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Oil Rises with Refinery Rate, Gold Slips on Anticipation of QE3

August 24, 2011 at 17:56 by Vladimir Vyun

Crude oil advanced today as US inventories declined, while refinery rate increased. US stockpiles of crude fell 2.2 million barrels to 351.8 million. Refineries operated at 90.3 percent of capacity, this year’s record set in July 15. October futures for crude oil delivery rose $0.65 (0.8 percent) to $86.09 per barrel as of 11:58 on NYMEX, following the drop by 1 percent to $84.55.

Gold fell further today as market sentiment continues to improve. Traders expect that Federal Reserve Chairman Ben S. Bernanke will speak about new round of stimulus for the US economy on August 26. Gold is now considered more as a protection from the global economic instability rather than a hedge against inflation, and as such suffered from the speculation about new quantitative easing. December futures for delivery of gold slumped as much as $72.30 (3.9 percent) to $1,789 per ounce by 12:11 on COMEX, heading to the biggest decline since February 4, 2010.

If you have any questions and comments on the commodities today, use the form below to reply.

2 Responses to “Oil Rises with Refinery Rate, Gold Slips on Anticipation of QE3”

  1. David

    I suspect the fall in oil prices is a blip caused by the expectation of supplies to resume from Libya.

    [Reply]

    enivid Reply:

    That too, but expectations regarding the global economic growth are also not very good for oil.

    [Reply]

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