Hamza Khan News
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U.S. gasoline prices at the pump are poised to drop by year end, if history is any guide, as refineries resume production, Europe exports more fuel to the East Coast and Americans drive less.
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Gasoline tumbled to a one-week low as consumption declined and refinery startups indicated fuel production will increase, boosting supplies.
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Natural gas futures in New York may drop toward $4 after failing for a fifth day to break above the 100-day moving average, according to a technical analysis by Hamza Khan with the Schork Group Inc., a consulting company in Villanova, Pennsylvania.
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Hedge funds cut bullish bets on natural gas by the most since August as storms steered clear of production in the Gulf of Mexico and weak demand boosted a U.S. stockpile surplus.
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Hedge funds raised bullish bets on natural gas to a four-month high in the U.S. just as weather warmed, pushing heating fuel to its biggest weekly decline since August.
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Hedge funds cut their bullish bets on natural gas to the lowest level this year as expanding stockpiles drove prices to a 13-month low.
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Hedge funds and other large speculators raised bets that oil would gain by the most in more than three years just as it began to slide, the second straight week money managers lined up on the wrong side of the market.
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Oil rose after Federal Reserve officials said the U.S. benchmark interest rate will stay low until at least 2014 to bolster growth and cut unemployment, boosting fuel demand.
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Gasoline rose to a seven-week high after U.S. stockpiles of the motor fuel declined unexpectedly last week.
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Gasoline surged to a six-week high as Brent crude gained after the U.S. prepared to impose additional sanctions on Iran for its nuclear program.
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