Continue reading Oil Closes at Two-and-a-Half Year High

Oil Closes at Two-and-a-Half Year High originally appeared on BloggingStocks on Thu, 31 Mar 2011 18:00:00 EST. Please see our terms for use of feeds.

According to the ADP Employer Services Report, the private sector added 201,000 new jobs in March, basically in-line with 203,000 new jobs that analysts had been expecting to see.

February's figures were revised downwards to 208,000 from a previously estimated 216,000 new jobs.

March's employment gains bring the four-month average of new jobs to 211,000, more than enough to keep the labor track on path. Analysts estimate that the economy needs to add 125,000 new jobs each month in order to keep up with population growth, so any jobs over that figure result in a lower unemployment figures.

Continue reading Labor Market Continues to Show Signs of Improvement

Labor Market Continues to Show Signs of Improvement originally appeared on BloggingStocks on Wed, 30 Mar 2011 12:30:00 EST. Please see our terms for use of feeds.

Continue reading Consumer Confidence Hits Three-Month Low

Consumer Confidence Hits Three-Month Low originally appeared on BloggingStocks on Tue, 29 Mar 2011 16:00:00 EST. Please see our terms for use of feeds.

Gas prices are rising and show no signs of coming back down. In fact the predictions are for higher prices to come. At the moment, gasoline averages $3.542 per gallon, according the the AAA motorist group, as reported by CNNMoney.

The highest recorded nationwide price was $4.114 on July 17, 2008. Forecasters are looking for the $4.00 per gallon marker to be hit by this summer.

Continue reading Will Rising Gas Prices Hurt the U.S. Economy?

Will Rising Gas Prices Hurt the U.S. Economy? originally appeared on BloggingStocks on Sat, 12 Mar 2011 12:50:00 EST. Please see our terms for use of feeds.

Oil is the life blood of the world economy. The turmoil in Libya and throughout the Middle East is threatening the stability of the entire world. "Oil prices were in the danger zone and could rise further, if turmoil continued in the Middle East," Fatih Birol of the International Energy Agency said, according to Reuters. "Oil prices are a serious risk for the global economic recovery."

As of 8:30 EDT, Brent crude is trading at $106.66 per barrel, up 92 cents. West Texas Intermediate crude jumped $6.29 per barrel to $96.00. Keep in mind that while U.S. markets were closed Monday, oil traded higher across other world markets.

Continue reading Brent, U.S. Crude at 2.5-Year Highs on Mideast Turmoil

Brent, U.S. Crude at 2.5-Year Highs on Mideast Turmoil originally appeared on BloggingStocks on Tue, 22 Feb 2011 10:00:00 EST. Please see our terms for use of feeds.

The story of the day is about oil. February contracts for Brent crude are trading at $98.03 per barrel, up 74 cents as of 10:15 a.m. EDT. The U.S. benchmark West Texas Intermediate crude (WTI) is trading at $91.85 per barrel, up 42 cents. Brent crude is used primarily in Europe. The drive to $100 per barrel is due in part to severe winter conditions in Europe.

Here in the U.S., the Alaskan Pipeline, which has been closed since Saturday, has reopened but at a reduced rate. U.S. stockpiles fell 1.4 million barrels from, 335.3 million in the week ended January 7. This data was based on 17 analysts polled by Bloomberg News.

Continue reading Brent Crude Oil Trading at $98.00 per Barrel

Brent Crude Oil Trading at $98.00 per Barrel originally appeared on BloggingStocks on Wed, 12 Jan 2011 12:00:00 EST. Please see our terms for use of feeds.

Earlier today, shares of oil behemoth BP plc (BP) slid lower thanks to the shutdown of the Trans-Alaska Pipeline System. The shutdown took place on Saturday, as a leak was discovered at the 800-mile network that transports oil across Alaska. BP owns a 47% stake in the pipeline system. Overseas, BP shares finished the day more than 1% lower and are currently mere percentage points lower in American trade.

BP has seen its fair share of problems lately, what with the whole Gulf of Mexico oil spill. In fact, the Oil Spill Commission blamed BP for having "a role in all of the mistakes made at the Macondo well." The pipeline's operator stated that the leak was discovered at 8:15 AM (local time) on Saturday and that the pipeline was shut at 8:50 AM. By 6 AM on Sunday, 90% of the oil had been recovered within the building.

Continue reading Alaskan Pipeline Shutdown Pushes BP Lower

Alaskan Pipeline Shutdown Pushes BP Lower originally appeared on BloggingStocks on Mon, 10 Jan 2011 16:30:00 EST. Please see our terms for use of feeds.

Over the past several weeks, we've seen a sharp run up in commodities, including precious metals, grains, oil and "soft" commodities like cotton, sugar and coffee.

Nevertheless, the Labor Department reported that consumer prices rose only 0.2%, mainly from higher energy costs. The so-called core rate was unchanged for the third straight month, as reported in the Wall Street Journal.

Continue reading How Can U.S. Inflation Flatline When Gas at the Pump Is Up 4.6%?

How Can U.S. Inflation Flatline When Gas at the Pump Is Up 4.6%? originally appeared on BloggingStocks on Thu, 18 Nov 2010 09:30:00 EST. Please see our terms for use of feeds.

The gold market exploded Thursday with the December contract up $45.50 to $1,383.10 per ounce, as reported in the Wall Street Journal.

As usual, there are lots of reasons for the spectacular rise. The two main ones are currency worries and inflation.

