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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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From: RealMuLan1/12/2005 5:59:07 PM
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[Saudi might know this earlier<g>]--"Crude oil prices rise on greater-than-expected supply decline"
www.chinaview.cn 2005-01-13 06:20:54

NEW YORK, Jan. 12 (Xinhuanet) -- Crude oil prices rose to a six-week high on Wednesday after the drop in crude oil stockpiles beat analysts' expectations.

On the New York Mercantile Exchange, oil futures for February delivery rose 69 cents to end at 46.37 dollars per barrel. In London, the February Brent crude-oil futures contract climbed 56 cents to settle at 43.68 dollars a barrel.

On Wednesday, the US Energy Department reported that crude oil inventories fell by 3 million barrels to 288.8 million, leaving supplies at the lowest since the week ended October 22. Imports had been below 10 million barrels a day for three weeks following 12 weeks of exceeding the level.

"As long as imports stay below 10 million barrels we will continue to see crude stocks fall," an energy futures broker said in New York. "Supplies will probably dwindle as OPEC cuts production and attacks keep Iraqi oil off the market."

While crude oil stockpiles dropped, supplies of distillate fuel, which included heating oil, rose 1.9 million barrels to 123 million barrels, the highest since the week ended October 1.

However, traders paid more attention to crude number and looked past the products. The colder weather next week would put a further upward pressure on the prices as the demand for heating oil might climb. Enditem

news.xinhuanet.com
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