Vancouver, B.C., Canada (April 5, 2011) – Clearlease.com Reports Oil prices remained near 31-month highs but slipped below US$108 per barrel Tuesday, amid expectations that U.S. crude stockpiles have risen and hopes that Libya is slowly resuming shipments of oil from rebel-held ports.
By early afternoon in Europe, benchmark crude for April delivery was down 58 cents at $107.89 a barrel in electronic trading on the New York Mercantile Exchange. On Monday, the contract gained 53 cents to settle at $108.47, the highest since September 2008.
In London, Brent crude for April delivery was down 47 cents to $120.59 a barrel on the ICE Futures exchange.
Prices also drifted lower as traders booked profits and mulled whether political uprisings in the Middle East and signs of strong global crude demand justify the 30 per cent rally that started in mid-February.
On Monday, Libyan rebels fought forces loyal to Moammar Gadhafi in the Mediterranean oil port of Brega. Control of the town has switched sides several times since the rebellion began in February.
“This is becoming a long-drawn out fight that promises to dominate headlines for weeks and potentially months,” Cameron Hanover said in a report. “One has to wonder what kind of long-term damage may be inflicted on oil facilities in this key coastal city.”
Most of Libya’s 1.6 million barrels a day of crude output capacity has been shut down by the fighting. However, supplies from other oil producers in the Middle East and North Africa have not been disrupted, and some analysts expect oil prices will drop as protests in the region die down.
“The worst fears of contagion to other major producers have not been proved right,” Capital Economics said. “In time we expect the geopolitical risk premium in oil prices to fall away.”
Meanwhile, a tanker was on its way to Libya’s rebel-held port of Marsa el-Hariga on Tuesday to load up a shipment of oil for export.
The delivery would be only a tiny fraction of Libya’s pre-crisis exports, but is viewed as a symbolic step forward.
“The significance is not only that this is the first shipment in 18 days, but also a signal that Libya is open to international trade and shipping,” said markets editor Michelle Wiese Bockmann, from shipping newspapers Lloyd’s List.
The potential of unrest in Nigeria, after the postponement of elections there was also worrying markets.
Nigeria output of 2.4 million barrels of oil a day makes it Africa’s top producer and it is a major supplier to the United States.
Improving global economic data also helped boost prices recently. Strong U.S. jobs figures and Chinese manufacturing numbers last week suggested demand in the two largest crude consumers will likely stay robust.
But higher prices for crude products such as gasoline, diesel and heating oil threaten to quicken inflation and push central banks to raise interest rates, which in turn could cool economic growth and oil demand.
“Many commodity prices are reaching danger levels that, while boosting inflation in the short term, will also undermine global demand for these same commodities over the medium term, increasing the chances that prices subsequently collapse,” Capital Economics said.
The market, meanwhile, was awaiting information about the level of U.S. oil stockpiles.
Data for the week ending April 1 is expected to show a build of 1.3 million barrels in crude oil stocks and a draw of 2.1 million barrels in gasoline stocks, according to a survey of analysts by Platts, the energy information arm of McGraw-Hill Cos.
The American Petroleum Institute will release its report on oil stocks later Tuesday, while the report from the Energy Department’s Energy Information Administration — the market benchmark — will be out on Wednesday.
In other Nymex trading in April contracts, heating oil fell 1.98 cents to $3.1516 a gallon and gasoline dropped 1.32 cents to $3.1556 a gallon. Natural gas futures were down 2.5 cents at $4.264 per 1,000 cubic feet.
