Oil prices were weaker overnight in relative quiet market due to the absence of the US markets. However, the London futures market was down on technical selling with a lack of any bullish news supporting the market. After hours ACCESS trading has seen WTI fall 70 cents per barrel  as Japanese start to liquidate some length. Price direction will now have to wait until Thursday night when the US inventory data is released. Technically the market remains in medium term downtrend.

 

Singapore prices were marginally lower as more aggressive physical sellers met with more aggressive swaps buyers. The physical markets are still well offered which is not surprising with refining margins at historic highs. Expect Singapore prices to be down 25 cents this morning.

 

Closing Prices Monday September 6, 2004:

 

WTI                    Closed

Brent                  $40.62/bbl            -$0.61/bbl

IPE Gasoil          $374.00/t             -$1.00/t = -$0.13/bbl

 

 

Asian Day Oil Market Comment