The Past 2 Weeks in Oil

Includes: OIL, USO
by: Konrad Imielinski

Oil prices have increased $5.08 (6.89%) within this time frame:

June 14th, 2010 (Monday)

Oil rose $1.34 to $75.12: Eurozone industrial production in April rose 0.8% from March and gained 9.5% from a year ago. As a result, the euro rose to its highest level versus the US dollar in more than a week.

June 15th, 2010 (Tuesday)

Oil rose $1.82 to $76.94: The euro climbed above $1.23 versus the US dollar after Spain, Belgium and Ireland successfully sold government debt at auctions.

June 16th, 2010 (Wednesday)

Oil rose 73 cents to $77.67: Investors overlooked the 1.7 million barrel rise in US oil inventories during the week ending June 11th and instead focused on the 600,000 barrel fall in US gasoline inventories.

June 17th, 2010 (Thursday)

Oil fell 88 cents to $76.79: US jobless claims unexpectedly rose for the week ending June 12th. In addition, the Philadelphia Federal Reserve’s June index on manufacturing dropped 13.4 points to 8, its lowest level in almost a year.

June 18th, 2010 (Friday)

Oil rose 39 cents to $77.18: Oil hit an intra-day low of $75.56 in early trading on news that China’s growth was expected to slow in the second half of this year. Prices, however, rebounded alongside the major stock indices.

June 21st, 2010 (Monday)

Oil rose 64 cents to $77.82: China said it would allow its yuan to appreciate against the US dollar after having a two-year peg to the greenback. This is expected to be bullish for oil, as the yuan will have a stronger purchasing power for imports.

June 22nd, 2010 (Tuesday)

Oil fell 61 cents to $77.21:

  • May US existing home sales were worse than expected.
  • China’s state owned banks bought US dollars in order to tame the appreciation of its yuan.
  • Also, one of Europe’s biggest banks, BNP Paribas (OTCQX:BNPQY), was downgraded a notch by Fitch Ratings.
  • The July contract expired today. The August contract dropped 76 cents to $77.85.

June 23rd, 2010 (Wednesday)

Oil fell $1.50 to $76.35: The EIA reported that US oil inventories rose 2.0 million barrels for the week ending June 18th.

June 24th, 2010 (Thursday)

Oil rose 16 cents to $76.51: After being down for majority of the day, oil finished in the green on better than expected US jobless claims and durable goods data and on fear of a possible tropical depression in the Gulf of Mexico.

June 25th, 2010 (Friday)

Oil rose $2.35 to $78.86: Fear of the developing storm in the Gulf of Mexico pushed oil prices higher. The storm has an 80% chance of becoming a tropical cyclone in the next two days.

Disclosure: No positions