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Gasoline Falls Below $1 a Gallon as Crude Oil Dips Under $44
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By Barbara Powell and Aaron Clark0 V7 u( x% U: ~3 E: j$ h* E. m
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Dec. 4 (Bloomberg) -- Gasoline futures fell below $1 a gallon as crude oil dropped under $44 a barrel to the lowest in almost four years. 6 P; @1 l i# f
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Gasoline dropped after a Merrill Lynch analyst said crude oil prices may dip below $25 a barrel if the worldwide recession spreads to China. Heating oil also fell as the Energy Department said today that natural gas stockpiles declined less last week than analysts had expected.
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' J& A* Q& C- N, u( l. h“The overall trend is still down, and you can’t really point to any constructive economic data that says otherwise,” said Tom Knight, trading director at Truman Arnold Cos. in Texarkana, Texas. ) }( R x" S. b r$ r9 |* [
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Gasoline for January delivery fell 5.37 cents, or 5.2 percent, to 98.78 cents a gallon at 2:11 p.m. on the New York Mercantile Exchange. Prices touched 98.1 cents, the lowest since the contract began trading in October 2005. , K+ }4 B7 v, K) ~
6 k4 [+ ^# c4 C- T* D( DGasoline has lost 73 percent and heating oil 63 percent from summer highs as demand has slipped in the slowing U.S. economy. , G% j3 W- g6 z
]2 L1 O0 @# k! ?Gasoline use last week slipped 3.6 percent to 8.93 million barrels a day from a year earlier. Inventories fell 0.8 percent last week to 198.9 million barrels, the department reported. - ^- h0 {$ k% A8 ^/ K- J' W
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The profit margin, or crack spread, for turning crude oil into gasoline gained 28 cents to minus $2.77 a barrel. The spread touched a record low of minus $16.447 on Sept. 22 and has been negative 32 days in a row.
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* b+ o. W$ V+ Z1 t4 K z2 r5 MHeating oil fell as natural gas for January delivery traded as low as $5.961 per million British thermal units, the lowest since Sept. 24, 2007. A report from the Energy Department today showed supplies, which usually fall as winter deepens, declined 64 billion cubic feet. Analysts had expected a drop of 67 billion cubic feet. 6 E8 C' o6 S' g: B- H
% ]# O# A* S, x0 u, r‘A Little Bearish’ & `2 e, z( k- u# q' V
6 Z! _+ C* `" j. j7 `; h“Heating oil came off because of natural gas and natural gas came off because the inventory injection number was interpreted as a little on the bearish side,” Knight said. 4 @, R$ i* e3 P8 L% I" J
6 f8 E" v+ }$ `% c4 {The crack spread for turning crude oil into heating oil gained 19 cents to $19.94 a barrel.
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4 X9 P/ N. Q. F+ C/ J# {Heating oil for January delivery fell 5.29 cents, or 3.3 percent, to $1.5311 a gallon in New York. Futures touched $1.5165, the lowest since Jan. 23, 2007.
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% C6 x! [% F: C8 n9 Q$ z3 j: k: c“There are a lot of people wanting to be short of the energy complex,” said Zachary Oxman, senior trader at Wisdom Financial Inc. in Newport Beach, California. Shorts are bets that prices will fall. I$ c. q/ P. m. m# B9 R$ o
; g" |: I" |8 F$ k8 CTo contact the reporter on this story: Barbara Powell in Dallas at Bpowell4@bloomberg.net; Aaron Clark in New York at aclark27@bloomberg.net
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( D3 `, Z% x5 d1 y) M$ NLast Updated: December 4, 2008 14:16 EST
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7 E( v8 h: l0 z) [' c, b$ z[ 本帖最后由 醉酒当歌 于 2008-12-4 12:56 编辑 ] |
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