Strike at oil port push up prices

Stocks fail to ward off weekly losses

Crude oil prices ended higher on Friday, 22 October 2010 at Nymex. Prices rose despite the firm dollar. Continuation of a strike at an important oil port in Southern France impacted prices.



On Friday, crude oil futures for light sweet crude for December delivery closed at $81.69/barrel (higher by $1.13 or 1.4%). For the week, crude ended lower by 0.3%, its third consecutive weekly losses.

For the month of September, crude prices ended higher by 11.2%. For the third quarter, crude ended higher by 5.7%. Crude had ended second quarter of CY 2010 lower by 9.3%. For the first quarter of this year, crude rose by 5.5%. Year to date, crude is higher by 9%.

In the currency market on Friday, the dollar index, which weighs the strength of the dollar against a basket of six other currencies rose marginally by almost 0.04%. The stronger greenback, was pushed up earlier this week by comments from U.S. Treasury Secretary Timothy Geithner and a surprise interest-rate hike in China. Traders also waited to hear from South Korea, where finance ministers from the Group of 20 nations gathered.

During the week, the EIA reported that crude-oil inventories were up 700,000 barrels in the week ended 15 October 2010 against an expected increase of 2.1 million barrels. Gasoline stocks increased 1.2 million barrels. Distillates supplies decreased 2.2 million barrels.

Among other energy products on Friday, gasoline for November delivery rose 2 cents, or 1.1%, to end at $2.06 a gallon. On the week, gasoline retreated 1.9%. November heating oil rose 4 cents, or 1.7%, to $2.25 a gallon. For the week, heating oil rose 0.9% .

Also on Friday, natural gas for November delivery retreated 4 cents, or 1.1%, to $3.33 per million British thermal units. Natural-gas futures surrendered 5.9% this week, following four weeks of losses.

Crude ended FY 2009 higher by 78%, the highest yearly gain since 1999. It reached a high of $82 earlier in October 2009 and hit a low of $33.98 on 12 February 2009. Crude prices had ended FY 2008 lower by 54%, the largest yearly loss since trading began at Nymex.