Crude Oil and Natural Gas Lower on Strong USD

2012-11-5

Asian markets are trading on a mixed note this morning due to rise in the risk aversion amongst the market participants ahead of US elections amidst advance of shares of some Asian companies along with positive data from the Chinese economy.  Dollar denominated US bench marked oil futures are trading almost flat below $85/bbl.

Crude oil traded trim losses on Friday and ended by gaining 0.03% in New York after the U.S., the world’s largest oil consumer, added more jobs than forecast on Friday. Although the crude oil outlook remains weak and bleak, with high production and reduced forecasts, even though the US is showing positive signs of recovery, the eurozone’s continue decline offsets any increase in demands in the US. China is again showing positive signs after a strong PMI release on Friday and this morning China’s Non-Manufacturing Purchasing Managers’ Index (PMI) increased by 1.8 points to 55.5-level in October from previous rise of 53.7-mark in September. China will release its month data dump on Friday, which should support a Chinese recovery, but even though China is in a turnaround phase, it will be a long time before their oil demands regain their highest level. Chinese GDP has tumbled from over 8% to 7.4% and will most likely end the year around 7.7% which shows a lower demand for crude than in prior years.

Spanish Manufacturing Purchasing Managers’ Index (PMI) declined by 1 point to 43.5-mark in October as against a rise of 44.5-level in September. Italian Manufacturing PMI declined by 0.2 points to 45.5-level in October from previous rise of 45.7-mark in September. European Final Manufacturing PMI increased marginally to 45.4-mark in October as compared to rise of 45.3-level in September.

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