Oil Extends Decline as U.S. Crude Stockpiles Seen Expanding Glut

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Oil fell for a second day before U.S. government data forecast to show crude stockpiles in the world™s biggest consumer expanded to a record level.

Futures slid as much as 3.7 percent in New York. Crude supplies probably rose by 3 million barrels to 420.9 million through Feb. 13, according to a Bloomberg News survey before a report Thursday from the Energy Information Administration. That would be the highest in weekly records compiled by the EIA since August 1982. Industry data Wednesday showed inventories climbed by 14.3 million barrels, according to reports on Twitter.

Rising U.S. crude stockpiles contributed to a global glut that drove prices almost 50 percent lower in 2014. Marathon Oil Corp. will cut an additional 20 percent from its spending plan for this year, as companies including Royal Dutch Shell Plc and Chevron Corp. reduce investments in response to the collapse.

West Texas Intermediate for March delivery dropped as much as $1.91 to $50.23 a barrel in electronic trading on the New York Mercantile Exchange and was at $50.70 at 1:24 p.m. Sydney time. The contract fell $1.39 to $52.14 on Wednesday. The volume of all futures traded was about 39 percent above the 100-day average. Prices have decreased 4.8 percent this year.

Source : Bloomberg

Dollar Holds Decline as Fed Minutes Show No Hurry to Raise Rates

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The dollar remained weaker versus the yen after minutes Wednesday from the Federal Reserve™s January meeting showed policy makers argued for keeping interest rates near record lows longer due to risks facing the economy.

The greenback fell against the majority of its Group-of-10 peers after committee members pointed to the dollar™s strength, international flash points from Greece to Ukraine, and slow wage growth as weakening the case for the first rate increase since 2006. Treasury yields fell the most this month Wednesday.

The dollar was little changed at 118.74 yen as of 9:55 a.m. in Tokyo from Wednesday, when it slid 0.4 percent. The greenback traded at $1.1404 per euro from $1.1397. The single currency bought 135.41 yen from 135.39.

The main lending rate has been in a range of zero to 0.25 percent since 2008.

Source : Bloomberg

Nikkei 225 Heads for 15-Year High as Japan’s Megabanks Rise

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Japan stocks rose, with the Nikkei 225 Stock Average heading for the highest close in 15 years, as the biggest banks jumped and Trend Micro Inc. and Sony Corp. gained.

Mitsubishi UFJ Financial Group Inc., Japan™s largest lender, climbed 2.5 percent to be the biggest support to the Topix Index as banks led gains among industry groups. Anti-virus software maker Trend Micro added 5.9 percent, the strongest support to the Nikkei 225, after projecting profit above analyst estimates. Sony jumped 2.7 percent after forecasting a surge in operating earnings.

The Nikkei 225 gained 0.5 percent to 18,283.73 at the trading break in Tokyo, on course for the highest closing level since May 2000. The Topix added 0.6 percent to 1,491.51, after it closed yesterday at the strongest since December 2007. Two stocks rose for each that fell on the gauge.

The Topix Banks Index gained 2.1 percent, bringing this year™s advance to 10 percent. The industry group dropped 3.9 percent last year, when the broader Topix gained 8.1 percent.

Mitsubishi UFJ gained 2.5 percent to 761.7 yen. Sumitomo Mitsui Financial Group Inc. added 2.4 percent to 4,674.5 yen, while Mizuho Financial Group Inc. climbed 2.7 percent to 216.3 yen. All three lenders, Japan™s so-called megabanks, were the biggest supports on the Topix.

Source : Bloomberg

S&P 500 Erases Loss as Decline in Energy Overshadows Fed Minutes

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The Standard & Poor™s 500 Index erased a loss as speculation that the Federal Reserve will keep rates lower for longer overshadowed a drop in energy shares.

The S&P 500 slipped less than 1 point to 2,099.65 at 4 p.m. in New York, after losing as much as 0.4 percent. Energy companies in the benchmark index fell 1.5 percent as crude oil declined 2.6 percent from a seven-week high.

Equities pared losses as minutes from the Fed™s latest meeting showed some policy makers argued for keeping rates low for longer amid risks facing the economy.

The FOMC said after its last meeting it œcan be patient as it considers when to raise the benchmark interest rate, even as it described the labor market as œstrong. A report the following week showed payrolls rose more than forecast in January to cap the strongest three-month gain in 17 years.

Source: Bloomberg

U.S. Stocks Fall Amid Economic Data Before January Fed Minutes

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U.S. stocks fell, after the Standard & Poor™s 500 Index rose to a record Tuesday, as factory production rose less than forecast before the release of minutes from the last Federal Reserve meeting.

S&P 500 slipped 0.2 percent to 2,096.28 at 12:04 p.m. in New York, after the benchmark index closed at a record Tuesday. The Dow Jones Industrial Average lost 30.97 points, or 0.2 percent, to 18,016.61. Trading in S&P 500 companies was 19 percent below the 30-day average.

In a statement after its January meeting, the Fed reiterated the previous month™s stance that the committee would be patient in deciding when to begin raising interest rates, and said job gains were strong. Several Fed officials have said the U.S. central bank™s first interest-rate increase in almost a decade may come as soon as June. Minutes from the meeting are due at 2 p.m. in Washington.

Source: Bloomberg