Prices ended up slightly on Friday night after initial weakness. Prices were continuing their 5 day slide based on traders taking profits when reports came out of more attacks on Iraqi pipelines. On Saturday there was another attack on a pipeline that supplies a refinery which should be supportive to the market. Technically the market remains in a short term downtrend but there is strong support for WTI at $42.90/bbl.

 

Singapore prices were weaker in a lackluster market with the continuing weaker markets scaring some buyers away. Singapore kero remains well offered due to strong regrades and refining margins whilst gasoil remains better bid. Expect Singapore prices to be up about 10 cents per barrel this morning.

 

Closing Prices for Friday August 27, 2004:

 

WTI                    $43.18/bbl            +$0.08/bbl

Brent                  $40.64/bbl            +$0.31/bbl

IPE Gasoil          $359.25/t              -$2.50/t = -$0.34/bbl