Unleaded Gas Futures Options Trading
CALL 1-888-456-8090 TO BEGIN TRADING TODAY!INTERNATIONAL INVESTORS CALL 1-541-773-5741
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Unleaded Gas Futures Options TradingCALL 1-888-456-8090 TO BEGIN TRADING TODAY!INTERNATIONAL INVESTORS CALL 1-541-773-5741 |
Gasoline Futures: Oil Rises After Decline in Gasoline, Distillate Inventories
March 10th, 2010Crude oil futures rose after a U.S. government report showed a decline in supplies of gasoline and distillate fuels. Gasoline inventories dropped 2.96 million barrels to 229 million in the week ended March 5, the Energy Department said today in a weekly report. Stockpiles were forecast to be little changed, according to the median of 17 analyst estimates in a Bloomberg News survey. Distillate supplies, which include heating oil and diesel, decreased 2.22 million barrels to 149.6 million. Stockpiles were forecast to drop by 1 million barrels. Inventories of crude oil rose 1.43 million barrels to 343 million, the department said. Supplies were forecast to climb by 2 million barrels. Crude oil for April delivery rose 47 cents, or 0.6 percent, to $81.96 a barrel at 10:35 a.m. on the New York Mercantile Exchange. Oil traded at $81.36 a barrel before the release of the report at 10:30 a.m. in Washington. Oil also advanced after the Organization of Petroleum Exporting Countries predicted members will need to produce more oil than previously forecast. The 12-member group should pump 28.94 million barrels a day to satisfy demand in 2010, according to a report today. That’s about 190,000 barrels a day more than last month’s projection. OPEC will meet March 17 in Vienna to decide production quotas. Shokri Ghanem, chairman of Libya’s National Oil Corp., said this week that “no new decision” about production levels is expected at the meeting. Projected demand levels are still “much less” than OPEC’s current production, meaning stockpiles could increase, the group said today. Lower DollarThe dollar dropped against the euro as former European Commission President Romano Prodi said that the worst of Greece’s financial crisis is over and other nations in the region won’t follow in its path.“For Greece, the problem is completely over,” said Prodi, who was also Italian prime minister, in an interview in Shanghai today. “I don’t see any other case now in Europe. I don’t think there is any reason to think the euro system will collapse or will suffer greatly because of Greece.” The greenback traded at $1.3621 per euro, down 0.1 percent from $1.3602 yesterday. A weaker dollar bolsters the appeal of raw materials as an alternative investment. - Mark Shenk in New York at Bloomberg. Click here for your Free Unleaded Gas Futures Trading eGuide |
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