Oil prices were firmer during the Asian trading day as traders short cover ahead of US inventory data as well as a change in mood that they think the oil markets have bottomed out after dropping for the past week. No real news in the market but rumours of another Iraqi pipeline explosion now surfacing. Technically the market remains in a short term down trend.

 

Singapore kero should be weaker today despite a lack of physical deals with more aggressive sellers in the swaps market putting pressure on prices. Singapore gasoil better bid again. Singapore kero should be 15 cents per barrel lower today.

 

Prices As At 5:30PM Singapore Time - Wednesday September 1, 2004:

 

WTI                                $42.53/bbl            +$0.41/bbl

Brent                              $40.03/bbl            +$0.40/bbl

IPE Gasoil                      $357.00/t              +$4.50/t = +$0.60/bbl

Singapore Kero                $50.10/bbl            -$0.15/bbl