Unexpected drop in crude stockpiles pushes oil above US$111 a barrel – Dominion Lending Centres Clearlease
VANCOUVER, BRITISH COLUMBIA – (April 21, 2011) Clearlease.com Reports Oil settled above US$111 a barrel Wednesday as the greenback weakened and the U.S. government reported an unexpected drop in American crude supplies.
Benchmark West Texas Intermediate oil for June delivery gained $3.17 to settle at $111.45 a barrel on the New York Mercantile Exchange.
Oil has increased 20 per cent since the beginning of the year as investors anticipated rising global demand and unrest in North Africa and the Middle East threatened oil fields and shipping lanes vital to world supply.
In London, Brent crude rose $2.52 to settle at US$123.85 a barrel on the ICE Futures exchange.
The surge in oil had cooled recently as industry groups monitored the effect of higher prices on petroleum demand and the global economy. The International Energy Agency, OPEC and others have said that they see signs that consumers are using less fuel as prices rise.
In the U.S., retail surveys by MasterCard SpendingPulse indicate that motorists have cut back on gasoline purchases for the past seven weeks.
Oil rose Wednesday as the dollar lost ground to the euro, the British pound and other major currencies. The dollar has been sliding since Standard & Poor’s downgraded its outlook for U.S. debt earlier this week. Oil, which is priced in dollars, tends to rise as the dollar falls. That makes crude contracts cheaper for investors holding other currencies.
The Energy Information Administration reported that U.S. oil supplies unexpectedly shrank by 2.3 million barrels last week. Analysts expected an increase of 1.6 million barrels.
At least some of the decline occurred because refineries used more crude to produce gasoline and other products, while crude imports declined.
“The decline in imports suggests refiners were unwilling to bring in higher-priced foreign barrels,” said Platts senior oil analyst Linda Rafield.
EIA also reported that gasoline supplies fell by 1.6 million barrels last week. Some analysts have pointed to falling supplies as a sign that U.S. demand is holding steady. Yet Andrew Lipow, president of Lipow Oil Associates in Houston, said the drop in gasoline supplies may have more to do with many refineries along the East Coast being on hold for routine maintenance and other issues.
EIA data show that gasoline demand has dropped for the past three weeks, when compared with levels from a year ago.
Gasoline pump prices keep rising nevertheless. Fred Rozell, the retail pricing director at OPIS, said pump prices should increase a little more this summer as refineries switch to summer gasoline blends that are more expensive to produce. Summer blends already account for roughly 80 per cent of the gasoline sold, Rozell said. The rest will be at the pumps in the next several weeks.
In other Nymex trading for May contracts, heating oil added 6.29 cents to settle at US$3.2214 a U.S. gallon (3.78 litres) and gasoline futures increased 4.42 cents to settle at US$3.2773 a gallon. Natural gas gained 4.8 cents to settle at US$4.310 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)
For more information please visit us at: http://www.clearlease.com/Career-Opportunities.html
About Dominion Lending Centres Clearlease
Dominion Lending Centres Clearlease Commercial (DLC Clearlease/Clearlease.com) is a fully diversified Lease Finance Mortgage Banking Brokerage Company specializing in Equipment Leasing, Automobile Leasing, Residential, Commercial Lending/Mortgage Financing. DLC Clearlease possesses the capability to accommodate financing needs ranging from a small second Home Mortgage to a Multi-Million Dollar Commercial Projects. No mortgage is too small or too large for this integrated Company.
Headquartered in Downtown Vancouver, British Columbia. We’re expanding in Q2, 2011 to Calgary and Edmonton, Alberta! In Q3, 2011 we are expanding in Toronto, Ontario! Dominion Lending Centres Clearlease services clients from Coast to Coast. Our Residential Group has a team of Licensed Mortgage Brokers offering our clients the best terms and rates available in the current market. Our Commercial Funding/Mortgage Group is active across Canada Funding Mortgages in cities such as Toronto, Edmonton, Calgary, Vancouver and Victoria.