(TSX:ECA), (TSX:IMO), (TSX:SU), (TSX:HSE), (NYSE:BP), (NYSE:COP), (NYSE:XOM), (NYSE:CVX), (TSX:CNQ), (TSX:TLM), (TSX:COS.UN), (TSX:CVE)
DLC Clearlease currently has the following employment opportunities available: http://clearlease.com/Career-Opportunities.html
About DLC Clearlease
Equipment Leasing Equipment Lease Financing in Vancouver Surrey Delta Richmond Langley New Westminster North Vancouver West Vancouver Calgary Edmonton Kerrisdale Coquitlam Abbotsford B.C. Also offering Automobile Lease Financing and Mortgage information. Founded by the Pidgeon brothers, DLC Clearlease is a free service that can qualify you for an automobile or equipment lease finance. You save time and effort by giving DLC Clearlease.com your information just once; DLC Clearlease has partnered with over 100 lenders to offer you the best rates and service, comparable to none. We offer a simple application process available at http://clearlease.com/How-to-Apply.html .
You may have recently seen a Dominion Lending advertisement on such media outlets as: Global News, CTV News, CBC Television, Rogers Sportsnet or possibly heard the great Don Cherry, a Canadian Sports legend, discuss Dominion Lending Centres.
Contact DLC Clearlease.com:
Dominion Lending Centres Clearlease
HEAD OFFICE, Bentall Two, Suite 900, 555 Burrard Street, Vancouver, BC, V7X 1M8, CANADA.
Mr. A. Pidgeon, Editor in Chief
Tel: (604) 696-1221 ext. 177
eMail: [email protected]
Website: http://www.clearlease.com
News: http://clearlease.com/category/equipment-lease-blog/feed/rss
Twitter: @clearlease
###
Vancouver, B.C., Canada (April 5, 2011) – Clearlease.com Reports Oil prices remained near 31-month highs but slipped below US$108 per barrel Tuesday, amid expectations that U.S. crude stockpiles have risen and hopes that Libya is slowly resuming shipments of oil from rebel-held ports.
By early afternoon in Europe, benchmark crude for April delivery was down 58 cents at $107.89 a barrel in electronic trading on the New York Mercantile Exchange. On Monday, the contract gained 53 cents to settle at $108.47, the highest since September 2008.
In London, Brent crude for April delivery was down 47 cents to $120.59 a barrel on the ICE Futures exchange.
Prices also drifted lower as traders booked profits and mulled whether political uprisings in the Middle East and signs of strong global crude demand justify the 30 per cent rally that started in mid-February.
On Monday, Libyan rebels fought forces loyal to Moammar Gadhafi in the Mediterranean oil port of Brega. Control of the town has switched sides several times since the rebellion began in February.
“This is becoming a long-drawn out fight that promises to dominate headlines for weeks and potentially months,” Cameron Hanover said in a report. “One has to wonder what kind of long-term damage may be inflicted on oil facilities in this key coastal city.”
Most of Libya’s 1.6 million barrels a day of crude output capacity has been shut down by the fighting. However, supplies from other oil producers in the Middle East and North Africa have not been disrupted, and some analysts expect oil prices will drop as protests in the region die down.
“The worst fears of contagion to other major producers have not been proved right,” Capital Economics said. “In time we expect the geopolitical risk premium in oil prices to fall away.”
Meanwhile, a tanker was on its way to Libya’s rebel-held port of Marsa el-Hariga on Tuesday to load up a shipment of oil for export.
The delivery would be only a tiny fraction of Libya’s pre-crisis exports, but is viewed as a symbolic step forward.
“The significance is not only that this is the first shipment in 18 days, but also a signal that Libya is open to international trade and shipping,” said markets editor Michelle Wiese Bockmann, from shipping newspapers Lloyd’s List.
The potential of unrest in Nigeria, after the postponement of elections there was also worrying markets.
Nigeria output of 2.4 million barrels of oil a day makes it Africa’s top producer and it is a major supplier to the United States.
Improving global economic data also helped boost prices recently. Strong U.S. jobs figures and Chinese manufacturing numbers last week suggested demand in the two largest crude consumers will likely stay robust.
But higher prices for crude products such as gasoline, diesel and heating oil threaten to quicken inflation and push central banks to raise interest rates, which in turn could cool economic growth and oil demand.
