.

The debt-strapped country has been reluctant to ask for financial assistance from its euro zone partners because of concerns it may come with conditions on its budget.

The dollar index, which tracks the performance of the greenback against a basket of six other major currencies, was down 0.1% to trade at 79.93.

Dollar weakness usually benefits gold, as it boosts the metal's appeal as an alternative asset and makes dollar-priced commodities cheaper for holders of other currencies.

Gold traders were looking ahead to a series of important political and economic events set to unfold in early November.

On Thursday, China will release a report on manufacturing data for October, followed by closely-watched U.S. non-farm payrolls data on Friday.

Political developments were likely to take center stage next week, with the U.S. presidential election on November 6 and the start of the Chinese Communist Party Congress on November 8, where a once-in-a-decade leadership change was to take place.

Elsewhere on the Comex, silver for December delivery rallied 1.2% to trade at USD32.19 a troy ounce, while copper for December delivery rose 0.5% to trade at USD3.524 a pound.

---------- Post added at 11:15 PM ---------- Previous post was at 11:13 PM ----------

Crude oil futures trimmed gains during U.S. morning hours on Wednesday, coming off the highest levels of the day after data showed manufacturing activity in the Chicago area contracted for the second consecutive month in October.

Oil prices were supported as refineries along the U.S. East Coast started to resume operations after Hurricane Sandy moved away from the region.

On the New York Mercantile Exchange, light sweet crude futures for delivery in December traded at USD86.10 a barrel during U.S. morning trade, gaining 0.5%.

New York-traded oil prices rose by as much as 1.1% earlier in the day to hit a session high of USD86.58 a barrel. On Monday, futures fell to a four-month low of USD84.70 a barrel.

Floor trading on the Nymex resumed Wednesday, along with U.S. equity markets, following a two-day closure for Hurricane Sandy.

Market research group Kingsbury International said its Chicago purchasing managers� index rose to 49.9 in October from a reading of 49.7 the previous month. Analysts had expected the index to improve to 50.0 in October.

On the index, a reading above 50.0 indicates expansion, below indicates contraction.

Meanwhile, the U.S. National Hurricane Center said earlier in the day that Sandy weakened to a surface trough as it passed over western Pennsylvania.

Receding concerns over the super-storm prompted some of the region�s refineries to resume operations.

Philadelphia Energy Solutions� 355,000 barrel-a-day Pennsylvania refinery is restoring operations and NuStar Energy�s 74,000 barrel-a-day Paulsboro, New Jersey, plant will be at full production on Wednesday, the companies said.

Seven refineries with a total capacity of 1.29 million barrels a day had shut or reduced operations because of Sandy in recent days.

Oil traders were looking ahead to weekly data from the U.S. government on oil supplies on Thursday to gauge the strength of demand from the world�s largest oil consumer.

The release of the report was postponed from Wednesday, due to storm-related delays.

The data was expected to show that U.S. crude oil stockpiles increased by 1.5 million barrels last week, while gasoline inventories were forecast to rise by 0.16 million barrels.

After markets closed Tuesday, the American Petroleum Institute, an industry group, said that U.S. crude inventories rose by 2.12 million barrels last week, while gasoline stocks decreased by a modest 0.17 million barrels.

The U.S. is the world�s biggest oil consuming country, responsible for almost 22% of global oil demand.

Meanwhile, euro zone developments remained in focus. Spanish Prime Minister Mariano Rajoy said earlier that his country needs the help of the European Union to meet its budget goals, and added that EU progress on a banking union would allow leeway on making a formal request for aid.

The debt-strapped country has been reluctant to ask for financial assistance from its euro zone partners because of concerns it may come with conditions on its budget.

Market players were also focusing on a series of important political and economic events set to unfold in early November.

On Thursday, China will release a report on manufacturing data for October, followed by closely-watched U.S. non-farm payrolls data on Friday.

Political developments were likely to take center stage next week, with the U.S. presidential election on November 6 and the start of the Chinese Communist Party Congress on November 8, where a once-in-a-decade leadership change was to take place.

The U.S. and China are the world�s two largest oil consuming nations and manufacturing and employment numbers are used as indicators for fuel demand growth.

New York-traded oil prices have been under heavy selling pressure in recent weeks, losing nearly 6% in October, as increasing concerns over the outlook for global economic growth and the impact on future oil demand prospects dampened the appeal of the commodity.

Elsewhere, on the ICE Futures Exchange, Brent oil futures for December delivery eased down 0.1% to trade at USD108.95 a barrel, with the spread between the Brent and crude contracts standing at USD22.85 a barrel.

[hodhod2000]

The trading range for today is expected among the major support at 82.00 and the major resistance at 87.70.

The short-trend trend is to the upside with steady weekly closing above 78.00, targeting 104.65 and 110.55

[raihan8212]

Crude oil futures were higher during European morning hours on Wednesday, as refineries along the U.S. East Coast started to resume operations after Hurricane Sandy moved away from the region.

