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The Journal Record

March 19, 2014

19A

Oil gains most in 2 weeks on U.S. factory data

(AP) The price of oil rose the most in two weeks Tuesday after strong U.S. factory data and an apparent easing in tensions over Ukraine. Benchmark U.S. crude for April delivery gained $1.62 to $99.70 on the New York Mercantile Exchange. It was oils biggest gain since March 3. Brent crude, used to set prices for international varieties of crude, gained 55 cents to $106.79 on the ICE Futures exchange in London. Data from the Federal Reserve showed that U.S. factory output in February rose at its fastest clip in six months after disruptions from severe winter weather. That bodes well for demand for oil in the worlds largest economy. Oil prices were also underpinned by the narrow scope of U.S. and European Union sanctions against Russia for its intervention in Crimea. On Tuesday, Russian President Vladimir Putin signed a treaty to annex Crimea but suggested his country was not seeking to take over other parts of Ukraine. Investors are also awaiting fresh information on U.S. stockpiles of crude and refined products. Statistics for the week ending March 14 are expected to show a build of 2.6 million barrels in crude oil stocks and a decline of 1.6 million barrels in gasoline stocks, according to a survey of analysts by Platts, the energy information arm of McGraw-Hill Cos. In other energy futures trading on Nymex: Wholesale gasoline inched up 2 cents to $2.90 a gallon. Heating oil gained 2 cents to $2.92 a gallon. Natural gas fell 8 cents to $4.46 per 1,000 cubic feet.

Energy

Databank
For March 19, 2014 From Staff, Wire Reports

Crude Oil
State Spot Prices
From Phillips 66 Central Oklahoma Sweet - $96.12 West Texas Intermediate - $96.32

Refined Products
Futures Market
Heating Oil 42,000 gal, cents per gal Open High Low Apr 289.74 291.80 288.20 May 288.54 290.55 287.20 Jun 287.20 289.91 286.75 Est. sales 108,720. Mon.'s sales 120,935 Mon.'s open int 280,956, up 1 Settle 291.55 290.44 289.86 Chg +2.47 +2.60 +2.51

Futures Market
1,000 bbl.; dollars per bbl. Open High Low Apr 97.97 99.78 97.75 May 97.46 98.98 97.28 Jun 96.80 98.45 96.65 Est. sales 627,001. Mon.'s sales 551,511 Mon.'s open int 1,644,836 Settle 99.70 98.88 98.01 Chg +1.62 +1.26 +1.06

Natural Gas
Futures Market
10,000 mm btu's, $ per mm btu Open High Low Apr 4.515 4.549 4.446 May 4.469 4.503 4.414 Jun 4.494 4.529 4.446 Est. sales 147,190. Mon.'s sales 227,265 Mon.'s open int 1,154,979, up 1,267 Settle Chg 4.456 .080 4.424 .068 4.454 .065

Gasoline 42,000 gal, $ per gal Open High Low Settle Chg Apr 2.8850 2.9051 2.8644 2.9028 +.0217 May 2.8747 2.8969 2.8569 2.8953 +.0222 Jun 2.8473 2.8683 2.8295 2.8670 +.0218 Est. sales 115,085. Mon.'s sales 140,432 Mon.'s open int 285,757, up 726

Active Rig Counts

For week ended March 14 Oklahoma - 186 U.S. - 1,809

Notes
Futures trading Tuesday at the New York Mercantile Exchange (Source: Associated Press). Rig count information provided by Baker Hughes Inc.

U.S. CEOs optimism on economy reaches 2-year high

BY CHRISTOPHER S. RUGABER
ASSOCIATED PRESS

WASHINGTON U.S. chief executives have grown more optimistic about economic growth this year, and more of them plan to boost spending and hiring within the next six months. The Business Roundtable said Tuesday that its CEO outlook index rose to 92.1 in the first quarter of this year, the highest level in two years. The index measures chief executives expectations for sales, investment spending and hiring. The biggest improvement occurred in investment spending. Nearly half the CEOs surveyed said they plan to invest more in the next six months, up from 39 percent last quarter. Such spending is typically followed by more hiring as companies expand. The Business Roundtable is an asso-

CEO expectations for overall economic growth are well below our economy's potential.
Randall Stephenson, CEO of AT&T

ciation of chief executives of the 200 largest U.S. companies. Randall Stephenson, CEO of AT&T and a native of Oklahoma City, attributed the better outlook to more stability and certainty surrounding tax and spending policies in Washington. The index that measures business investment plans reached its highest

level in three years. Thats obviously very encouraging, Stephenson said. Theres a very high correlation between business investment and job growth. More business spending on computers, machinery and other equipment would give the economy a critical boost. Consumer spending picked

up a bit in the second half of last year, but business investment has lagged. Business spending on equipment rose just 3.1 percent last year. It was the smallest annual gain since 2009, the year the recession ended. Despite the signs of optimism, the CEOs think the economy will grow only 2.4 percent this year. Thats better than last years meager 1.9 percent but below most private economists expectations of nearly 3 percent. CEO expectations for overall economic growth are well below our economys potential, Stephenson said. Still, 37 percent of chief executives plan to increase hiring in the next six months, up from 34 percent three months ago. And their sales expectations improved. Just 5 percent of the CEOs forecast a drop in sales, down from 8 percent in the fourth quarter.

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