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NYMEX-Oil pares steep declines, stays above $91
October 1, 2014 / 12:37 AM / 3 years ago

NYMEX-Oil pares steep declines, stays above $91

TOKYO, Oct 1 (Reuters) - U.S. crude futures edged up on Wednesday, staying above $91 a barrel and taking a breather after posting their biggest daily decline since 2012 the day before, supported by data showing an unexpected decline in U.S. crude stocks.


* NYMEX crude for November delivery was up 19 cents at $91.35 a barrel by 0014 GMT, after settling down $3.41 at $91.16 on Tuesday, hurt by falling gasoline prices and the dollar’s surge to a four-year peak against a basket of currencies.

* London Brent crude for November delivery was up 17 cents at $94.84 a barrel, after settling down $2.53 at $94.67, its lowest since June 2012.

* Both NYMEX and Brent crude posted the biggest quarterly decline in July-September in two years as output from the Middle East, Africa and the United States swamped the market and outweighed fears of supply disruptions from war-torn oil-producing regions.

* The American Petroleum Institute on Tuesday said oil inventories last week fell 463,000 barrels, gasoline stocks dropped 2.5 million barrels and distillate stocks fell 1.8 million barrels.

* But more closely watched government data will be released on Wednesday, with analysts forecasting crude oil and distillate inventories likely rose slightly in the week ended Sept. 26, while gasoline inventories probably fell.

* OPEC’s oil supply jumped to its highest in almost two years in September, a Reuters survey found, due to further recovery in Libya and higher output from Saudi Arabia and other Gulf producers in the face of sub-$100 per barrel oil prices.

* Oil options traders rushed to protect themselves against a deeper slump in global crude oil on Tuesday, buying thousands of contracts that propelled the volatility index toward the highest level in nearly a year.


* U.S. stocks slipped on Tuesday, dragged down by energy and materials shares as economic data disappointed.

* The euro languished near a fresh two-year trough early on Wednesday, having come under fire as a further slowdown in euro zone inflation intensified pressure for more stimulus from the European Central Bank.


* The following data is expected on Wednesday: (Time in GMT)

- 0100 China Official manufacturing PMI Sep

- 0750 France Markit manufacturing PMI Sep

- 0755 Germany Markit/BME manufacturing PMI Sep

- 0800 Euro zone Markit manufacturing PMI Final Sep

- 1215 U.S. ADP national employment Sep

- 1345 U.S. Markit manufacturing PMI Final Sep

- 1400 U.S. ISM Manufacturing PMI Sep

- 1430 U.S. EIA weekly oil data (Reporting by Osamu Tsukimori; Editing by Joseph Radford)

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