Oil traders waited for key Chinese manufacturing and U.S. employment data later in the week, amid concerns over the health of the global economy.

On the New York Mercantile Exchange, light sweet crude futures for delivery in December traded at USD86.45 a barrel during European morning trade, gaining 0.9%.

New York-traded oil prices rose by as much as 1.1% earlier in the day to hit a session high of USD86.57 a barrel. On Monday, futures fell to a four-month low of USD84.70 a barrel.

Floor trading on the Nymex was set to resume Wednesday, along with U.S. equity markets, after remaining closed the previous two days, as Hurricane Sandy caused major damage in the U.S. northeast.

The U.S. National Hurricane Center said late Tuesday that Sandy was expected to weaken further as it passed over Pennsylvania.

Receding concerns over the super-storm prompted some of the region�s refineries to resume operations.

Philadelphia Energy Solutions� 355,000 barrel-a-day Pennsylvania refinery is restoring operations and NuStar Energy�s 74,000 barrel-a-day Paulsboro, New Jersey, plant will be at full production on Wednesday, the companies said.

Seven refineries with a total capacity of 1.29 million barrels a day had shut or reduced operations because of Sandy in recent days.

Oil traders were looking ahead to weekly data from the U.S. government on oil supplies on Thursday to gauge the strength of demand from the world�s largest oil consumer.

The release of the report was postponed from Wednesday, due to storm-related delays.

After markets closed Tuesday, the American Petroleum Institute, an industry group, said that U.S. crude inventories rose by 2.12 million barrels last week, while gasoline stocks decreased by a modest 0.17 million barrels.

The U.S. is the world�s biggest oil consuming country, responsible for almost 22% of global oil demand.

Market players were also focusing on a series of important political and economic events set to unfold in early November.

On Thursday, China will release a report on manufacturing data for October, followed by closely-watched U.S. non-farm payrolls data on Friday.

Political developments were likely to take center stage next week, with the U.S. presidential election on November 6 and the start of the Chinese Communist Party Congress on November 8, where a once-in-a-decade leadership change was to take place.

The U.S. and China are the world�s two largest oil consuming nations and manufacturing and employment numbers are used as indicators for fuel demand growth.

Meanwhile, euro zone developments remained in focus. Finance ministers from the region were to hold a conference call later in the day to discuss Greece�s progress on meeting austerity targets, but no decision on when the country will receive the next tranche of its bailout was expected.

Investors continued to await any sign that Spain is preparing to request a bailout, which would activate a bond purchasing program by the European Central Bank, aimed at lowering the borrowing costs of distressed euro zone states.

The debt-strapped country has been reluctant to ask for aid from its euro zone partners because of concerns it may come with conditions on its budget.

New York-traded oil prices have been under heavy selling pressure in recent weeks, losing nearly 6% in October, as increasing concerns over the outlook for global economic growth and the impact on future oil demand prospects dampened the appeal of the commodity.

Elsewhere, on the ICE Futures Exchange, Brent oil futures for December delivery rose 0.45% to trade at USD109.56 a barrel, with the spread between the Brent and crude contracts standing at USD23.11 a barrel.

London-traded Brent prices have outperformed New York crude in recent sessions, as a combination of lingering concerns over a disruption to supplies from the Middle East and worries over declining production in the North Sea-region have been supporting Brent prices.

[ahmed fakhry]

The oil prices on speculations that a demand for Oil will be back soon after the hurricane Sandy hit the U.S. East Coast rebounded from four-month lows at the American trading session. December futures price of U.S. light crude oil, WTI rose to 86.22 dollars a barrel, however, closed at $85.65 on the New York Mercantile Exchange.

[raihan8212]

Crude oil futures rose in Asian trading on Wednesday as U.S. refineries began to ramp up operations after the massive post-tropical storm Sandy wreaked havoc across the northeastern U.S.

Refiners in the area had halted operations prior to Sandy's arrival, thus sending crude prices falling on curtailed demand.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in December traded at USD85.73 a barrel on Wednesday, up 0.06%, off from a session high of USD85.75 and up from an earlier session low of USD85.70.

Sandy dealt a massive blow to the northeastern U.S., driving heavy winds and rains and whipping up a deadly storm surge for a large swath of the heavily populated Atlantic seaboard.

Prior to Sandy's arrival, refineries throttled back operations, but now that the storm has passed, hopes began to build that demand for fuels will increase as more and more communities brush off the debris and get back to work.

The storm did throw a curveball into plans to release weekly oil inventory data.

The U.S. Energy Information Administration said it will postpone the release of its weekly report on oil stockpiles from Wednesday possibly to Thursday due to storm-related delays.

On the ICE Futures Exchange, Brent oil futures for December delivery were up 0.09% and trading at USD108.98 a barrel, up USD23.25 from its U.S. counterpart.