Let's take the currency issue first. The December U.S. dollar contract is hovering just above the 75 level. That level held and the dollar then rose to 89.11. Now it has come back down to the 75 level. A breach of 75 would signal a further move down.

Continue reading Gold Powers to a Record $1,383 per Ounce

Gold Powers to a Record $1,383 per Ounce originally appeared on BloggingStocks on Fri, 05 Nov 2010 10:00:00 EST. Please see our terms for use of feeds.

Continue reading Oil Prices Slightly Lower Following Bearish Inventory Report

Oil Prices Slightly Lower Following Bearish Inventory Report originally appeared on BloggingStocks on Wed, 07 Apr 2010 17:00:00 EST. Please see our terms for use of feeds.

Climate change isn't going to be free. A report by Point Carbon, an independent consulting company that tracks global carbon and energy markets, estimates that U.S. climate legislation could push the price at the pump 13 cents a gallon higher. The increase would result from the cost to oil companies for carbon permits, which they can pass along to consumers.

This is a much rosier view than that of the oil industry, however, which believes a U.S. cap-and-trade system would thrash demand for gasoline and lead to the shuttering of many refineries.

Continue reading Climate change law could cost 13 cents a gallon

Climate change law could cost 13 cents a gallon originally appeared on BloggingStocks on Tue, 03 Nov 2009 09:00:00 EST. Please see our terms for use of feeds.

Continue reading Oil prices fall on inventory report

Oil prices fall on inventory report originally appeared on BloggingStocks on Wed, 23 Sep 2009 14:20:00 EST. Please see our terms for use of feeds.

Continue reading Oil falls on weekly inventory report

Oil falls on weekly inventory report originally appeared on BloggingStocks on Wed, 26 Aug 2009 18:00:00 EST. Please see our terms for use of feeds.

Oil took a beating tyesterday, as investors sold off the precious crude in the wake of a weak consumer confidence report that renewed pessimism towards economic recovery.

The University of Michigan reported that its consumer confidence index dipped to 63.2, down from 66 in July. This is the second straight month that the index has moved lower, after a four month streak of gains. In June the index was up at 70.8, which was the highest since back in February 2008.

Continue reading Oil prices close out the week lower

Oil prices close out the week lower originally appeared on BloggingStocks on Sat, 15 Aug 2009 10:00:00 EST. Please see our terms for use of feeds.

Continue reading No relief for U.S. drivers: Oil jumps above $70

No relief for U.S. drivers: Oil jumps above $70 originally appeared on BloggingStocks on Mon, 03 Aug 2009 16:20:00 EST. Please see our terms for use of feeds.

Last summer we lamented the price of gas. This year, however, there's at least one upside. Retail sales for June were up 0.6% - substantially better than the 0.4% anticipated - with the gas prices leading the charge. A slight tip in the brutalized auto manufacturer sector helped, as well. This was the largest retail sales increase in five months.

Gas stations benefited from the cost of fuel, adding a bit of pep to a beleaguered retail industry: sales were up 5% year over year, after doing the same in May. And, car dealers had their best month since January: the sales of cars and parts climbed 2.3%. Nonetheless, this corner of the retail world is still off 14.5% from last year. It may have helped last month, but we're still pretty far from a cure.

Continue reading Gas prices drive retail sales rebound, coveted brands still struggle

Gas prices drive retail sales rebound, coveted brands still struggle originally appeared on BloggingStocks on Tue, 14 Jul 2009 16:45:00 EST. Please see our terms for use of feeds.

Nevertheless, the government says "not to worry about inflation." Well if you look more closely you'll find that gas prices actually rose 3.5% in May with crude oil prices trading near $72.00 per barrel.

Continue reading CPI rose only 0.1% in May. Is inflation dead?

CPI rose only 0.1% in May. Is inflation dead? originally appeared on BloggingStocks on Wed, 17 Jun 2009 13:50:00 EST. Please see our terms for use of feeds.

The market spent the day as it has many a Friday in the summer: slowing going no where.

The University of Michigan/Reuters consumer sentiment index showed a very modest increase in June up to 69, from 68.7 in May. The same survey showed that expectations for six months from now actually dropped.

Oil and gas prices still dominated the headlines. Oil still hovers around $72 and the average price of gas rose for the 45th consecutive day to $2.63. The has to rattle consumers who have precious little discretionary income as it is.

Continue reading Market Close: Confidence flat, gas up

Market Close: Confidence flat, gas up originally appeared on BloggingStocks on Fri, 12 Jun 2009 16:00:00 EST. Please see our terms for use of feeds.

Here we go again! Remember last year when gas cost over $4 per gallon? Would you believe that soon we'll be pushing $3 per gallon?

What's happening in the oil patch to cause this rapid jump? US oil traded up $2 per barrel to $70.09 per barrel. London Brent crude rose $1.80 per barrel to $69.68. Prices are as of 2:27 pm EDT.

The price driver was a forecast by the US Energy Information Administration forecasting a jump of 10,000 barrels per day for 2009. This is the first time that the EIA has raised its estimates since last September.

Continue reading What is causing oil to trade above $70 per barrel?

What is causing oil to trade above $70 per barrel? originally appeared on BloggingStocks on Tue, 09 Jun 2009 18:30:00 EST. Please see our terms for use of feeds.

Continue reading Another strong move for oil prices

Another strong move for oil prices originally appeared on BloggingStocks on Mon, 01 Jun 2009 15:20:00 EST. Please see our terms for use of feeds.