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, BRITISH COLUMBIA – (April 21, 2011) Clearlease.com Reports Oil settled above US$111 a barrel Wednesday as the greenback weakened and the U.S. government reported an unexpected drop in American crude supplies.
Benchmark West Texas Intermediate oil for June delivery gained $3.17 to settle at $111.45 a barrel on the New York Mercantile Exchange.
Oil has increased 20 per cent since the beginning of the year as investors anticipated rising global demand and unrest in North Africa and the Middle East threatened oil fields and shipping lanes vital to world supply.
In London, Brent crude rose $2.52 to settle at US$123.85 a barrel on the ICE Futures exchange.
The surge in oil had cooled recently as industry groups monitored the effect of higher prices on petroleum demand and the global economy. The International Energy Agency, OPEC and others have said that they see signs that consumers are using less fuel as prices rise.
In the U.S., retail surveys by MasterCard SpendingPulse indicate that motorists have cut back on gasoline purchases for the past seven weeks.
Oil rose Wednesday as the dollar lost ground to the euro, the British pound and other major currencies. The dollar has been sliding since Standard & Poor’s downgraded its outlook for U.S. debt earlier this week. Oil, which is priced in dollars, tends to rise as the dollar falls. That makes crude contracts cheaper for investors holding other currencies.
The Energy Information Administration reported that U.S. oil supplies unexpectedly shrank by 2.3 million barrels last week. Analysts expected an increase of 1.6 million barrels.
At least some of the decline occurred because refineries used more crude to produce gasoline and other products, while crude imports declined.
“The decline in imports suggests refiners were unwilling to bring in higher-priced foreign barrels,” said Platts senior oil analyst Linda Rafield.
EIA also reported that gasoline supplies fell by 1.6 million barrels last week. Some analysts have pointed to falling supplies as a sign that U.S. demand is holding steady. Yet Andrew Lipow, president of Lipow Oil Associates in Houston, said the drop in gasoline supplies may have more to do with many refineries along the East Coast being on hold for routine maintenance and other issues.
EIA data show that gasoline demand has dropped for the past three weeks, when compared with levels from a year ago.
Gasoline pump prices keep rising nevertheless. Fred Rozell, the retail pricing director at OPIS, said pump prices should increase a little more this summer as refineries switch to summer gasoline blends that are more expensive to produce. Summer blends already account for roughly 80 per cent of the gasoline sold, Rozell said. The rest will be at the pumps in the next several weeks.
In other Nymex trading for May contracts, heating oil added 6.29 cents to settle at US$3.2214 a U.S. gallon (3.78 litres) and gasoline futures increased 4.42 cents to settle at US$3.2773 a gallon. Natural gas gained 4.8 cents to settle at US$4.310 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)
For more information please visit us at: http://www.clearlease.com/Career-Opportunities.html
About Dominion Lending Centres Clearlease
Dominion Lending Centres Clearlease Commercial (DLC Clearlease/Clearlease.com) is a fully diversified Lease Finance Mortgage Banking Brokerage Company specializing in Equipment Leasing, Automobile Leasing, Residential, Commercial Lending/Mortgage Financing. DLC Clearlease possesses the capability to accommodate financing needs ranging from a small second Home Mortgage to a Multi-Million Dollar Commercial Projects. No mortgage is too small or too large for this integrated Company.
Headquartered in Downtown Vancouver, British Columbia. We’re expanding in Q2, 2011 to Calgary and Edmonton, Alberta! In Q3, 2011 we are expanding in Toronto, Ontario! Dominion Lending Centres Clearlease services clients from Coast to Coast. Our Residential Group has a team of Licensed Mortgage Brokers offering our clients the best terms and rates available in the current market. Our Commercial Funding/Mortgage Group is active across Canada Funding Mortgages in cities such as Toronto, Edmonton, Calgary, Vancouver and Victoria.
