NEW YORK, May 6 (Reuters) - The New York Mercantile Exchange said on Tuesday it will increase margins for its crude oil and related futures contracts, beginning at the close of business on Wednesday.
Margins for the crude oil, crude oil calendar swap, and crude oil financial futures contracts will go up to $7,250 from $6,500 for clearing members, to $7,975 from $7,150 for members and to $9,788 from $8,775 for customers, NYMEX said in a release.
Margins for the NYMEX miNY crude oil futures contract will rise to $3,625 from $3,250 for clearing members, to $3,988 from $3,575 for members and to $4,894 from $4,388 for customers.
Margins for the NYMEX MACI index futures contract will increase to $1,450 from $1,300 for clearing members, to $1,595 from $1,430 for members and to $1,958 from $1,755 for customers. (Reporting by Gene Ramos; Editing by David Gregorio) ((Email: gene.ramos@thomsonreuters.com; + 1 646 223 6054; Reuters Messaging: gene.ramos.reuters.com@reuters.net)) Keywords: MARKETS NYMEX CRUDE/MARGINS
NEW YORK, May 6 (Reuters) - U.S. crude oil futures ended above $121, paring gains after rallying to a record high on a weak dollar, supply concerns and a report by Goldman Sachs predicting $150 to $200 crude.
Gasoline and heating oil futures hit new peaks as well, but trimmed gains near the close on some demand concerns.
On the New York Mercantile Exchange, June crude <CLM8> settled up $1.87, or 1.56 percent, at $121.84 a barrel, after trading from $119.33 to a high of $122.73 that eclipsed Monday's $120.36 record.
From a year ago, prices are up $59.91, or almost 97 percent.
"Demand from China and India, the falling dollar making oil an inflation hedge, speculation, OPEC supply restraints, supply threats in Iran, Iraq and Nigeria and refinery bottlenecks in the U.S. Take your pick from that sampler," said John Kilduff, senior vice president at MF Global in New York.
News that higher U.S. gasoline prices and a slowing economy will cut into U.S. oil demand through the summer driving season much more than previously thought spurred some late selling, traders said. [ID:nN06498570]
News that U.S. retail gasoline demand dropped last week, according to data from MasterCard Advisors, also fueled selling near the close, they added. [ID:nN06496798].
An expanded Reuters poll yielded a forecast for crude to be up 1.6 million barrels. Distillates were seen up 800,000 barrels and gasoline down 100,000 barrels. [EIA/S]
U.S. Energy Information Administration petroleum inventory data is due on Wednesday at 10:30 a.m. EDT (1430 GMT).
In London, June Brent crude <LCOM8> ended up $2.32, or 1.97 percent, at $120.31 a barrel, a record, trading from $117.69 to $120.99, a new intraday high.
NYMEX June RBOB <RBM8> finished up 5.26 cents, or 1.72 percent, at $3.1055 per gallon, a record, trading from $3.04 to a new intraday peak of $3.1260. The crack spread <0#RB-CL=R> rose to $8.59, from $8.25 on Monday.
June heating oil <HOM8> ended up 4.70, cents or 1.42 percent, at a record $3.3535 a gallon, trading $3.2883 to a record $3.3712. The crack spread <0#CL-HO=R> ended at $19, versus $18.90 on Monday.
The dollar fell further against the euro <EUR=> and a basket of six major currencies <.DXY> for a second day on Tuesday, after earnings from home mortgage provider Fannie Mae <FNM.N> came in weaker than expected. [USD/]
Goldman Sachs predicted crude oil could rise to $150 to $200 a barrel on a lack of output growth. [ID:nL06914488]
The number of options positions betting on $200 a barrel oil has tripled since the start of the year, according to Reuters data. [ID:nN06481672]
In Nigeria, Exxon Mobil <XOM.N> returned output to normal after an eight-day strike, while Shell <RDSa.L> said output shut by attacks would restart "within days." [ID:nSIN170894]
Niger Delta rebels said on Tuesday former U.S. President Jimmy Carter had agreed to act as a mediator, if invited by Nigeria's government, and the group promised to declare a cease-fire if talks went ahead. [ID:nL06616621]
World powers plan to present Iran with revised incentives to give up its nuclear work. [ID:nN05394570] (Reporting by Gene Ramos and Robert Gibbons; Editing by Christian Wiessner) ((Email: gene.ramos@thomsonreuters.com; + 1 646 223 6054; Reuters Messaging: gene.ramos.reuters.com@reuters.net)) Keywords: MARKETS ENERGY NYMEX
(Adds details, quote)
WASHINGTON, May 6 (Reuters) - Regular-grade gasoline in the United States is expected to average at a record $3.66 a gallon this summer but peak at $3.73 per gallon in June, the Energy Information Administration said on Tuesday.
