New York oil hits record high $78.77
Sunday, 5 August 2007
LONDON, Aug 4 (AFP): The price of New York oil surged this week to a historic peak above 78 dollars per barrel, propelled by falling crude reserves in key energy consumer the United States, analysts said.
Meanwhile, commodity traders kept a keen eye on the state of global financial markets this week, as equities tumbled on fears that the troubled US housing market could spread to the global economy.
"Concerns about sub-prime woes were still very much at the forefront of many people's minds," noted analysts at the Sucden brokerage in London.
"The markets remain volatile as we head towards the end of a tricky trading week."
OIL: The price of New York oil soared to a record high of 78.77 dollars a barrel, as plunging US crude inventories stoked fears about stretched energy supplies around the world, traders said.
New York's light sweet crude leapt to the all-time high point after the US Department of Energy said that US crude stocks sank by 6.5 million barrels in the week ended July 27.
That was far heavier than market expectations for a drop of 1.13 million barrels.
OPEC has resisted previous IEA appeals to pump more crude to keep oil prices down, arguing that higher prices reflect not supply tightness but rather refining problems in the United States and geopolitical tensions.
BASE METALS: Base metals prices were a mixed bag this week as the complex was roiled by uncertainty across global stock markets.
On Friday, the price of copper for delivery in three months decreased to 7,785 dollars a tonne on the London Metal Exchange, from 7,795 dollars a week earlier.
Three-month aluminium prices recoiled to 2,675 dollars a tonne, from 2,744 dollars.
Three-month nickel prices slid to 28,600 dollars a tonne, from 30,899 dollars.
Three-month lead prices rose to 3,300 dollars a tonne, from 3,035 dollars.
Three-month zinc prices declined to 3,410 dollars a tonne, from 3,470 dollars.
Three-month tin prices advanced to 16,237 dollars a tonne, from 15,499 dollars.
GOLD: Gold prices firmed amid slim pickings across the precious metals sector.
Soaring crude oil prices traditionally increase the price of gold as investors seek to safeguard their cash from inflationary pressures.
On the London Bullion Market, gold edged up to 670.50 dollars an ounce at Friday's late fixing, from 660.50 dollars a week earlier.
SILVER: Silver prices nudged higher in line with sister metal gold.
On the London Bullion Market, silver rose to 12.96 dollars an ounce at Friday's late fixing, from 12.75 dollars a week earlier.
PLATINUM: Palladium and platinum prices eked out slim gains amid the persistent strike threat in South Africa.
On the London Platinum and Palladium Market, platinum firmed to 1,286 dollars an ounce at the late fixing Friday, from 1,284 dollars a week earlier. Palladium increased marginally to 364 dollars an ounce, from 362 dollars.
COCOA: Cocoa prices fell as supply concerns eased.
"Reports of a good upcoming main crop from West Africa weighs," said Sucden analysts.
By Friday on the LIFFE, London's futures exchange, the price of cocoa for September delivery dropped to 991 pounds a tonne, from 1,018 pounds a week earlier.
On the New York Board of Trade (NYBOT), the September contract fell to 1,914 dollars a tonne, from 1,937 dollars the previous Friday.
COFFEE: Coffee prices rose on speculative buying.
By Friday on the LIFFE, Robusta quality for September delivery rose to 1,836 dollars a tonne, from 1,784 dollars one week earlier.
On the NYBOT, Arabica for September delivery advanced to 117.70 US cents a pound, from 112.55 cents.
SOYA: Grains and soya prices rose, while wheat steadied.
"The (weather) forecasts present again a lot of rain opportunities and that might be again a negative factor" for prices next week, said AG Edwards analyst Bill Nelson.
By Friday on the Chicago Board of Trade, the price of maize for September delivery rose to 3.26 dollars a bushel, from 3.21 dollars a week earlier.
Wheat for September delivery decreased to 6.49 dollars a bushel, from 6.53 dollars.
August-dated soyabean meal-used in animal feed-gained to 8.36 dollars, from 8.15 dollars.
On the LIFFE, the price per tonne of wheat for November delivery firmed to 133.75 pounds, from 132 pounds.
SUGAR: Sugar prices were mixed. Fimat analyst James Cassidy said traders were torn between supportive short-term factors, such as late harvest in key producer Brazil, and negative long-term factors like the prospect of a global surplus this year.
By Friday on the LIFFE, the price a tonne of white sugar for October delivery retracted to 299.80 dollars, from 310 dollars a week earlier.
On the NYBOT, the price of unrefined sugar for October delivery rose to 10.23 US cents a pound, from 10.04 cents a week earlier.
RUBBER: The price of rubber rose as poor weather conditions persisted in major producing Asian countries Malaysia and Thailand.
On Friday, the Malaysian Rubber Board's benchmark SMR20 increased to 214.35 US cents per kilogramme, from 206.45 US cents the previous week.
