Crude oil futures may fall on speculation that demand from U.S. refineries will decline this month as units are shut for seasonal maintenance. Seventeen of 34 analysts surveyed by Bloomberg News, or 50 percent, said futures will drop through Sept. 11. Eight respondents, or 24 percent,

forecast that the market will rise and nine said prices will be little
changed. Last week, 59 percent of analysts said oil would fall.

Gasoline consumption in the U.S. peaks during the summer, when
Americans take vacations. The so-called driving season lasts from the
Memorial Day weekend in late May to the Labor Day holiday this weekend.
U.S. refineries often shut units for maintenance in September and
October as gasoline demand falls and before heating-oil use increases.

“Shoulder demand fundamentals threaten to push crude oil prices lower
next week, as Labor Day weekend signals the official death knell of the
summer driving season,” said Jason Schenker, president of Prestige
Economics LLC, an Austin, Texas- based energy consultant. “Gasoline
demand was strong this week, but that is likely to fade with onset of
the shoulder period.”

Crude oil for October delivery fell $4.78, or 6.6 percent, to $67.96 a
barrel so far this week on the New York Mercantile Exchange. Oil has
climbed 52 percent this year and has slipped 54 percent from a record
$147.27 reached on July 11, 2008.

The oil survey has correctly predicted the direction of futures 47 percent of the time since its start in April 2004.

Source: Bloomberg

Search to find what you want

• Japan crude stocks falling more than 4-month low

     Japan’s commercial crude inventories fell 3.3 percent last week to their lowest in over four months, while gasoline stocks rose 3.7 percent on higher motor fuel output and falling demand. Gasoline stocks hit 2.18 million kl as output recovered due to a higher refinery utilisation rate, the Petroleum Association of Japan

• Japan crude stocks falling more than 4-month low

     Japan’s commercial crude inventories fell 3.3 percent last week to their lowest in over four months, while gasoline stocks rose 3.7 percent on higher motor fuel output and falling demand. Gasoline stocks hit 2.18 million kl as output recovered due to a higher refinery utilisation rate, the Petroleum Association of Japan

• U.S. crude oil stocks fall big log fuels by

    U.S. crude oil stocks posted a much larger-than-anticipated fall last week on lower imports and higher demand from refiners ahead of the Labor Day holiday, the Energy Information Administration said in data released Thursday. Commercial crude oil stocks in the United States fell 5.9 million barrels to 337.5 million barrels in

• Crude Oil May decline to increase in U.S. supplies, Survey Shows

    Crude oil may fall next week as U.S.

• Crude Oil May Decline Next Week as Demand Drops, Survey Shows

    Crude oil futures may decline as refineries slow operations and demand decreases before the North American heating season begins, a Bloomberg News survey showed. Fifteen of 31 analysts, or 48 percent, said futures will drop through Oct. 9. Six respondents, or 19 percent, forecast that the market will rise and

• Fourth week increase for steel prices in China

    China’s steel prices continued their upward momentum this week (November 9 to 13), though several products will fall this weekend, according to the information provider MySteel.com. This is the fourth week in a row that steel prices have increased. Prices of building steel and medium plates have generally lifted, by

• Oil May Rise as U.S. Supplies Drop, Survey Shows

    Crude oil may increase next week on speculation that inventories will decline as imports drop and fuel demand strengthens, a Bloomberg News survey showed.

• Analysts about the direction of oil prices, Survey Shows Split

    Analysts surveyed by Bloomberg News were split over whether crude oil prices will rise or fall next week amid above-average inventories and prices that are the highest in a year. Twelve of 31 analysts, or 39 percent, said futures will drop through Oct. 23. Another 12 respondents predicted that oil will

• Crude oil may decline as fuel supplies improve, Survey Shows

    Crude oil futures may decline as U.S. fuel inventories climb and consumption decreases, a Bloomberg News survey showed. Eleven of 29 analysts, or 38 percent, said futures will drop through Oct. 16. Ten respondents, or 34 percent, forecast that the market will rise and eight said prices will be little changed.

• Crude Oil May decline in the face of rising fuel supply, survey shows

    Crude oil futures may decline in anticipation of extended increases in U.S. fuel supplies as demand drops. Twenty-four of 44 analysts surveyed by Bloomberg News, or 55 percent, said futures will drop through Oct. 2. Seven respondents, or 16 percent, forecast that the market will rise and 13 said prices

• U.S. burn coal by 2 percent per week – Genscape

    U.S.

• Crude oil, the U.S. stocks on Ample, survey shows

    Crude oil futures may fall on speculation that U.S. fuel inventories will be sufficient to meet demand that’s been cut by the recession. Twenty-one of 36 analysts surveyed by Bloomberg News, or 58 percent, said futures will decline through Aug. 14. Eight respondets, or 22 percent, forecast that the market

• Crude oil may extend gains as accessories, poll shows

     Crude oil may decline on speculation that U.S. inventories will extend gains as demand lags because of the recession, a survey of analysts showed. Twenty-four of 35 analysts surveyed by Bloomberg News, or 69 percent, said futures will fall through August 7. It’s the most bearish response since March 2008. Six respondents, or

• Storms cause a disruption of normal Oil Production Operations in the Gulf Region

    Two storms are stirring up weather in the Gulf of Mexico that will affect the production of the energy industry beginning this weekend and continuing into Monday. Ida will move northward into the southern Gulf of Mexico by Monday, likely as a hurricane.

• U.S. coal-burning to 4 percent for weekly Genscape

    U.S. coal consumption during the past week rose 4 percent from the previous week but was down 6 percent from the same week last year, Genscape said