Trade Crude Oil

Washington, D.C., United States (AHN) – Oil prices on Friday continued falling after light, sweet crude oil futures for September delivery had settled at $86.63 per barrel in Thursday trading on the New York Mercantile Exchange.

Thursday’s price was down 5.8 percent from Wednesday, pushed down by a combination of weak economic growth in the United States and concerns over energy demand in Europe where eurozone debt worries throw a shadow over the economy.

However, Brent oil futures were up by 0.5 percent to $107.82 per barrel in U.S. trading on Friday morning.

Consumer spending has dropped in the U.S. causing consumer demand for gasoline to drop by 3.6 percent in July compared to the same month a year earlier.

The prospect of a double-dip recession in the U.S. could cause major shifts in world oil prices. The U.S. is the world’s largest gasoline consumer, using from 8.5 million to 9 million barrels per day.

In the past, falling demand in developed nations, particularly in the U.S. has caused Organization of Petroleum Exporting Countries oil ministers to worry. And OPEC nations could act by cutting production to shore up prices.

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Washington, D.C., United States (AHN) – Sales of existing homes in May fell by 3.8 percent from a month earlier to a seasonally adjusted annual rate of 4.81 million, according to a report by the National Association of Realtors.

That put existing home sales at its slowest rate in the last six months, since November.

Moreover, sales were down by more than 15 percent when compared to May 2010.

With a 9.3-month supply of housing units on the market, prices continue to drop and the continued high unemployment rate is being blamed for the shortage of buyers.

However, NAR’s chief economist, Lawrence Yun, also blamed temporary factors.

“Spiking gasoline prices along with widespread severe weather hurt house shopping in April, leading to soft figures for actual closings in May,” he said. “Current housing market activity indicates a very slow pace of broader economic activity, but recent reversals in oil prices are likely to mitigate the impact going forward. The pace of sales activity in the second half of the year is expected to be stronger than the first half, and will be much stronger than the second half of last year.”

He also blamed financing problems for the slow-down in existing housing sales.

“Even with recent economic softness, this is a disappointing performance with home sales being held back by overly restrictive loan underwriting standards,” Yun said. “There’s been a pendulum swing from very loose standards which led to the housing boom to unnecessarily restrictive practices as an overreaction to the housing correction – this overreaction is clearly holding back the recovery.”

Although housing prices continue to drop in some areas, especially those with high numbers of foreclosures in the pipeline, in areas with good employment conditions housing prices are stable or increasing. Areas with those conditions included Alaska, North Dakota, Washington, D.C. and some areas in Texas.

Overall, the national median price for all existing housing types was $166,500 in May, down 4.6 percent from May 2010, while distressed homes were typically selling at discounts of around 20 percent. Existing housing sales for distressed properties represented about 31 percent of sales in May, a decrease of 37 percent in April, NAR said.

The data for existing home sales counts single-family, townhomes, condominiums and co-ops.

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This digital document is an article from APS Review Downstream Trends, published by Pam Stein/Input Solutions on November 8, 2004. The length of the article is 691 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.

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Title: Saudi Aramco Raises Propane Price & Cuts Premia On Naphtha As Ethylene Margins Fall.
Publication: APS Review Downstream Trends (Newsletter)
Date: November 8, 2004
Publisher: Pam Stein/Input Solutions
Volume: 63 Issue: 19

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Saudi Aramco Raises Propane Price & Cuts Premia On Naphtha As Ethylene Margins Fall.: An article from: APS Review Downstream Trends

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Deflation is one of the most feared terms in economics. It immediately conjures visions of abandoned farms and idle factories, streams of unemployed workers standing in breadlines. So when Federal Reserve Board Chairman Alan Greenspan started talking openly in 2003 about his fears of deflation, it sent waves of shock through the business press and the public. Many feared that the United States was entering a period of prolonged slump after a pronounced boom, much… More >>

Deflation: What Happens When Prices Fall

NEW YORK (MarketWatch) — Treasury prices fell Wednesday, pushing yields up, as positive corporate news boosted investors’ interest in stocks and moving away from the relative safety of U.S. bonds and the dollar. “Treasurys are lower after strong earnings from tech giants Intel and IBM have given a solid lift to global stock markets,” said strategists at RBS Securities. Yields on 10-year notes , which move inversely to prices, rose 3 basis points to 3.40%. As the only data of the day, the U.S. will report new homes sales at 10 a.m. Eastern time. Also, the Federal Reserve will purchase inflation-indexed debt in its last buyback of the week.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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SAVERS face a longer wait for any boost to their income, with the drop in inflation reported last week expected to result in interest rates remaining low until much later this year.

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Investor sentiment was also dented by weaker Asian markets as rising commodity prices stoked worries about inflationary pressures globally

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Benchmark West Texas Intermediate crude for April delivery fell 35 cents to settle at $101.07 per barrel.

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Increasing violence in Libya caused oil prices to rise and stocks to fall 80 points to close at 12,090 on Monday. It didn’t help that a Wells Fargo analyst also downgraded the semiconductor industry, sending shares of Intel down by 1.6%.

Continue reading Stocks Fall as Oil Prices Rise and Tech Weighs

Stocks Fall as Oil Prices Rise and Tech Weighs originally appeared on DailyFinance on Mon, 07 Mar 2011 16:15:00. Filed Under: Energy , Technology , Economy , Investing , Earnings , IBM , Intel , Boeing , Cisco Systems , Market News Permalink | Tweet this! | Comments

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Financial stocks trade lower as investors digest housing data and the second spike in as many days in oil prices amid Middle East turmoil.

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