Energy Commodities Price Watch: WTI Trims Weekly Drop

on Aug 9, 2013
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iNVEZZ.com, Friday, August 9th: West Texas Intermediate (WTI) advanced on Friday, trimming a weekly decline on the back of a larger-than-forecast rise in industrial output in China, the world’s second-largest oil consumer. Supply disruptions in the Middle East and in the North Sea provided support to the Brent oil price. Natural gas price declined.

**China Manufacturing Figures Boost WTI Price**
WTI futures for September delivery added $1.42 to $104.82 a barrel before trading at $104 a barrel on the NYMEX as of 13:46 BST. The WTI price, which yesterday shed 97 cents to $103.40 amid speculation that the US Federal Reserve will withdraw its monetary stimulus from the economy, is down about 2.8 percent so far this week.

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The oil price today found support in manufacturing data from China, where output climbed 9.7 percent in July from a year earlier, beating the 8.9 percent median estimate of analysts surveyed by Bloomberg.

“Better-than-expected Chinese industrial data was always going to give a boost to risky assets such as oil,” pointed out Michael Hewson, a market analyst at CMC Markets Plc, as quoted by the newswire. “Oil did drop yesterday so we were always going to get a bit of a pullback from that too.”
According to data by the International Energy Agency China was the world’s second-largest oil consumer last year, accounting for about 11 percent of global demand, as compared with 21 percent for the United States.

**Brent Price Rises on Tightening Supplies**
Brent futures for delivery in September rose 0.4 percent to $107.09 a barrel on the ICE Futures Europe exchange. According to analysts, concerns about delays to oil supplies in the North Sea and unrest in Middle Eastern OPEC producers have boosted prices.
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“North Sea would not be such a problem if you did not also have disruptions in Libya and Iran,” said Olivier Jakob, an oil analyst at Petromatrix, as quoted by Reuters. “Then the market becomes more reactive on supply.”
Commerzbank analyst Carsten Fritsch noted that “stronger than expected Chinese data and continued supply issues” were supporting the oil price.
**Natural Gas Price Update**
Natural gas futures for September delivery shed 0.12 percent to trade at $3.29 per million British thermal units on the NYMEX as of 14:18 BST. The latest weekly report by the US Energy Information Administration (EIA) has shown that supplies in the US climbed by 96 billion cubic feet last week with the figure including about 14 billion reclassified from base gas to working gas. The remaining 82 billion cubic feet were still well above the five-year average increase of 42 billion cubic feet for that week.
Bloomberg quoted Jason Schenker, president of Prestige Economics, as expecting “continued solid injections into storage as we trade the September contracts and move closer to the shoulder period”. Shoulder periods of spring and autumn usually see a decline in energy demand due to milder weather.

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Energy Commodities Price Watch: Brent Crude Slips Below $100
Energy Commodities Price Watch: WTI Slides on Speculation of Rise in US Fuel Inventories

FOLLOW our top traders or BET against them.
http://nvz.bz/13CTjSM

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