Crude Oil declined  for a fifth consecutive session after Iraq's most senior Shiite Muslim cleric, Grand Ayatollah Ali al-Sistani, arrived in Najaf to help end an uprising by militiamen led by Cleric Moqtada al-Sadr.  Iraqi oil flows to tankers at the country's export teminals rose to near Capacity after slowing earlier today, according to the facilities manager.

Earlier in the day saboteurs attacked eight pipelines linking a southern oilfield in Rumaila to  A pumping station near the city of Basra. WTI traded as high as $44.15 on Access, however the Significance of the news was discounted since the pipelines effected are part of a backup system. On the floow WTI tested $42.50 the session low before retracing back to close at $43.10 down only 37cents. 

Gasoline fell another 3.14cents to $1.1632


Closing price Thuesday August 26, 2004:
 
WTI                          $  43.10 /bbl           -0.37/bbl  
(from the previous day)
Brent                         $  40.33/bbl            -0.35/bbl
IPE gasoil                  $ 361.75 /t              -17/t
Singapore Kero         $ 52.23/bbl             -1.29

Asian Day Market Movement

Mkt showed slight rebounce after a sharp decline last night. Yesterday's stock data at states were not bearish, even a bit bullish with crude stock being down but mkt collapsed with a rumor of SPR release More correctly funds seems to get out of their lengths since the mkt failed to cross over U$ 50/bl in front month of WTI in the nymex
 
Singapore kero still remains well offered and is seen well supplied in the market due to strong refining margins
 
Prices As At 5:30PM Singapore Time Thursday August 26, 2004:
 
WTI                          $  43.80 /bbl            +0.3 0 /bbl
(from the previous settlement)
Brent                         $  40.96/bbl             +0.3 0 /bbl
IPE gasoil                  $ 370.5 /t                - 8/t
Singapore Kero         $ 52.80 /bbl             Sept Swap