“Many commodity prices are reaching danger levels that, while boosting inflation in the short term, will also undermine global demand for these same commodities over the medium term, increasing the chances that prices subsequently collapse,” Capital Economics said.
The market, meanwhile, was awaiting information about the level of U.S. oil stockpiles.
Data for the week ending April 1 is expected to show a build of 1.3 million barrels in crude oil stocks and a draw of 2.1 million barrels in gasoline stocks, according to a survey of analysts by Platts, the energy information arm of McGraw-Hill Cos.
The American Petroleum Institute will release its report on oil stocks later Tuesday, while the report from the Energy Department’s Energy Information Administration — the market benchmark — will be out on Wednesday.
In other Nymex trading in April contracts, heating oil fell 1.98 cents to $3.1516 a gallon and gasoline dropped 1.32 cents to $3.1556 a gallon. Natural gas futures were down 2.5 cents at $4.264 per 1,000 cubic feet.
(TSX:ECA), (TSX:IMO), (TSX:SU), (TSX:HSE), (NYSE:BP), (NYSE:COP), (NYSE:XOM), (NYSE:CVX), (TSX:CNQ), (TSX:TLM), (TSX:COS.UN), (TSX:CVE)
DLC Clearlease currently has the following employment opportunities available: http://clearlease.com/Career-Opportunities.html
About DLC Clearlease
Equipment Leasing Equipment Lease Financing in Vancouver Surrey Delta Richmond Langley New Westminster North Vancouver West Vancouver Calgary Edmonton Kerrisdale Coquitlam Abbotsford B.C. Also offering Automobile Lease Financing and Mortgage information. Founded by the Pidgeon brothers, DLC Clearlease is a free service that can qualify you for an automobile or equipment lease finance. You save time and effort by giving DLC Clearlease.com your information just once; DLC Clearlease has partnered with over 100 lenders to offer you the best rates and service, comparable to none. We offer a simple application process available at http://clearlease.com/How-to-Apply.html .
You may have recently seen a Dominion Lending advertisement on such media outlets as: Global News, CTV News, CBC Television, Rogers Sportsnet or possibly heard the great Don Cherry, a Canadian Sports legend, discuss Dominion Lending Centres.
Contact DLC Clearlease.com:
Dominion Lending Centres Clearlease
HEAD OFFICE, Bentall Two, Suite 900, 555 Burrard Street, Vancouver, BC, V7X 1M8, CANADA.
Mr. A. Pidgeon, Editor in Chief
Tel: (604) 696-1221 ext. 177
eMail: [email protected]
Website: http://www.clearlease.com
News: http://clearlease.com/category/equipment-lease-blog/feed/rss
Twitter: @clearlease
###
Vancouver, B.C., Canada (April 5, 2011) – Clearlease.com Reports Oil prices remained near 31-month highs but slipped below US$108 per barrel Tuesday, amid expectations that U.S. crude stockpiles have risen and hopes that Libya is slowly resuming shipments of oil from rebel-held ports.
By early afternoon in Europe, benchmark crude for April delivery was down 58 cents at $107.89 a barrel in electronic trading on the New York Mercantile Exchange. On Monday, the contract gained 53 cents to settle at $108.47, the highest since September 2008.
In London, Brent crude for April delivery was down 47 cents to $120.59 a barrel on the ICE Futures exchange.
Prices also drifted lower as traders booked profits and mulled whether political uprisings in the Middle East and signs of strong global crude demand justify the 30 per cent rally that started in mid-February.
On Monday, Libyan rebels fought forces loyal to Moammar Gadhafi in the Mediterranean oil port of Brega. Control of the town has switched sides several times since the rebellion began in February.
“This is becoming a long-drawn out fight that promises to dominate headlines for weeks and potentially months,” Cameron Hanover said in a report. “One has to wonder what kind of long-term damage may be inflicted on oil facilities in this key coastal city.”
Most of Libya’s 1.6 million barrels a day of crude output capacity has been shut down by the fighting. However, supplies from other oil producers in the Middle East and North Africa have not been disrupted, and some analysts expect oil prices will drop as protests in the region die down.
