February 4, 2010 03:35 EST
Feb. 4 (Bloomberg) -- Crude oil declined for a second day after a U.S. Energy Department report yesterday showed a bigger- than-forecast increase in inventories as refineries idled units and imports climbed.
Oil fell below $77 a barrel in New York after the report said refineries operated at 77.7 percent of capacity, the
lowest rate since at least 1989, excluding two periods of hurricane strikes along the Gulf of Mexico.
Crude stockpiles rose 2.32 million barrels to 329 million last week. A 400,000-barrel gain was forecast in a Bloomberg News survey of analysts.
“That 77 percent number is quite low,” said
Clarence Chu, an options trader at Hudson Capital Energy in Singapore. “Demand is still getting weaker. People are at a crossroads. The sentiment is still quite bearish but we’re on an uptrend.”
Crude oil for March delivery fell as much as 43 cents, or 0.6 percent, to $76.55 a barrel in electronic trading on the New York Mercantile Exchange. It was at $76.57 at 8:33 a.m. London time. Yesterday, the contract fell 25 cents to settle at $76.98. Futures, which gained 78 percent in 2009, are down 3 percent so far this year.
“The refinery capacity utilization number really stood out,” said
Toby Hassall, a commodity analyst at CWA Global Markets Pty in Sydney. “It goes to show that demand for crude is really not there at the moment.”
....
Oil Imports
U.S. crude oil
imports climbed 7.1 percent to 8.43 million barrels a day last week, the biggest increase since September, the Energy Department’s report showed. Fuels brought into the country rose 2.6 percent to 2.95 million barrels a day, the highest level since November.
Imports were delayed after the Houston Ship Channel, the country’s largest petroleum port, was closed from Jan. 19 to Jan. 21 due to fog. Supplies were further reduced after the Sabine Neches Waterway in Texas was shut for five days following an oil spill.
Prices also declined yesterday as the dollar gained against the euro for the first time in three days after a report showed U.S. companies cut fewer jobs. A stronger U.S. currency reduces the appeal of commodities as an alternative investment.
The dollar traded at $1.3848 per euro at 8:30 a.m. in London, from $1.3893 yesterday in New York, amid speculation the European Central Bank will refrain from ending emergency measures at a meeting today as Greece struggles to contain its deficit.
Brent crude for March settlement fell as much as 55 cents, or 0.7 percent, to $75.37 a barrel on the London-based ICE Futures Europe exchange. It was at $75.47 at 8:33 a.m. London time. The contract dropped 14 cents to $75.92 at the end of yesterday’s session.
Crude Oil Drops for a Second Day on U.S. Crude Supplies Gain - Bloomberg.com
...il crudo ha come resistenza
)
vista l'inversione)
ma se setti fibonacci il 61,8 ci porta a target
