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

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To: RealMuLan who wrote (19250)	12/21/2004 5:53:26 PM
From: RealMuLan	Read Replies (1) of 116555

Crude finds support after rise in China demand By Alex Fak in London Published: December 21 2004 11:20 \| Last updated: December 21 2004 20:36 Oil futures struggled in slow trading on Tuesday, finding some support in predictions of lower distillate inventories and in a confirmation of China's unquenchable thirst for crude. Brent crude for February delivery was down 8 cents to $42.37a barrel by the close of trade in London after falling as low as $41.80. at one point. The Nymex WTI contract in New York inched up in early trading but settled down 2 cents at $45.76 a barrel. Trading was light ahead of Wednesday's weekly crude and oil products inventory data, the last one before investors go on Christmas break on Thursday afternoon. It is expected to show a reduction in distillate stocks like heating oil. "Forecasts for a slight draw in distillates has been supporting prices," said Julian Keites, energy broker at Fimat. January heating oil on Nymex finished up 0.06 cents at $1.3994 a gallon. News that crude imports into China in November posted their second-highest monthly level, up 45.6 per cent on the year earlier, was also helping support prices earlier in the day, Mr Keites said. Bulls had been concerned about unusually low import volumes in October. Predictions of colder weather in the US north-east in January helped balance Monday's bearish forecasts of mild conditions in the coming days. news.ft.com

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