Crude Market Update 03/06/12

Crude oil futures for April delivery on the NYMEX ended $0.02 higher yesterday to settle at $106.72 per barrel, after President Obama and Israeli Prime Minister Benjamin Netanyahu met to discuss how to confront Iran over its nuclear program and China cut its economic growth target. RBOB gasoline for April delivery lost $0.0141 to settle at $3.258 per gallon, and April heating oil gained $0.0156 to $3.2174 per gallon. Futures posted a small gain after Obama said in a meeting with Netanyahu that all options are available to prevent a nuclear-armed Iran. Prices fell earlier as China’s Premier Wen Jiabao said his country will aim for expansion of 7.5% this year, the lowest goal since 2004. The geopolitical risk adds $20 to $30 barrel to the price. Oil prices are up 8% this year. Brent has gained 15% in 2012. The US won’t hesitate to use military force against Iran if necessary, Obama told a conference of the American Israel Public Affairs Committee yesterday. There’s still time for diplomacy and sanctions to work, he said. China and the US are responsible for 32% of global oil consumption. The 17 countries using the euro accounted for about 12% of world demand last year. European services and manufacturing output shrank in February, Markit Economics said. An index based on a survey of purchasing managers in euro-area service industries fell to 48.8 from 50.4 in January. Iraq is pumping more than 3 million bpd. BP and Schlumberger have made separate bids to develop the Kirkuk oil field in northern Iraq. Libyan production rose 200,000 bpd to 1.125 million in February. Hedge funds increased net-long positions in New York crude oil by 5% to 272,032 in the week ended February 28th, according to the Commodity Futures Trading Commission’s Commitments of Traders report. Volume totaled 625,949 contracts on March 2nd, 2% above the 3-month average. Open interest was 1.56 million. In London, the Brent contract for April delivery on ICE settled $0.15 higher at $123.80 per barrel Friday.

 Miami boat show to showcase world's first propane outboard engine

  • Lehr, a manufacturer of green lawn-care equipment, will launch the world's first propane autogas-powered outboard engine today at the Miami International Boat Show. "Propane is domestically produced. It's cheaper. It's not a marine pollutant. It can't get into the water. It produces a small amount of hydrocarbon compared to gasoline. It doesn't deplete the ozone," said company CEO Bernardo Herzer. The Miami Herald (free registration) (2/16) LinkedInFacebookTwitterEmail this Story

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