WOOL: The price of wool fell in major producer Australia in the first sales since China said it would take no more of the commodity this year because it had already reached its quota. The Australia market reopened following its traditional mid-year break.
Meanwhile, commodity traders kept a keen eye on the state of global financial markets this week, as equities tumbled on fears that the troubled US housing market could spread to the global economy.
"Concerns about sub-prime woes were still very much at the forefront of many people's minds," noted analysts at the Sucden brokerage in London.
"The markets remain volatile as we head towards the end of a tricky trading week."
OIL: The price of New York oil soared to a record high of 78.77 dollars a barrel, as plunging US crude inventories stoked fears about stretched energy supplies around the world, traders said.
New York's light sweet crude leapt to the all-time high point after the US Department of Energy said that US crude stocks sank by 6.5 million barrels in the week ended July 27.
That was far heavier than market expectations for a drop of 1.13 million barrels.
OPEC has resisted previous IEA appeals to pump more crude to keep oil prices down, arguing that higher prices reflect not supply tightness but rather refining problems in the United States and geopolitical tensions.
BASE METALS: Base metals prices were a mixed bag this week as the complex was roiled by uncertainty across global stock markets.
On Friday, the price of copper for delivery in three months decreased to 7,785 dollars a tonne on the London Metal Exchange, from 7,795 dollars a week earlier.
Three-month aluminium prices recoiled to 2,675 dollars a tonne, from 2,744 dollars.
Three-month nickel prices slid to 28,600 dollars a tonne, from 30,899 dollars.
Three-month lead prices rose to 3,300 dollars a tonne, from 3,035 dollars.
Three-month zinc prices declined to 3,410 dollars a tonne, from 3,470 dollars.
Three-month tin prices advanced to 16,237 dollars a tonne, from 15,499 dollars.
GOLD: Gold prices firmed amid slim pickings across the precious metals sector.
Soaring crude oil prices traditionally increase the price of gold as investors seek to safeguard their cash from inflationary pressures.
On the London Bullion Market, gold edged up to 670.50 dollars an ounce at Friday's late fixing, from 660.50 dollars a week earlier.
SILVER: Silver prices nudged higher in line with sister metal gold.
On the London Bullion Market, silver rose to 12.96 dollars an ounce at Friday's late fixing, from 12.75 dollars a week earlier.
PLATINUM: Palladium and platinum prices eked out slim gains amid the persistent strike threat in South Africa.
On the London Platinum and Palladium Market, platinum firmed to 1,286 dollars an ounce at the late fixing Friday, from 1,284 dollars a week earlier. Palladium increased marginally to 364 dollars an ounce, from 362 dollars.
COCOA: Cocoa prices fell as supply concerns eased.
"Reports of a good upcoming main crop from West Africa weighs," said Sucden analysts.
By Friday on the LIFFE, London's futures exchange, the price of cocoa for September delivery dropped to 991 pounds a tonne, from 1,018 pounds a week earlier.
On the New York Board of Trade (NYBOT), the September contract fell to 1,914 dollars a tonne, from 1,937 dollars the previous Friday.
COFFEE: Coffee prices rose on speculative buying.
By Friday on the LIFFE, Robusta quality for September delivery rose to 1,836 dollars a tonne, from 1,784 dollars one week earlier.
On the NYBOT, Arabica for September delivery advanced to 117.70 US cents a pound, from 112.55 cents.
SOYA: Grains and soya prices rose, while wheat steadied.
"The (weather) forecasts present again a lot of rain opportunities and that might be again a negative factor" for prices next week, said AG Edwards analyst Bill Nelson.
By Friday on the Chicago Board of Trade, the price of maize for September delivery rose to 3.26 dollars a bushel, from 3.21 dollars a week earlier.
Wheat for September delivery decreased to 6.49 dollars a bushel, from 6.53 dollars.
August-dated soyabean meal-used in animal feed-gained to 8.36 dollars, from 8.15 dollars.
On the LIFFE, the price per tonne of wheat for November delivery firmed to 133.75 pounds, from 132 pounds.
SUGAR: Sugar prices were mixed. Fimat analyst James Cassidy said traders were torn between supportive short-term factors, such as late harvest in key producer Brazil, and negative long-term factors like the prospect of a global surplus this year.
By Friday on the LIFFE, the price a tonne of white sugar for October delivery retracted to 299.80 dollars, from 310 dollars a week earlier.
On the NYBOT, the price of unrefined sugar for October delivery rose to 10.23 US cents a pound, from 10.04 cents a week earlier.
RUBBER: The price of rubber rose as poor weather conditions persisted in major producing Asian countries Malaysia and Thailand.
On Friday, the Malaysian Rubber Board's benchmark SMR20 increased to 214.35 US cents per kilogramme, from 206.45 US cents the previous week.
WOOL: The price of wool fell in major producer Australia in the first sales since China said it would take no more of the commodity this year because it had already reached its quota. The Australia market reopened following its traditional mid-year break.