Last month, the EIA projected that gasoline prices for the peak summer period from April to September would average $3.62.
For all of 2008, pump prices are expected to average $3.52 per gallon this year, or 71 cents above the annual average price in 2007.
"These projections reflect our assumption of a sizable narrowing of refiner gasoline margins from last year, attributable to weakness in gasoline demand and growth in ethanol supply," the EIA said in its latest monthly outlook.
The national price for regular, self-service gasoline last week hit a new record of $3.61 a gallon, up 56 cents from a year ago because of crude oil prices rallying to record highs.
In 2009, regular-grade gasoline retail prices are projected to average $3.44 per gallon, 20 cents higher than in last month's outlook.
Diesel prices this year are to average $3.94 per gallon, up from $2.88 per gallon last year.
"This reflects global strength in diesel demand that is contributing to a widening of the margin between diesel prices and crude oil costs since last year. (Reporting by Russell Blinch; Editing by Marguerita Choy) ((russ.blinch@thomsonreuters.com; +202 898 8415; Reuters Messaging: russ.blinch.reuters.com@reuters.net))
Keywords: USA EIA/GASOLINE
NEW YORK, May 6 (Reuters) - U.S. crude oil futures extended their rally above $122 a barrel on Tuesday, pushing refined product futures to records as well, on the weak dollar, supply concerns, and a report by Goldman Sachs predicting $150 to $200 crude.
"Demand from China and India, the falling dollar making oil an inflation hedge, speculation, OPEC supply restraints, supply threats in Iran, Iraq and Nigeria and refinery bottlenecks in the U.S. Take your pick from that sampler," John Kilduff, senior vice president at MF Goldman, wrote in a research note.
On the New York Mercantile Exchange at 12:07 p.m. EDT (1607 GMT), June crude <CLM8> was up $2.25, or 1.88 percent, at $122.22 a barrel, trading from $119.33 to $122.49, easily eclipsing Monday's $120.36 record peak.
In London, June Brent crude <LCOM8> rose $2.66, or 2.25 percent, to $120.65 a barrel, trading from $117.69 to $120.96.
NYMEX June RBOB <RBM8> was up 5.73 cents, or 1.88 percent, at $3.1102 per gallon, trading from $3.04 to a record $3.1180.
The RBOB crack spread <0#RB-CL=R> was at $8.47, after finishing at $8.25 on Monday.
June heating oil <HOM8> rose 5.63 cents, or 1.7 percent, to $3.3628 per gallon, trading $3.2883 to a record $3.3691.
The heating oil crack spread <0#CL-HO=R> was at $19.07, versus $18.90 on Monday.
The dollar extended declines against the euro <EUR=> and a basket of six major currencies <.DXY> for a second day on Tuesday, after earnings results from home mortgage provider Fannie Mae <FNM.N> came in weaker than expected. [USD/]
Goldman Sachs predicted crude oil could rise to $150 to $200 a barrel on a lack of output growth. [ID:nL06914488]
The number of options positions betting on $200 a barrel oil has tripled since the start of the year, according to Reuters data. [ID:nN06481672]
In Nigeria, Exxon Mobil <XOM.N> returned output to normal after an eight-day strike, while Shell <RDSa.L> said output shut by attacks would restart "within days." [ID:nSIN170894]
Niger Delta rebels said on Tuesday former U.S. President Jimmy Carter had agreed to act as a mediator, if invited by Nigeria's government, and the group promised to declare a cease-fire if talks went ahead. [ID:nL06616621]
World powers plan to present Iran with revised incentives to give up its sensitive nuclear work, U.S. officials said. Iran on Monday said it would not consider incentives that violated its right to nuclear technology. [ID:nN05394570]
U.S. Energy Information Administration petroleum inventory data is due on Wednesday at 10:30 a.m. EDT (1430 GMT).
