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Crude oil prices decline on the back of a stronger dollar - Mar 16, 2010 [09:55]
Crude oil prices fell on Monday as the US dollar gained against the euro.
While in conversation with an energy trader, a polymerupdate team member was informed, "crude prices turned bearish on the strengthening of the US dollar. The US greenback was pegged at USD 1.3661 per euro, up from USD 1.3677. A strengthening US currency prompts investors holding stakes in dollar denominated commodities like crude to offload their stakes, sending prices lower."
The source said, "crude oil prices also drifted lower as China may tighten its credit policy further. The consumer inflation in China rose to a 16 month high as per the data released last week. This move may hamper the demand of crude oil in China, the world's second largest energy consuming country."
Nymex crude futures traded lower at USD 79.80/barrel while Dated Brent spot prices fell to trade at USD 77.86/barrel. WTI Cushing spot prices were lower at USD 79.80/barrel.
Crude prices increase on declining fuel stockpiles and weakening dollar - Mar 11, 2010 [09:45]
Crude oil prices firmed on Wednesday, rising ont the back of a drop in US fuel inventories. Prices were also driven higher due to a weakening US dollar.
While in conversation with an energy trader, a polymerupdate team member was informed, "prices turned bullish as the weekly fuel inventory report brought out by the US Energy Information Administration (EIA) for the week ended March 5, stated that gasoline inventories fell by 2.96 million barrels to 229 million. Inventories of distillate fuel, which includes heating oil and diesel, fell by 2.22 million barrels to 149.6 million. However, crude stockpiles recorded a gain of 1.43 million barrels to 343 million. There was a rise of 1.2 percent in demand for gasoline at an average of 8.99 million barrels per day. Gasoline consumption is at its peak during the driving season in the United States, lasting from the Memorial Day weekend in late May to Labor Day in early September."
The source said, " prices were also driven higher due to a fall in the US dollar as compared to the euro. The US greenback was pegged at USD 1.3657 per euro, a 0.4 percent fall from USD 1.3602 yesterday. A weak US currency prompts investors holding stronger non dollar currencies to increase their stakes in dollar denominated commodities like crude, sending prices higher."
Nymex crude futures traded higher at USD 82.09/barrel while Dated Brent spot prices rose to trade at USD 79.90/barrel. WTI Cushing spot prices were up at USD 82.09/barrel.
Domestic China Xylene/Crude Cresylic Acid Ex-factory Price (Prices are in Yuan/MT)
| Products |
Producer |
Prices |
Trend |
| Xylene |
CNOOC Huizhou |
7350 |
 |
| Crude Cresylic Acid |
CNOOC Huizhou |
7600 |
|
|