NYMEX crude settles higher; Libya concerns offset bearish economic
data
New York (Platts)--12Aug2013/318 pm EDT/1918 GMT
NYMEX September crude futures settled 14 cents higher at
$106.11/barrel Monday as supply concerns from Libya lent support to a
market weighed down by bearish economic data.
September ULSD settled 2.74 cents higher at $3.0209/gal and September
RBOB ended the session down 41 points at $2.9041/gal.
ICE September Brent ended 75 cents higher at $108.97/b.
Oil prices retreated as a weak GDP number from Japan overnight set a
bearish tone to start the week, said Matt Smith, commodity analyst at
Schneider Electric.
"Somewhat offsetting this news is ongoing supply concerns in Libya, as
its biggest oil terminal has been closed again," Smith said.
Crude oil loadings remain halted out of Libya's Es Sider and Ras Lanuf
export terminals, European traders said Monday, as the current wave of
strikes and demonstrations enter their third consecutive week.
"Reports of Es Sider coming back got reversed quickly and apparently it
is not back," a European trader said.
Tim Evans, commodity analyst at Citi Futures Perspective, said the
market was mixed in early trade after Japan and Greece both reported Q2
GDP that was "disappointing in their own way."
Japan's data was weaker than expected, with growth at a 2.6% annualized
rate slowing from the first three months of the year on weak capital
spending. In Greece, the Q2 report was better than expected, but a 4.6%
annualized rate of decline is not exactly good news, Evans said.
NYMEX RBOB was "the weakest performer ... after having surged the most
on Friday, with traders possibly recalling that August 2 gasoline
inventories were 8.5% higher than a year ago with just a month to go in
the summer driving season," Evans said.
--Alison Ciaccio,
alison.ciaccio@platts.com
--Edited by
richard.rubin@platts.com
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