crude oil, page-3

  1. 1,889 Posts.
    diatribe we have Weekly U.S. Petroleum Inventory Data tonight and i heard from an aquaintance that illinois has had 5 inches snow in last day . so your whiteout might happen .

    Oil Prices Fall Ahead of Key Report
    Wednesday December 1, 6:51 am ET
    By Jane Wardell, AP Business Writer
    Oil Prices Fall Ahead of Keenly Awaited Weekly U.S. Petroleum Inventory Data

    LONDON (AP) -- Crude oil futures fell Wednesday ahead of keenly awaited weekly U.S. petroleum inventory data that was expected to show an increase in U.S. distillate and crude stocks.
    Light, sweet crude for January delivery stood at $48.91 a barrel in Europe in electronic trading on the New York Mercantile Exchange, down 22 cents.


    In London, Brent for January delivery fell 29 cents to $45.22 on the International Petroleum Exchange.

    "The expectations are for a build in all the stocks," said Esa Ramasamy, oil editorial manager for energy reporting agency Platts in Singapore. "If the winter has yet to set in, you are going to see inventory buildup."

    After months of fears about global supply shortages and robust demand that underpinned a 50 percent surge in oil prices, traders' concerns have now crystallized around heating oil stocks in the United States and the severity of the impending Northern Hemisphere winter.

    The data, due Wednesday from the U.S. Energy Information Administration, gives a window on how much crude and distillates -- which comprise jet fuel, heating oil and diesel -- are sitting in U.S. stockpiles.

    Heating oil futures were down less than a cent at $1.4149 per gallon on the Nymex.

    With distillate stocks down 14 percent on-year, traders fear that a cold snap in North America could deplete stocks and spur fresh price rises. But an increase in crude and distillates was expected.

    "It's still pretty mild, you know," said Ramasamy. "At this time of year, it should be snowing and it should be pretty cold already."

    According to estimates from 13 energy analysts surveyed Monday by Dow Jones Newswires, distillate stocks were expected to have risen by an average of 1.28 million barrels in the week ended Nov. 26. Crude stocks were likely to see a build of 400,000 barrels, the 10th week of rises.

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