The prices for oil the macrostatistics of the USAhas knocked down the Prices for oil have finished the auctions of Tuesday, on May, 17th, decrease. Pressure upon quotations was rendered by sad macrostatistics against which there was a falling. However dollar decrease, during all session showing strong volatilnost is closer to the end of day, has allowed the oil market to win back a part of losses.
following the results of the auctions on May, 17th, on New York Mercantile Exchange the price of the future contract for oil of mark WTI with delivery in June has decreased on 0,46 dollars, to 96,91 dollars/ barr. On InterContinental Exchange in London the July contract on oil Brent Crude has fallen in price on 0,85 dollars and was closed on a mark 109,99 dollars/ barr.
“ Recently dynamics of the market of oil was defined by economic news. Now it is a little good macrostatistics “ - the president of company Strategic Energy and Economic Research Michael Lynch has noted. Really, new portion of indicators of economy of the USA has appeared sad and has lowered optimism of investors concerning the further prospects and, as consequence, demand for oil.
the quantity of the houses which building has begun in the USA in April was unexpectedly sharply reduced. Decrease has made 10,6 %, to 523 thousand units against 585 thousand in March (the figure is reconsidered from 549 thousand) And 569 thousand, expected analysts earlier. “ Though weakness of the April data is partially compensated by revision of March value, as a whole the report makes disappointing impression, - analysts Barclays Capital have noted thereupon. - Last months the indicator showed strong volatilnost and now is approximately at December level. We believe that indicator restoration will be gradual as demand for habitation will grow in parallel economy “.
it is rather pessimistic have estimated the further dynamics housing - building sector of the USA of analytics Capital Economics. “ As a whole housing construction the most part of the next four years remains at historically low level, - experts predict. - The volume of investments into habitation at the moment makes only 2,1 % from gross national product - a minimum since great depression, and the housing sector will bring rather insignificant contribution to economic growth “.
“ Awful figures of housing sector have strengthened anxiety of participants of the market of oil concerning economy and demand destruction, - the vice-president of company PFGBest Fil Flynn has noted. - us expects, probably, greatest fiasco with 2008ã., especially if the dollar exchange rate continues to grow “.
the Weak beginning of II quarter have shown industrial production (Industrial production) and manufacture in manufacturing industry (manufacturing output). The industrial production indicator has not changed in comparison with March, in manufacturing industry the indicator has decreased on 0,4 %. This first decrease since June 2010ã. And the greatest from the middle 2009ã. Predictably, decrease in manufacturing industry has been caused basically by dynamics of car industry (- 8,9 %) manufacture falling in Japan after destructive earthquake became which reason of decrease, in turn. As mark in Barclays Capital, it means that the next months manufacture of cars should grow.
meanwhile the attention of investors in the oil market is concentrated on the next data about stocks of oil and oil products in the USA which should leave on Wednesday, on May, 18th. According to expectations of analysts, past week oil stocks in the country have grown on 1,7 million barr., gasoline stocks - on 950 thousand barr. And distillates - on 250 thousand barr.
“ the Majority expects that the report will show the next growth of stocks, - the director of department for a market research of company Tradition Energy Eddison Armstrong specifies. - and it puts pressure upon the market “. Similar data of the American institute of oil (API), left the day before already after closing of the auctions, has shown growth of stocks of oil on 2,7 million barr., reduction of stocks of gasoline on 676 thousand barr and decrease in stocks of distillates on 2,8 million barr.
Department of the analytical information