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MTECHTIPS:-Crude drops as Hurricane Sandy batters U.S. as monster system
Crude oil futures fell in Asian trading on Tuesday after Hurricane Sandy morphed into a massive post-tropical system and roared ashore in New Jersey.Refiners in the area had cut operations prior to Sandy's arrival, thus sending crude prices falling on the curtailed demand.On the New York Mercantile Exchange, light, sweet crude futures for delivery in December traded at USD85.36 a barrel on Tuesday, down 0.21%, off from a session high of USD85.42 and up from an earlier session low of USD85.25.Sandy dealt a massive blow to the northeastern U.S., driving heavy winds and rains and whipping up a deadly storm surge for a large swath of the heavily populated Atlantic seaboard.Prior to Sandy's arrival, refineries in the area throttled backed operations until the storm had passed, which pushed down prices as did concerns that inventories were on the rise in the U.S.Late last week, the U.S. Energy Information Administration said in its weekly report that U.S. crude oil inventories jumped up by 5.9 million barrels in the week ended October 19, well beyond market calls for an increase of 1.9 million barrels. Total U.S. crude oil inventories stood at 375.1 million barrels as of last week.
Crude oil futures fell in Asian trading on Tuesday after Hurricane Sandy morphed into a massive post-tropical system and roared ashore in New Jersey.Refiners in the area had cut operations prior to Sandy's arrival, thus sending crude prices falling on the curtailed demand.On the New York Mercantile Exchange, light, sweet crude futures for delivery in December traded at USD85.36 a barrel on Tuesday, down 0.21%, off from a session high of USD85.42 and up from an earlier session low of USD85.25.Sandy dealt a massive blow to the northeastern U.S., driving heavy winds and rains and whipping up a deadly storm surge for a large swath of the heavily populated Atlantic seaboard.Prior to Sandy's arrival, refineries in the area throttled backed operations until the storm had passed, which pushed down prices as did concerns that inventories were on the rise in the U.S.Late last week, the U.S. Energy Information Administration said in its weekly report that U.S. crude oil inventories jumped up by 5.9 million barrels in the week ended October 19, well beyond market calls for an increase of 1.9 million barrels. Total U.S. crude oil inventories stood at 375.1 million barrels as of last week.
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