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
###Unexpected drop in crude stockpiles pushes oil above US$111 a barrel – Dominion Lending Centres Clearlease
VANCOUVER, BRITISH COLUMBIA – (April 21, 2011) Clearlease.com Reports Oil settled above US$111 a barrel Wednesday as the greenback weakened and the U.S. government reported an unexpected drop in American crude supplies.
Benchmark West Texas Intermediate oil for June delivery gained $3.17 to settle at $111.45 a barrel on the New York Mercantile Exchange.
Oil has increased 20 per cent since the beginning of the year as investors anticipated rising global demand and unrest in North Africa and the Middle East threatened oil fields and shipping lanes vital to world supply.
In London, Brent crude rose $2.52 to settle at US$123.85 a barrel on the ICE Futures exchange.
The surge in oil had cooled recently as industry groups monitored the effect of higher prices on petroleum demand and the global economy. The International Energy Agency, OPEC and others have said that they see signs that consumers are using less fuel as prices rise.
In the U.S., retail surveys by MasterCard SpendingPulse indicate that motorists have cut back on gasoline purchases for the past seven weeks.
Oil rose Wednesday as the dollar lost ground to the euro, the British pound and other major currencies. The dollar has been sliding since Standard & Poor’s downgraded its outlook for U.S. debt earlier this week. Oil, which is priced in dollars, tends to rise as the dollar falls. That makes crude contracts cheaper for investors holding other currencies.
The Energy Information Administration reported that U.S. oil supplies unexpectedly shrank by 2.3 million barrels last week. Analysts expected an increase of 1.6 million barrels.
At least some of the decline occurred because refineries used more crude to produce gasoline and other products, while crude imports declined.
“The decline in imports suggests refiners were unwilling to bring in higher-priced foreign barrels,” said Platts senior oil analyst Linda Rafield.
EIA also reported that gasoline supplies fell by 1.6 million barrels last week. Some analysts have pointed to falling supplies as a sign that U.S. demand is holding steady. Yet Andrew Lipow, president of Lipow Oil Associates in Houston, said the drop in gasoline supplies may have more to do with many refineries along the East Coast being on hold for routine maintenance and other issues.
EIA data show that gasoline demand has dropped for the past three weeks, when compared with levels from a year ago.
Gasoline pump prices keep rising nevertheless. Fred Rozell, the retail pricing director at OPIS, said pump prices should increase a little more this summer as refineries switch to summer gasoline blends that are more expensive to produce. Summer blends already account for roughly 80 per cent of the gasoline sold, Rozell said. The rest will be at the pumps in the next several weeks.
In other Nymex trading for May contracts, heating oil added 6.29 cents to settle at US$3.2214 a U.S. gallon (3.78 litres) and gasoline futures increased 4.42 cents to settle at US$3.2773 a gallon. Natural gas gained 4.8 cents to settle at US$4.310 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)
For more information please visit us at: http://www.clearlease.com/Career-Opportunities.html
About Dominion Lending Centres Clearlease
Dominion Lending Centres Clearlease Commercial (DLC Clearlease/Clearlease.com) is a fully diversified Lease Finance Mortgage Banking Brokerage Company specializing in Equipment Leasing, Automobile Leasing, Residential, Commercial Lending/Mortgage Financing. DLC Clearlease possesses the capability to accommodate financing needs ranging from a small second Home Mortgage to a Multi-Million Dollar Commercial Projects. No mortgage is too small or too large for this integrated Company.
Headquartered in Downtown Vancouver, British Columbia. We’re expanding in Q2, 2011 to Calgary and Edmonton, Alberta! In Q3, 2011 we are expanding in Toronto, Ontario! Dominion Lending Centres Clearlease services clients from Coast to Coast. Our Residential Group has a team of Licensed Mortgage Brokers offering our clients the best terms and rates available in the current market. Our Commercial Funding/Mortgage Group is active across Canada Funding Mortgages in cities such as Toronto, Edmonton, Calgary, Vancouver and Victoria.
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
###