Oil futures continued their climb upwards with WTI settling at a record high of $48.88/bbl. The all time traded high remains $48.40/bbl on August 20. The market remains bullish despite the US Government releasing some barrels from the SPR to 2 refiners because the barrels will be repaid quickly and the volume is very minor compared to the production lost from Hurricane Ivan. Technically the market remains in steep uptrend with traders targeting $50/bbl. The trend will only be reversed if WTI settles below $45.13/bbl. Trading in after hours ACCESS has WTI already up this morning at $49.20, up $0.32/bbl.

 

Singapore kero prices surged over $1 per barrel on Friday on aggressive buying from trader Vitol. Despite 2 cargoes being bought at the equivalent of 85 cents discount and flat discount, Platt's valued the market at flat, so the discount improved 45 cents from Thursday. Expect Singapore prices to be up $0.45/bbl this morning.

 

Closing prices Friday September 24, 2004:

WTI                $48.88/bbl            +$0.42/bbl

Brent              $45.33/bbl            +$0.20/bbl

IPE Gasoil      $422.50/t              +-$0.50/t = -$0.06/bbl