BSH: GAS Outlook: Crude oil futures traded lower on Thursday after - TopicsExpress

BSH: GAS Outlook: Crude oil futures traded lower on Thursday after a surprise rate cut from the European Central Bank boosted the dollar and hit commodities priced in the U.S. currency. The losses, however, were limited by a drop in U.S. crude oil inventories, with data from the U.S. Energy Information Administration (EIA) showing a 905,000-barrel fall last week. Prices were also weaker as the market anticipates the start of peak maintenance season at major U.S. refineries in October. Seaway crude oil pipeline connecting Cushing to refiners on the Gulf Coast has been shut since Aug. 31, further backing up stocks at the key storage sight. Oil output in Iraqs Kirkuk has slumped to 30,000 barrels a day since June, 90 percent down on earlier this year. Crude oil can move in range to higher for the day.

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