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Strategies & Market Trends : Ask Vendit Off-Topic Questions

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To: Walkingshadow who wrote (3030)	12/26/2004 7:30:48 AM
From: Vendit™	Read Replies (1) of 8752

Crude Oil in London Falls 7.7% This Week Amid Inventory Rise Dec. 24 (Bloomberg) -- Crude oil futures fell in London, ending the week 7.7 percent lower after a report two days ago showed an unexpected gain in U.S. inventories of distillate fuels such as heating oil. Prices have traded in an $8-a-barrel range this month, rising and falling mainly on changes in U.S. heating-oil inventories and shifting perceptions about weather in the U.S. northeast, the biggest residential market for the winter fuel. ``Everyone's worried about heating oil at this time of year and weather reports can easily have an effect on prices,'' said William Buchanan, a senior energy trader at Standard Bank in London. ``A cold blast and a drop in heating-oil inventories would be enough to get this market up again.'' Brent crude for February settlement fell 64 cents to settle at $40.07 a barrel on London's International Petroleum Exchange in a holiday-shortened session that ended at 1 p.m. local time. It fell $1.73 two days ago and rebounded by 7 cents yesterday. Today a few transactions are enough to move prices 20 cents or so up or down because there's little trading, Buchanan said. The IPE will be closed Dec. 27-28 for Christmas holidays. The New York Mercantile Exchange is closed today for the Christmas holiday. New York electronic trading will resume on Dec. 26 at 7 p.m. local time. February crude in New York closed 6 cents down yesterday at $44.18. Prices tumbled two days ago when the U.S. Energy Department's weekly report showed distillate-fuel inventories rose 584,000 barrels to 119.9 million barrels in the week ended Dec. 17. Analysts polled by Bloomberg had on average expected a drop of about 1.1 million barrels. Crude oil inventories rose 2.1 million barrels, versus an expected decline of 800,000.

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