Oil prices up another $1 per barrel and new historic highs. Oil futures soared once again following the release of US Inventory data which in total was neutral but traders are picking out only bullish news to support their thirst and for length. Distillates was the only product to show a draw and this combined with the US Department of Energy revising the global demand for 4th Quarter up to 84.4 million barrels per day was enough to send prices up. There was also news that Nigerian Oil workers will strike if the Government doesn't decrease petrol prices ! Technically the market remains in a steep uptrend with WTI needing to settle below $49.85/bbl to reverse the trend.

 

Singapore prices were unchanged yesterday despite rising futures prices as the market is becoming weighed down under excess supplies following record refining margins and demand slowly dropping off at high prices. If Singapore products follow futures prices then prices could rise another $0.70 per barrel today.

 

Closing Prices Wednesday October 6, 2004:

 

WTI                $52.02/bbl            +$0.93/bbl

Brent              $47.99/bbl            +$0.89/bbl

IPE Gasoil      $450.00/t              +$5.00/t = +$0.67/bbl