Crude consolidates on mixed data in New York
ecPulse
2014-07-24 15:48PM UTC
Crude narrow traded in New York on today’s mixed data with on one hand cheerful lower jobless claims and on the other hand a gloomy decline of the new home sales of the country along with the release of the week’s EIA report. In fact today we watch number of people who applied for unemployment insurance benefits in the week that ended July 19 plummet actually by 19,000 to 284,000, which is the lowest level since February 2006, indicating clearly that companies have further slowed down the pace of layoffs and are letting go of few workers. And to be more precise the initial jobless claims for July 19 came in at 284 thousand; below the projected 307 thousand and from a prior revised 303 thousand from 302 thousand while that the continuing claims for July 12 came in also below the market forecasts of 2510 thousand at 2500 thousand. Otherwise this week’s EIA report showed that the U.S commercial crude oil inventories decreased by 4.0 million barrels from the previous week. At 371.1 million barrels while that the total motor gasoline inventories increased by 3.4 million barrels last week. Plus finished gasoline inventories increased while blending components inventories both decreased last week and distillate fuel inventories increased by 1.6 million barrels last week and are near the lower limit of the average range for the time of the year. Otherwise global mounting tensions are still weighting on the commodities market after that last week a Malaysian Air passenger jet was downed in Ukraine and Israel continues on brutally attacking Gaza Strip with more and more innocent kids killed. Once again it is indispensable to mention that Gaza Witness Bloodiest Day in 3 Weeks while that Hamas Claims Capture of an Israeli Soldier but the amount of Palestinian kids and women that are targeted by the Israeli army is the major reason of almost millions of people protesting across the world. In fact more than 600 Palestinian were killed while only 18 soldiers were killed on the Israeli side and more than 2763 wounded on the Palestinian sided and 112 kids and women killed while none of the civilians were killed or even wounded on the Israeli side. Accordingly mixed sentiments are invading the energy market and crude is trading around $102.68 a barrel recording a high of $103.15 a barrel and a low of $102.45 a barrel.
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