Oil prices flat in Asia on surprising petrol inventories
Friday, 15 June 2007
SINGAPORE, June 14 (AFP): Oil prices were flat in Asian trade today after a surprising US report showed little change in gasoline (petrol) inventories, dealers said.
New York's main oil futures contract, light sweet crude for delivery in July, was four cents lower at 66.22 dollars a barrel from 66.26 dollars in late US trades Wednesday when it climbed 91 cents.
Brent North Sea crude for July was four cents higher at 69.98 dollars.
Crude prices jumped after figures showed US gasoline inventories were flat at 201.5 million barrels in the week ending June 8, well below the average range for this time of year and ending a five-week streak of gains.
Market expectations were for a rise of 1.6 million barrels.
"(The price) got that big spike up after the surprise numbers," Tobin Gorey, a commodities strategist with Commonwealth Bank of Australia, said from Sydney.
US crude oil reserves rose by 100,000 barrels last week to 342.4 million barrels, confounding analysts' forecasts for a decline of 275,000 barrels.
Stocks of distillates-gas and heating fuel-rose 300,000 barrels to 122.6 million but were still below the level of a year ago.
Gasoline supplies remain in focus amid the current US driving season when demand for motor fuel traditionally peaks as holidaymakers hit the nation's roads.
Despite recent weekly increases, gasoline stocks in the United States are at historically low levels for this time of year.
In Abu Dhabi, OPEC president Mohammad al-Hamli, who is also the United Arab Emirates energy minister, was quoted by the official Wam news agency as saying that "oil market supplies are sufficient."
The Organisation of the Petroleum Exporting Countries president said the increase in oil prices was the result of "political tensions in certain oil producing regions, market speculation and bottlenecks at refineries in consumer countries."
New York's main oil futures contract, light sweet crude for delivery in July, was four cents lower at 66.22 dollars a barrel from 66.26 dollars in late US trades Wednesday when it climbed 91 cents.
Brent North Sea crude for July was four cents higher at 69.98 dollars.
Crude prices jumped after figures showed US gasoline inventories were flat at 201.5 million barrels in the week ending June 8, well below the average range for this time of year and ending a five-week streak of gains.
Market expectations were for a rise of 1.6 million barrels.
"(The price) got that big spike up after the surprise numbers," Tobin Gorey, a commodities strategist with Commonwealth Bank of Australia, said from Sydney.
US crude oil reserves rose by 100,000 barrels last week to 342.4 million barrels, confounding analysts' forecasts for a decline of 275,000 barrels.
Stocks of distillates-gas and heating fuel-rose 300,000 barrels to 122.6 million but were still below the level of a year ago.
Gasoline supplies remain in focus amid the current US driving season when demand for motor fuel traditionally peaks as holidaymakers hit the nation's roads.
Despite recent weekly increases, gasoline stocks in the United States are at historically low levels for this time of year.
In Abu Dhabi, OPEC president Mohammad al-Hamli, who is also the United Arab Emirates energy minister, was quoted by the official Wam news agency as saying that "oil market supplies are sufficient."
The Organisation of the Petroleum Exporting Countries president said the increase in oil prices was the result of "political tensions in certain oil producing regions, market speculation and bottlenecks at refineries in consumer countries."