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Fundamental Analysis For Energy Market
www.investing.com/analysis/preocupa%C3%A7%C3%B5es-com-dados-da-china-e-fran%C3%A7a-derrubam-as-bolsas-mundiais-8214
Fundamental Analysis For Energy Market
By | Jul 02, 2008 08:00PM ET The U.S released disappointing job data yesterday showing that employees lost jobs in the private sector which resulted in a falling greenback. As investors saw the dollar take a plunge and stock markets record losses they right away turned to the commodities market causing crude oil prices to continue their surge.
A strong support to the bullish crude markets is the EIA releasing its report which showed that the U.S stock piles fell more than expected, a lowest since January, adding to the current supply woes in the market at a time where supplies were already threatened by the geopolitical threats continued between Iran and Israel. The contract gained $2.60 as it closed at $143.57 while recording a high of $144.32 per barrel and a low of $140.01 per barrel.
Today prices hit another all time record high of $144.57 per barrel so far ahead of the ECB rate decision as it is expected that Jean-Claude Trichet will hike interest rates by 25 basis points leaving it at 4.25% in order to fight inflation while weakening the dollar even more while the commodities market welcomes more investors with open arms. As prices of crude continue their spike, it is adding to economies inflation rates pushing them into further suffering. The markets today opened at $144.19 while recording a low of $143.80 per barrel.
The EIA report was released yesterday showing that the U.S. commercial crude oil inventories decreased by 2.0 million barrels from the previous week. At 299.8 million barrels, U.S. crude oil inventories are near the lower boundary of the average range for this time of year. Total motor gasoline inventories increased by 2.1 million barrels last week, and are in the lower half of the average range. Both finished gasoline inventories and gasoline blending components inventories increased last week. Distillate fuel inventories increased by 1.3 million barrels, and are in the middle of the average range for this time of year.
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Fundamental Analysis For Energy Market
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