Stock Option Tips

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ACE BASE METALS TIPS : SELL 2 LOTS MCX ZINC CMP–112.3 SL–112.8 BFP–111.5

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WTI Crude Drops as U.S. Stockpiles Remain Near 3-Decade High

West Texas Intermediate declined for the first time in three days after an industry report showed U.S. crude stockpiles remained near the highest level in more than 30 years.

WTI (West Texas Intermediate) declined for first time in 3 days after an industry report showed American crude stockpiles remained near highest level in over 3 decades. Futures lost as much as 0.8% in New York, erasing 0.2% gain on Tuesday. American Petroleum Institute said that American inventories slid by 28,000 barrels past week to 392 million. As per Bloomberg news survey, a govt. report today might show decrease of 1.75 million barrels. In May, stockpiles swung between drop of as much as 6.3 million.

Mr. Michael McCarthy, Chief Market Strategist at CMC Markets said that high volatility in weekly numbers over last couple of weeks is a bit of concern with major draws and then replenishment. For August delivery, West Texas Intermediate fell as much as 79 cents to $94.53 a barrel in electronic trading on NYME (New York Mercantile Exchange). Volume of all traded futures was 16% below 100-day average. For August settlement, Brent dropped as much as 0.5% or 53 cents to $100.73 a barrel on London based ICE Futures Europe Exchange.

Fuel Supplies

Gasoline stockpiles increased by 1.3 million barrels past week and supplies are projected to increase by 875,000 barrels. Distillate inventories such as diesel and heating oil climbed by 527,000 barrels, unlike forecast 650,000 barrel gain in the survey. Crude stockpiles at Oklahoma, delivery report for West Texas Intermediate contracts in New York and the largest U.S. oil-storage hub, were up 706,000 barrels at 49.2 million, as per API. In Washington, API collects supply information on voluntary basis from operators of pipelines, bulk terminals and refineries. Government needs that reports be filed with the statistical arm of Energy Department, Energy Information Administration for its weekly survey.

WTI Crude Trims Weekly Drop After Largest Slump in 7 Months

West Texas Intermediate (WTI) crude rebounded after the largest drop in 7 months on Thursday. Prices are headed for the first weekly decline since last month. Futures advanced as much as 0.6%, trimming the loss of the week to 2.3%. Oil is set for first weekly decline in 3 after United States Federal Reserve signaled it will be scaling back manufacturing shrank of China and economic stimulus at a rapid pace. West Texas Intermediate’s discount to Brent, London broadened after closing on Thursday at the smallest since 2011. For August delivery, WTI was at $95.54 a barrel in electronic trading on NYME (New York Mercantile Exchange) at 2:50 PM up 40 cents.

For August settlement, Brent was 48 cents higher at $102.63 a barrel on ICE Futures Europe, a London-based exchange. It decreased 3.7% or $3.97 to $102.15 on Thursday. European benchmark grade ended the session yesterday at premium of $7.01 to West Texas Intermediate futures, the narrowest since 2011. The spread is at $7.12 today. Chairman Ben S. Bernanke stated that U.S. Federal Reserve might start tapering bond purchases in 2013 and end them next year; should the economy continue to enhance. WTI (West Texas Intermediate) is a sweetish, light crude oil from America. Including through its low sulfur content, it is particularly suitable for gasoline production and petroleum refining. The price per barrel WTI oil usually corresponds to the light of North Sea grade Brent Crude; however, might vary slightly.