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Kontak Perkasa - Bloomberg (18/10) -- West Texas
Intermediate crude fluctuated near a three-month low before data from
China that may show the economic recovery is keeping pace in the world’s
second-biggest oil consumer.
Futures swung between gains and losses in New York and are poised for a second weekly decline. China will issue a raft of data today, with the world’s second-largest economy estimated to have expanded last quarter at the fastest pace this year, according to a Bloomberg survey. The nation will also report industrial production output for last month. The U.S. government will release crude stockpile figures on Oct. 21 that was delayed this week because of the partial government shutdown. WTI for November delivery was at $100.74 a barrel in electronic trading on the New York Mercantile Exchange, up 7 cents, at 11:43 a.m. Sydney time. The contract fell $1.62, or 1.6 percent, to $100.67 yesterday, the lowest close since July 2. The volume of all futures traded was about 46 percent less than the 100-day average. Prices are down 1.3 percent this week. Brent for December settlement rose 6 cents to $109.17 a barrel on the London-based ICE Futures Europe exchange. The European benchmark crude was at a premium of $8.19 to WTI for the same month. The spread narrowed for a second day yesterday to $8.24. WTI may drop next week after data from the industry-funded American Petroleum Industry showed surging U.S. crude inventories, according to a Bloomberg News survey. Twenty-three of 38 analysts and traders, or 61 percent, forecast futures will decrease through Oct. 25. Ten respondents said there will be little change and five projected a gain. The U.S., the world’s biggest crude consumer, will account for about 21 percent of global oil demand this year, the International Energy Agency estimates. |
Written by: Kontak Perkasa Futures
PT.Kontak Perkasa Futures, Updated at: 9:09 AM
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