Oil prices were basically steady overnight but heating oil futures hitting another record high. Prices didn't have enough momentum to break through the $55/bbl level but no one was aggressively selling either. Prices are expected to stay at theses levels today as it doubtful whether traders will sell aggressively ahead of the weekend. The focus of the market remains on the low distillate stocks heading into winter. Trading on the after hours ACCESS has WTI up another $0.16/bbl this morning.

 

Singapore prices rebounded sharply up $1.98/bbl on the back of the previous nights futures moves. The physical markets however remain quiet at such high prices and it appears that countries like China, Vietnam and Indonesia have slowed down their purchases because of high prices. Expect Singapore prices to be up $0.20/bbl this morning.

 

Closing Prices Thursday October 21, 2004:

 

WTI                $54.57/bbl            +$0.06/bbl

Brent              $50.72/bbl            +$0.20/bbl

IPE Gasoil      $490.50/t              +$2.75/t = +$0.37/bbl