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Strategies & Market Trends : Free Float Trading/ Portfolio Development/ Index Stategies

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To: dvdw© who wrote (3492)	3/13/2011 7:06:44 AM
From: dvdw©	Read Replies (1) of 3821

Full article link herein...but this outtake says it all. MARKET WATCH: Surplus crude stocks pull down NY crude price Mar 10, 2011 Sam Fletcher OGJ Senior Writer HOUSTON, Mar. 10 -- Report of record high inventories in the key distribution point of Cushing, Okla., triggered the continued retreat of crude prices on the New York market, while in London North Sea Brent climbed by 2.5% Mar. 9 on continued fears of supply disruptions from escalating warfare in Libya. Anuj Sharma, research analyst at Pritchard Capital Partners LLC in Houston, said, “The stockpile increase at Cushing to 40.3 million bbl, the highest ever recorded level, put enough pressure on prices to offset any support from larger than expected product draws and increased risk premium due to the intensifying Libyan violence, which helped push Brent higher.” He reiterated, “Fundamentally the infrastructure bottleneck between Cushing and Gulf Coast [inventories] could easily keep the Brent-West Texas Intermediate spread in $5-10/bbl range for a protracted period and calls for the demise of this spread are somewhat premature in our view.” ogj.com

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