“The worst fears of contagion to other major producers have not been proved right,” Capital Economics said. “In time we expect the geopolitical risk premium in oil prices to fall away.”
Meanwhile, a tanker was on its way to Libya’s rebel-held port of Marsa el-Hariga on Tuesday to load up a shipment of oil for export.
The delivery would be only a tiny fraction of Libya’s pre-crisis exports, but is viewed as a symbolic step forward.
“The significance is not only that this is the first shipment in 18 days, but also a signal that Libya is open to international trade and shipping,” said markets editor Michelle Wiese Bockmann, from shipping newspapers Lloyd’s List.
The potential of unrest in Nigeria, after the postponement of elections there was also worrying markets.
Nigeria output of 2.4 million barrels of oil a day makes it Africa’s top producer and it is a major supplier to the United States.
Improving global economic data also helped boost prices recently. Strong U.S. jobs figures and Chinese manufacturing numbers last week suggested demand in the two largest crude consumers will likely stay robust.
But higher prices for crude products such as gasoline, diesel and heating oil threaten to quicken inflation and push central banks to raise interest rates, which in turn could cool economic growth and oil demand.
“Many commodity prices are reaching danger levels that, while boosting inflation in the short term, will also undermine global demand for these same commodities over the medium term, increasing the chances that prices subsequently collapse,” Capital Economics said.
The market, meanwhile, was awaiting information about the level of U.S. oil stockpiles.
Data for the week ending April 1 is expected to show a build of 1.3 million barrels in crude oil stocks and a draw of 2.1 million barrels in gasoline stocks, according to a survey of analysts by Platts, the energy information arm of McGraw-Hill Cos.
The American Petroleum Institute will release its report on oil stocks later Tuesday, while the report from the Energy Department’s Energy Information Administration — the market benchmark — will be out on Wednesday.
In other Nymex trading in April contracts, heating oil fell 1.98 cents to $3.1516 a gallon and gasoline dropped 1.32 cents to $3.1556 a gallon. Natural gas futures were down 2.5 cents at $4.264 per 1,000 cubic feet.
(TSX:ECA), (TSX:IMO), (TSX:SU), (TSX:HSE), (NYSE:BP), (NYSE:COP), (NYSE:XOM), (NYSE:CVX), (TSX:CNQ), (TSX:TLM), (TSX:COS.UN), (TSX:CVE)
DLC Clearlease currently has the following employment opportunities available: http://clearlease.com/Career-Opportunities.html
About DLC Clearlease
Equipment Leasing Equipment Lease Financing in Vancouver Surrey Delta Richmond Langley New Westminster North Vancouver West Vancouver Calgary Edmonton Kerrisdale Coquitlam Abbotsford B.C. Also offering Automobile Lease Financing and Mortgage information. Founded by the Pidgeon brothers, DLC Clearlease is a free service that can qualify you for an automobile or equipment lease finance. You save time and effort by giving DLC Clearlease.com your information just once; DLC Clearlease has partnered with over 100 lenders to offer you the best rates and service, comparable to none. We offer a simple application process available at http://clearlease.com/How-to-Apply.html .
You may have recently seen a Dominion Lending advertisement on such media outlets as: Global News, CTV News, CBC Television, Rogers Sportsnet or possibly heard the great Don Cherry, a Canadian Sports legend, discuss Dominion Lending Centres.
Contact DLC Clearlease.com:
Dominion Lending Centres Clearlease
HEAD OFFICE, Bentall Two, Suite 900, 555 Burrard Street, Vancouver, BC, V7X 1M8, CANADA.
Mr. A. Pidgeon, Editor in Chief
Tel: (604) 696-1221 ext. 177
eMail: [email protected]
Website: http://www.clearlease.com
News: http://clearlease.com/category/equipment-lease-blog/feed/rss
Twitter: @clearlease
###