“It looks like we have a temporary glut within t
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Posted On: 03/16/2015 1:07:13 PM
“It looks like we have a temporary glut within the glut,” Jens Naervig Pedersen, a commodities analyst at Danske Bank A/S, said by e-mail from Copenhagen. “Weak demand, moderate economic growth and a stronger dollar cannot keep pace with production, which continues to look relatively strong. Consequently, inventories are moving closer to capacity.”
West Texas Intermediate for April delivery lost as much as 2.8 percent to $43.57 a barrel in electronic trading on the New York Mercantile Exchange, and was at $44.62 at 10:33 a.m. London time. The contract fell $2.21 to $44.84 on Friday, capping a 9.6 percent loss for the week, the most since December. The volume of all futures traded was about 30 percent above the 100-day average for the time of day. Prices have decreased 16 percent this year.
West Texas Intermediate for April delivery lost as much as 2.8 percent to $43.57 a barrel in electronic trading on the New York Mercantile Exchange, and was at $44.62 at 10:33 a.m. London time. The contract fell $2.21 to $44.84 on Friday, capping a 9.6 percent loss for the week, the most since December. The volume of all futures traded was about 30 percent above the 100-day average for the time of day. Prices have decreased 16 percent this year.
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