A preliminary Reuters poll yielded a forecast for crude to be up 1.8 million barrels. Distillates were seen up 1.1 million barrels, with gasoline down 100,000 barrels. [EIA/S] (Reporting by Robert Gibbons; Editing by Marguerita Choy) ((Email: robert.gibbons@thomsonreuters.com; + 1 646 223 6059; Reuters Messaging: robert.gibbons.reuters.com@reuters.net)) Keywords: MARKETS ENERGY NYMEX
NEW YORK, May 6 (Reuters) - U.S. crude oil futures extended their rally to $122 a barrel on Tuesday, pushing refined product futures to records as well, as the weak dollar, supply concerns, and a report by Goldman Sachs predicting $150 to $200 crude lifted the oil complex.
"Demand from China and India, the falling dollar making oil an inflation hedge, speculation, OPEC supply restraints, supply threats in Iran, Iraq and Nigeria and refinery bottlenecks in the U.S. Take your pick from that sampler," John Kilduff, senior vice president at MF Goldman, wrote in a research note.
On the New York Mercantile Exchange at 10:57 a.m. EDT (1457 GMT), June crude <CLM8> was up $1.80, or 1.5 percent, at $121.77 a barrel, trading from $119.33 to $122, a record well above Monday's $120.36 record peak.
In London, June Brent crude <LCOM8> rose $2.10, or 1.78 percent, to $120.09 a barrel, trading from $117.69 to $120.41.
NYMEX June RBOB <RBM8> was up 5.11 cents, or 1.67 percent, at $3.1040 per gallon, trading from $3.04 to a record $3.1163.
The RBOB crack spread <0#RB-CL=R> was at $8.61, after finishing at $8.25 on Monday.
June heating oil <HOM8> rose 4.26 cents, or 1.29 percent, to $3.3491 per gallon, trading from $3.2883 to record $3.3536.
The heating oil crack spread <0#CL-HO=R> was at $18.86, versus $18.90 on Monday.
The dollar extended declines against the euro <EUR=> and a basket of six major currencies <.DXY> for a second day on Tuesday, after earnings results from home mortgage provider Fannie Mae <FNM.N> came in weaker than expected. [USD]
Goldman Sachs predicted crude oil could rise to $150 to $200 a barrel because of a lack of supply growth. [ID:nL06914488]
In Nigeria, Exxon Mobil <XOM.N> returned its oil output there to normal after an eight-day strike, while Shell <RDSa.L> said it would start resuming production shut by militant attacks "within days." [ID:nSIN170894]
Niger Delta rebels said on Tuesday former U.S. President Jimmy Carter had agreed to act as a mediator, if invited by Nigeria's government, and the group promised to declare a cease-fire if talks went ahead. [ID:nL06616621]
World powers plan to present Iran with a revised package of incentives to give up its sensitive nuclear work, U.S. officials said. Iran on Monday said it would not consider incentives that violated its right to nuclear technology. [ID:nN05394570]
U.S. Energy Information Administration petroleum inventory data is due on Wednesday at 10:30 a.m. EDT (1430 GMT).
A preliminary Reuters poll of analysts yielded a forecast for crude to be up 1.8 million barrels. Distillates were seen up 1.1 million barrels, with gasoline up 100,000 barrels. [EIA/S] (Reporting by Robert Gibbons; Editing by Walter Bagley) ((Email: robert.gibbons@thomsonreuters.com; + 1 646 223 6059; Reuters Messaging: robert.gibbons.reuters.com@reuters.net)) Keywords: MARKETS ENERGY NYMEX
Next: U.S. crude futures surge more than $1, above $121