Oil prices continued their climb up on the back of lower US distillate stocks heading into winter. Although the overall inventory statistics were were neutral with crude and gasoline stocks increasing, the market is solely focusing on distillate stocks which are now 14% lower than normal. There was no other news in the market. Technically the market remains in strong uptrend with the next resistance level for WTI at $57.00/bbl.

 

US Dep Of Energy Change in Weekly stocks (millions/barrels):

Crude                +4.2

Gasoline            +1.2

Distillate            -2.5

Heating oil         -1.2

 

Singapore prices were up in line with crude during Asian trading on the back of aggressive swaps buying. Physical kerosene remains quiet at record high prices whilst trading company Hin Leong continues to buy gasoil cargoes in a well offered market. Singapore prices should be up $0.75/bbl this morning.

 

Closing Prices Thursday October 14, 2004:

 

WTI (Nov)                $54.76/bbl            +$1.12/bbl

WTI (Dec)               $54.06/bbl            +$0.92/bbl

Brent (Nov)             $50.84/bbl             +$0.79/bbl  (Contract expired last night)

Brent (Dec)            $50.09/bbl             +$0.81/bbl

IPE Gasoil             $481.50/t                +$19.25/t = +$2.58/bbl