Prices ended marginally lower overnight but up from the days lows. Market was initially very bearish on reports that Iraq was still pumping 1.75 million barrels per day and President Putin said Russia will pump 9.1 million barrels per day or an additional 6.9% in 2005. However the market bounced back on some short covering ahead of the release of the weekly US Inventory data later tonight. Technically the market remains in a short term downtrend. After hours ACCESS trading has WTI up $0.17/bbl this morning.

 

Singapore prices were lower with futures during Asian trading but little activity was seen with bids and offers on physical cargoes wide apart. Physical kero remains well offered. Expect Singapore prices to be up 10 cents per barrel this morning.

 

Closing Prices Tuesday August 31, 2004:

 

WTI                    $42.12/bbl            -$0.16/bbl

Brent                  $39.61/bbl            -$1.03/bbl

IPE Gasoil          $352.50/t             -$6.75/t = -$0.91/bbl