Energys Tumbled On All Fronts

U.S. oil price rose Thursday as the country’s economic data came in better than expected. U.S. import and export prices increased at a faster pace in February, said the Labor Department, with import prices rising 0.9 percent and export prices up 0.6 percent, topping market consensus. A separate report by the Labor Department showed the number of Americans who initially applied for jobless benefits in the week ending March 8 fell 9,000 to 315,000, beating analysts’ expectation. U.S. retail and food services sales in February rebounded 0.3 percent, the January reading was downwardly revised to a 0.6- percent decline, reported the Commerce Department Thursday. Crude oil held steady on Thursday, after plunging more than 2 percent in their biggest drop in two months overnight as investors turned their focus to the unfolding geopolitical crisis in Ukraine.

Oil production in North Dakota barely rose in January after falling sharply the month before due to severe winter weather, data showed on Thursday, as a state official warned that the slowdown in production may drag into April.

Crude oil continued to ease this morning giving up 2 cents to trade at 98.18. Brent oil gained 22 cents to sell at 107.10 as global tensions pushed up prices. China industrial output rose 8.6 percent year-on-year in January and February, the slowest rate since April 2009, a government report showed Thursday. Data showing a decline in Chinese exports in February fueled worries that the world’s second-largest economy is weakening further. Also weighing on prices was the eighth consecutive week of rising U.S. stocks of crude oil, which increased by 6.2 million barrels last week, the Energy Information Administration said. Oil prices spiked last week on fears Russia’s military incursion into the Crimean Peninsula might lead to U.S. and European sanctions on one of the world’s largest energy suppliers.

US Core Retail Sales rose by 0.3 percent in February as against a decline of 0.3 percent in January. Retail Sales gained by 0.3 percent in February from fall of 0.6 percent in January. Prices were at 0.9 percent in February as compared to 0.4 percent a month ago. Business Inventories remained at 0.4 percent in January from 0.5 percent in earlier month. Federal Budget Balance declined by $193.5 billion in last month when compared to fall of $10.3 billion in January.

North Korea on Thursday denied any responsibility for an oil tanker that loaded crude from a Libyan rebel-held port and fled the OPEC member state’s attempt to seize it, saying the vessel that carried its flag was linked to an Egyptian firm.

Natural-gas lost more than 2% on Thursday, with prices extending their recent declines after U.S. government data showed that supplies of natural gas fell by as much as expected last week. Natural gas fell 11 cents to $4.38 per 1,000 cubic feet, the lowest price since Jan. 21. The nation’s supply of natural gas fell by 195 billion cubic feet last week, the Energy Department said. That met the consensus expectations of analysts surveyed by Platts. The drop in the futures price may indicate some traders had been looking for a bigger decline.