Oil near $107 as China manufacturing weakens

PABLO GORONDI
Associated Press

Weak manufacturing data from China dragged the price of oil down close to $107 a barrel Wednesday as traders awaited confirmation of a report showing another decline in U.S. crude supplies.

By early afternoon in Europe, benchmark crude for September delivery was down 10 cents at $107.13 a barrel in electronic trading on the New York Mercantile Exchange. The contract rose 29 cents to settle Tuesday at $107.23.

A HSBC survey released Wednesday showed China's manufacturing at an 11-month low this month, a disappointing performance that puts pressure on Chinese leaders to reverse a deepening slowdown in the world's second-largest economy.

"A further slowdown in the manufacturing sector added to investor unease ... putting further pressure on labor markets and reinforcing the pessimistic outlook for demand growth" in China, said a note from Sucden Financial Research in London.

The U.S. government's weekly report on America's inventories of crude -- the market benchmark -- is due later Wednesday and is expected to show another drop in supplies. Falling supplies have helped propel the price of oil to a 16-month high this month, boosting gasoline prices as well.

A survey by Platts, the energy information arm of McGraw-Hill Cos., showed analysts expect a decline in crude oil inventories of 2.6 million barrels for the week ended July 19. That would bring the four-week drop to nearly 30 million barrels.

A report released late Tuesday by the American Petroleum Institute, funded by the oil industry, showed figures in line with analysts' forecasts.

"The API poll forecast a 2.5 million barrel decrease in crude inventories for the week, with stocks at Cushing continuing to display significant drawdowns, dropping by 2.1m barrels, as new pipelines ease supply bottlenecks," Sucden Financial said.

Cushing, Oklahoma, is the trading and storage hub for West Texas Intermediate, the crude oil grade behind the Nymex contract.

Brent crude, traded on the ICE Futures exchange in London, was down 57 cents to $107.85 a barrel.

In other energy futures trading on the Nymex:

-- Wholesale gasoline lost 0.26 cents to $3.0264 a gallon.

-- Heating oil retreated 1.06 cents to $3.0619 a gallon.

-- Natural gas fell 2.8 cents to $3.715 per 1,000 cubic feet.

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Source: http://www.wtop.com/628/3398528/Oil-near-107-as-China-manufacturing-weakens

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Hey, there?s a Sherman on cover of this week?s Sports Illustrated

Nope, it?s not Ed Sherman. However, I did have my picture once in SI. I was shown interviewing Martha Burk.

Story for another day.

Seattle?s Richard Sherman is featured on the cover. He also will write a regular column for Peter King?s MMQB.SI.com site. Here is his first entry.

******

The write-up from SI:

(NEW YORK ? July 24, 2013) ? On Monday Sports Illustrated launched The MMQB (TheMMQB.com), a new, digital franchise led by award-winning SI senior writer Peter King that is devoted to NFL coverage. This week?s SI, on newsstands now, introduces one of The MMQB?s new featured columnists?Seattle All-Pro cornerback Richard Sherman. The Seahawks? voluble star, who appears on his first SI cover, is profiled by senior writer Lee Jenkins. Sherman?s first TheMMQB.com column is also featured in this week?s SI.

?I?m excited about getting a player?s view of the game out in the media,? writes Sherman. ?Hopefully it will give you an unfiltered look into my life, my team and the lives of all NFL players.? Read Sherman?s entire column here.

Jenkins chronicles Sherman?s rise from growing up as a shy, skinny kid in Compton, Calif., to a confidant motormouth who was selected in the fifth round by Seattle in the 2011 draft (a slight that still motivates him today). Jenkins says, ?He is the rare player who has provoked the ire of Jim Harbaugh and Pete Carroll, who has taunted Tom Brady, who has been punched by an opponent while congratulating him on a good game.? (PAGE 48)

In just two NFL seasons Sherman has 12 interceptions?but? he has also labeled Harbaugh a ?bully,? called Falcons receiver Roddy White ?an easy matchup?, urged Darrelle Revis on Twitter to ?Get ya picks up!? and after a win over the Patriots last October, retweeted a picture of himself yapping at Brady, along with the caption, ?U MAD, BRO?? ??I used to tell him to quiet down,? says Seahawks safety Kam Chancellor. ?Then I saw the results.? (PAGE 48)

Sherman now headlines one of the best defenses in the NFL and has become the face?and voice?of the NFL?s fiercest rivalry between his Seahawks and the defending NFC Champion 49ers, who happen to be coached by Jim Harbaugh, Sherman?s coach at Stanford. ?I?m not the type to let a sleeping giant lie,? Sherman says. ?I wake up the giant, slap him around, make him mad and beat him to the ground. I talk a big game because I carry a big stick.?

On why he chose to attend Stanford over local favorite USC (coached at the time by his current coach Pete Carroll):? ?I wanted to make a statement,? says Sherman, who finished second in his high school class with a 4.2 GPA. ?It was weird. It didn?t sound right. But I had to prove it was possible: Compton to Stanford.? (PAGE 50)

Sherman says his verbose ways are all part of a plan. ?It?s part of a greater scheme to get some eyes, to grow the market, to grow Seattle,? he says. ?Now people are paying attention, and they?ll probably be disappointed this year because I will be a lot more reserved.?

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Source: http://www.shermanreport.com/hey-theres-a-sherman-on-cover-of-this-weeks-sports-illustrated/

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