News Release
<< Back
Daily Oil Market Comment
Daily Oil Market Comment
WTI plunged $1.74 to $43.47, the largest decline in almost three months, after U.S. gasoline supplies were reported unchanged at 205.7 million barrels in the week ended Aug.20. Most traders had expected a hefty draw with the U.S. summer driving season demand still peaking during the Labour Day holiday weeked Sep 4-6.
Gasoline fell 6.57 cents to $1.1946, the lowest close since June 30. Crude stocks fell 1.7 million barrels to 291.3 million barrels as refiners operated at 96% of capacity.
Closing Prices Wednsday August 25, 2004:
WTI $43. 47/bbl -$1.74/bbl
Brent $40.68/bbl -$1.64/bbl
IPE Gasoil $384.25/t -$8.25/t = -$1.10/bbl
Gasoline fell 6.57 cents to $1.1946, the lowest close since June 30. Crude stocks fell 1.7 million barrels to 291.3 million barrels as refiners operated at 96% of capacity.
Closing Prices Wednsday August 25, 2004:
WTI $43. 47/bbl -$1.74/bbl
Brent $40.68/bbl -$1.64/bbl
IPE Gasoil $384.25/t -$8.25/t = -$1.10/bbl
Asian Day Market Movement
Oil prices slightly rebounded out of short covering but no paricalular topic in the mkt
Tonight's stock data at USA is expected to be down a bit (Crude and Mogas)
Singapore kero still remains well offered and is seen well supplied in the market due to strong refining margins
Prices As At 5:30PM Singapore Time Tuesday August 25, 2004:
WTI $ 45.53/bbl +0.31/bbl
Brent $42.69/bbl +0.37/bbl
IPE gasoil $38 3.50/t -0.75/t
Singapore Kero $53.90/bbl +0.45/bl