In an extraordinary piece of research, the top New York investment bank predicted its home market will continue to lose share to rivals such as London, Hong Kong and Dubai. The report comes in the wake of a study from Mayor Michael Bloomberg, which predicted New York could lose 4-7% of its share of investment banking and trading markets over five years, leading to the loss of 60,000 jobs. American politicians have been hoping that an overhaul of excessively strict regulations could...
Crude Stocks Climb, Heating Oil Falls
Posted in currency | Wednesday, February 28th, 2007 | Trackback
NEW YORK (AP) - The Energy Information Administration on Wednesday reported a larger-than-expected draw on stocks of heating oil and diesel fuel, while inventories of crude oil continued to rise.
The EIA reported crude inventories rose by 1.4 million barrels to 329 million barrels for the week ending Feb. 23 — roughly in line with the market forecast. Analysts expected crude stocks to rise by 1.2 million barrels, according to a Dow Jones Newswires survey.
Crude inventories are at the upper end of the average range for this time of year, the EIA said.
A barrel of crude oil was down 77 cents at $60.69 in morning trading on the New York Mercantile Exchange.
The report showed a bigger-than-expected, 3.8 million-barrel draw on distillates to 124.5 million barrels. Distillate inventories, which include heating oil and diesel fuel, were forecast to fall by 2.6 million barrels amid frigid temperatures last week in the Northeast, the nation’s largest heating oil market.
Gasoline inventories fell by 1.9 million barrels to 220.2 million barrels. Market analysts expected gasoline stockpiles to decline by 1.6 million barrels.
In the equity market, shares of the nation’s largest oil companies mostly traded higher. Exxon Mobil Corp. shares jumped $1.23, or 2 percent, to $73.22 on the New York Stock Exchange, as the broader market stabilized after a major sell-off on Tuesday.
Among the independent oil producers, which don’t refine or market petroleum products, shares of Devon Energy Corp. fell 7 cents to $65.50 and Chesapeake Energy Corp. shares rose 24 cents to $30.61 on the Big Board refiners, including Tesoro Corp. and Sunoco Inc., rose as well — Tesoro up $2.14, or 2.4 percent, at $90.78 and Sunoco 85 cents higher at $64.87.
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