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Daily Oil Market Comment
Daily Oil Market Comment
Futures prices surged overnight due to a number of various factors - (1) Halt to Iraqi exports following pipeline explosions and more car bombings (2) Refinery problems in the US where an ExxonMobil Cracker is down (makes gasoiline) (3) Refinery problems in Rotterdam which will reduce exports to the US (3) Talk of stikes in Norway which could reduce exports. Technically the market remains on short term downtrend but if prices rise another 50 cents this trend could be broken. After hours ACCESS trading is up 12 cents this morning.
Singapore prices were firmer in line with crude during Asian time despite aggressive selling on the physical market by Hin Leong on gasoil and BP on kero. Paper swaps however still well bid by Vitol on gasoil and the banks on kero. Expect Singapore prices to be up 75-85 cents this morning.
Closing Prices June 17, 2004:
WTI Jul $38.46/bbl +$1.14/bbl
WTI Aug $38.81/bbl +$1.16/bbl
Brent Aug $36.21/bbl +$1.01/bbl
IPE Gasoil $318.50/t +$9.75/t = +$1.30/bbl
MOPS Kero $42.875/bbl +$0.275/bbl