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Daily Oil Market Comment
Daily Oil Market Comment
Futures prices rallied during Asian trading but then fell just before close on news of a fire in a Norwegian Refinery. Prices rallied early on the refinery report but then fell when the refinery advised that the shutdown would have no impact on its exports commitments. This resulted in WTI trading within a $1.30/bbl range durind the day. Technically the market remians in uptrend with WTI needing to fall to $38/bbl to break the trend. Trading in Asian morning on after hours ACCESS has WTI down another 30 cents per barrel.
Singapore prices ended up fairly steady as the mentioned above as prices rallied from the early morning weakness on the Norwegian refinery news. Physical kero remains well offered with little buying interest whilst gasoil remains well bid as the market is tightening with few offers. However, the swaps market is the reverse of the physical market with kero swaps being well bid reslting in a $3.50/bbl regrade ! Expect Singapore prices to be down 50 cents per barrel this morning.
Clsoing Prices July 12, 2004:
WTI $39.50/bbl -$0.46/bbl
Brent $36.63/bbl -$0.42/bbl
IPE Gasoil $347.75/t +$5.25/t = +$0.70/bbl (contract closed before crude sell off)
MOPS Kero $47.90/bbl Nil
Asian Day Market Movement
Oil prices initially dropped during Asian trading but rallied in the late afternoon following reports of a fire at at Norwegian refinery which will cut production by 200,000 barrels per day.
Singapore products keep seeing kero well offered and gasoil well bid but the regrade stays at wide levels and refineing margins stay extremely healthyExpect Singapore prices to be up 5-10 cents per barrel from Friday.
Prices at at 5:30PM Singapore Time:
WTI $40.07/bbl +$0.11/bbl
Brent $37.27/bbl +$0.22/bbl
IPE Gasoil $346.75/t +$1.25/t
Singapore Kero $47.95/bbl +$0.05/bbl