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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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To: RealMuLan who wrote (15055)	11/7/2004 11:23:55 PM
From: RealMuLan	Read Replies (2) of 116555

Crude price falls further By Yeoh En-Lai in Singapore 08nov04 CRUDE futures continued to fall today furthering a 10-per-cent decline in the past two weeks on the belief that rising US crude supplies will meet demand for the northern winter. A lack of negative news on the supply side also eased pressure on prices, traders said. Early today, light, sweet crude for December delivery traded at US$49.42 a barrel in Asian after-hours electronic trade on the New York Mercantile Exchange, down US19c from Friday's close. Production in the Gulf of Mexico has been recovering from its battering by Hurricane Ivan in mid-September, boosting US crude supplies and helping prices fall by nearly $US6 since closing at a record $US55.17 a barrel on October 22 and October 26. Prices are still about 70 per cent higher than a year ago but would have to surpass $US90 a barrel, adjusted for inflation, to match those set in 1980. "Part of it is due to the supply coming back on in the Gulf of Mexico. Primarily, there has also been a lack of negative news," Kurt Barrow, senior principal at Texas-headquartered energy consultants Purvin & Gertz in Singapore, said. Mr Barrow said rising crude inventories in the US have played a large part in the price fall. heraldsun.news.com.au

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