Gasoline futures jump and inventories fall Crude oil prices closed higher Friday

Friday (July 12) Trend Description:LNXhas eased concerns about tight supply as the pipeline resumes operations from previous failures in today's multi-regional pipelineMeanwhile, China's Finance Minister Lou Jiwei said today that China's GDP growth in 2013 is likely to be lower than expected, suggesting that China's economic growth is slowing and crude oil prices are under downward pressureHowever, as this week's sharp decline in crude oil inventories on the supply and demand relationship remains, coupled with increased U.Sgasoline demand to gasoline futures jumped, leading to a sharp rebound in crude oil prices at the end of the session, once again breaking through the $106 markThe crude oil market closed higher fridayLNX
Crude oil prices edged up to around $104.85 early in Asian trading before turning lowerIn European trading, crude oil prices bottomed out, rising more than $1 before falling againIn New York, crude oil futures rebounded again, extending gains all the way up and breaking through the $106 markLNX
NYMEX crude futures hit a high of $106.07 a barrel, hitting a low of $104.36 a barrel, up $1.04, or 0.99 percent, at $105.95 a barrelLNX
Fundamentals:LNX1.U., the U.S leading index for the week ended July 4 (WLI) edged up to 130.3, revised to 130.2 and an initial high of 130.4, according to data released Friday by the U.S Economic Cycle Research Institute (ECRI) LNX
The agency said oil production from major UK and Norwegian fields in August would be 6.6 per cent lower than in July LNX
Fundamentals: LNX 1.U The U.S Producer Price Index (PPI) grew at a seasonally adjusted monthly rate of 0.8 percent in June, and is expected to grow 0.5 percent in May, according to data released Friday by the U.S Labor Department (DOL) LNX
China's finance minister, Lou Jiwei, said on Friday that it expected china's second-quarter GDP to grow 7 percent, a slower increase than earlier official government forecasts LNX
The agency said the pipeline from Iraq to Turkey had been shut down due to a malfunction, but it would reopen in a few hours as maintenance teams worked day and night LNX
Future outlook: "Demand is likely to weaken next year due to relatively ample supply," said David Lennox, resource analyst at LNX Fat Prophets Following the recent surge in crude oil, investors appear to be ready for a near-down Michael McCarthy, chief market analyst at CMC Global Markets, , said: "We are beginning to see concerns that the upward trend will be broken by the overnight decline "
LNX but McCarthy still says, "It's just a short-term arbitrage." Fundamentals remain supported He believes the decline in U.S crude inventories and confirmation of the U.S economic recovery will make the support stronger LNX Friday (July 12) Trend Description: LNX has eased concerns about tight supply as the multi-regional pipeline resumes operations from previous failures today Meanwhile, China's Finance Minister Lou Jiwei said today that China's GDP growth in 2013 is likely to be lower than expected, suggesting that China's economic growth is slowing and crude oil prices are under downward pressure However, as this week's sharp decline in crude oil inventories on the supply and demand relationship remains, coupled with increased U.S gasoline demand to gasoline futures jumped, leading to a sharp rebound in crude oil prices at the end of the session, once again breaking through the $106 mark The crude oil market closed higher friday LNX
Crude oil prices edged up to around $104.85 early in Asian trading before turning lower In European trading, crude oil prices bottomed out, rising more than $1 before falling again In New York, crude oil futures rebounded again, extending gains all the way up and breaking through the $106 mark LNX
NYMEX crude futures hit a high of $106.07 a barrel, hitting a low of $104.36 a barrel, up $1.04, or 0.99 percent, at $105.95 a barrel LNX
Fundamentals: LNX 1.U., the U.S leading index for the week ended July 4 (WLI) edged up to 130.3, revised to 130.2 and an initial high of 130.4, according to data released Friday by the U.S Economic Cycle Research Institute (ECRI) LNX
The agency said oil production from major UK and Norwegian fields in August would be 6.6 per cent lower than in July LNX
Fundamentals: LNX 1.U The U.S Producer Price Index (PPI) grew at a seasonally adjusted monthly rate of 0.8 percent in June, and is expected to grow 0.5 percent in May, according to data released Friday by the U.S Labor Department (DOL) LNX
China's finance minister, Lou Jiwei, said on Friday that it expected china's second-quarter GDP to grow 7 percent, a slower increase than earlier official government forecasts LNX
The agency said the pipeline from Iraq to Turkey had been shut down due to a malfunction, but it would reopen in a few hours as maintenance teams worked day and night LNX
Future outlook: "Demand is likely to weaken next year due to relatively ample supply," said David Lennox, resource analyst at LNX Fat Prophets Following the recent surge in crude oil, investors appear to be ready for a near-down Michael McCarthy, chief market analyst at CMC Global Markets, , said: "We are beginning to see concerns that the upward trend will be broken by the overnight decline "
LNX but McCarthy still says, "It's just a short-term arbitrage." Fundamentals remain supported He believes the decline in U.S crude inventories and confirmation of the U.S economic recovery will make the support stronger "
LNX