Do you think the economy is strong enough to handle increasing prices along with FED 1/4 point increases ? Once the crude is converted into refined products. That should help with gas draw downs.
I'm keeping an eye on consumer confidence.
Fuel surcharges are now being charged by some airlines.
Thursday, April 13, 2006 (Singapore):
Oil prices slipped in Asian trading after the U.S. government reported that its country's crude stocks last week swelled to their highest level in eight years.
Light, sweet crude for May delivery lost 46 cents to $68.18/barrel in electronic trading on the New York Mercantile Exchange. The contract slipped 36 cents Wednesday to settle at $68.62/barrel.
Gasoline futures declined 2.61 cents to $2.0650 a gallon (3.8 liters), while heating oil prices fell 1.86 cents to $1.9560 a gallon. Natural gas dipped 5.8 cents to $6.750 per 1,000 cubic feet.
Inventories of crude oil rose 3.2 million barrels to 346 million barrels, their highest level since early 1998, the U.S. Energy Department reported. It was the third straight weekly build in crude stocks.
With refiners apparently still undergoing seasonal maintenance ahead of the summer driving season, petroleum products continued to shrink.
Gasoline inventories dropped 3.9 million barrels in the week ending April 7 to 207.9 million barrels, down nearly 2 per cent from year-ago levels.
Meanwhile, U.S. gasoline demand was higher, the report said, averaging 9.1 million barrels a day over the past four weeks, or 1.2 percent above a year ago.
Distillate inventories, which include diesel and heating oil, dropped 4.6 million barrels to 117.4 million barrels. They remain more than 12 per cent above year-ago levels.
The International Energy Agency said rising energy futures appear to be crimping demand.
In its monthly oil market report, the energy watchdog trimmed its estimate for growth in world oil demand this year to 1.47 million barrels a day. (AP)
ndtvprofit.com |
