PL: NYMEX July crude opens 53 cents lower on US dollar strength
New York (Platts)--2Jun2010/935 am EDT/1335 GMT
NYMEX July crude opened 53 cents lower at $72.06/barrel Wednesday amid
strength in the US dollar versus the euro and weaker European and Asian equity
markets.
At 14:22 GMT, the dollar to the euro was up 30 points on the ICE
dollar-euro index to $1.22.
ICE July Brent traded $72.47/b, down 24 cents at the NYMEX pit opening.
The NYMEX July crude-ICE July Brent spread traded at minus 41 cents on
the opening.
NYMEX July RBOB opened 41 points lower at $1.9808/gal and July heating
oil opened at $1.9653/gal, down 51 points.
"Crude and products futures are lower on moderate overnight volume as
equity markets fell and the euro traded near a three-year low against the
dollar," said Tradition Financial analyst Addison Armstrong. "European
equities dropped, with shares in major oil and basic resource companies
leading the way as the BP oil leak and the probe by the US government raised
investor concerns."
In early trading, S&P 500 futures showed positively although that might
lead to higher prices for the energy complex once US equity trading gets
underway.
Refined product markets will continue to take their cues from the crude
oil market.
--Jeff Kerr, jeff_kerr@platts.com