[ashaab]

The short term trend of the Oil is to the upside. Intraday trading range of the Oil is expected among key support at 82.00 and key resistance at 87.70. Based upon my chart analysis, I prefer to selling the Oil around 86.10 with targets 84.50 then 83.00 and stoploss with four hour candle closing above 87.70.

[raihan8212]

Crude oil futures edged higher in quiet trade during U.S. morning hours on Tuesday, bouncing off the previous session�s four-month low as sentiment found some support after the initial damage caused Hurricane Sandy appeared to have been less severe than some had feared.

On the New York Mercantile Exchange, light sweet crude futures for delivery in December traded at USD85.91 a barrel during U.S. morning trade, gaining 0.45%.

New York-traded oil prices rose by as much as 0.8% earlier in the session to hit a daily high of USD86.24 a barrel. On Monday, futures fell to USD84.70 a barrel, the weakest level since July 12.

Trading activity was expected to remain thin on Tuesday, as NYMEX floor trading will remain closed for a second day, according to exchange operator CME Group. Electronic trading of energy and other NYMEX products will be unaffected.

Investors continued to assess the damage caused by Sandy after the storm made landfall in Southern New Jersey late Monday.

The storm, the largest in the Atlantic on record, has since been down****ed to a post-tropical cyclone by the U.S. National Hurricane Center.

Six refineries in the region curbed production because of Sandy, accounting for 1.22 million barrels of the area�s crude-processing capacity of 1.29 million barrels a day, raising concerns over a slowdown in near-term demand.

The American Petroleum Institute will �re-evaluate� the release of its weekly oil inventory report, originally scheduled for release later Tuesday.

The U.S. Energy Information Administration said it will postpone the release of its weekly report on oil stockpiles from Wednesday due to storm-related delays. The data may be published November 1, according to the EIA.

The U.S. is the world�s biggest oil consuming country, responsible for almost 22% of global oil demand.

Elsewhere, in the euro zone, sentiment firmed up after official data showed that the Spanish economy contracted by 0.3% in the third quarter, compared to expectations for a 0.4% contraction.

The data came a day after Spanish Prime Minister Mariano Rajoy said that he would request a bailout "when I think it is in the interests of Spain".

A bailout would allow the European Central Bank to step in and buy Spanish sovereign debt, which would result in reduced borrowing costs for the debt-strapped nation. But Spain has been reluctant to do so because it may come with conditions on its budget.

Also Tuesday, Italy�s Treasury sold EUR3 billion worth of debt maturing in November 2022 at an average yield of 4.92%, the lowest level since May 2011 down from 5.24% at a similar auction last month.

Some bargain buying also contributed to gains, as investors returned to the market to seek cheap valuations after oil prices fell to the lowest since July on Monday.

New York-traded oil prices have been under heavy selling pressure in recent sessions, as increasing concerns over the outlook for global economic growth and the impact on future oil demand prospects dampened the appeal of the commodity.

Elsewhere, on the ICE Futures Exchange, Brent oil futures for December delivery eased down 0.2% to trade at USD109.22 a barrel, with the spread between the Brent and crude contracts standing at USD23.31 a barrel.

---------- Post added 10-31-2012 at 06:51 AM ---------- Previous post was 10-30-2012 at 10:41 PM ----------

Crude oil futures rose in Asian trading on Wednesday as U.S. refineries began to ramp up operations after the massive post-tropical storm Sandy wreaked havoc across the northeastern U.S.

Refiners in the area had halted operations prior to Sandy's arrival, thus sending crude prices falling on curtailed demand.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in December traded at USD85.73 a barrel on Wednesday, up 0.06%, off from a session high of USD85.75 and up from an earlier session low of USD85.70.

Sandy dealt a massive blow to the northeastern U.S., driving heavy winds and rains and whipping up a deadly storm surge for a large swath of the heavily populated Atlantic seaboard.

Prior to Sandy's arrival, refineries throttled back operations, but now that the storm has passed, hopes began to build that demand for fuels will increase as more and more communities brush off the debris and get back to work.

The storm did throw a curveball into plans to release weekly oil inventory data.

The U.S. Energy Information Administration said it will postpone the release of its weekly report on oil stockpiles from Wednesday possibly to Thursday due to storm-related delays.

On the ICE Futures Exchange, Brent oil futures for December delivery were up 0.09% and trading at USD108.98 a barrel, up USD23.25 from its U.S. counterpart.

[hodhod2000]

The trading range for today is expected among the major support at 82.00 and the major resistance at 87.70.

The short-trend trend is to the upside with steady weekly closing above 78.00, targeting 104.65 and 110.55.

[forexking2]

Shows a positive oil price inclined slightly going from the previously breached level of 86.00, which constitutes the first barrier of protection for the continuation of our expectations for the bearish trend.

[ahmed fakhry]

Oil: December futures price of WTI sharply fell to 84.67 dollars per barrel on the fact that U.S. East Coast community plants reduced their consumption in anticipation of the hurricane "Sandy."