|
|
|
| 10 April 2005 | Sunday | 30 Safar 1426 |
No need for output hike after oil prices slip: Opec
The price started to come down now. It’s even below what it was in Isfahan, so the reason for starting the discussions (to raise output) has been removed, said Sheikh Ahmed in reference to last month’s Opec meeting in Iran.
World oil prices fell Friday for the fourth successive day to dip below $54 a barrel as supply concerns that drove the market up to record highs earlier this week eased.
I think the market behavior will force producers to increase production in May... This is my belief as (energy minister of) Kuwait, Sheikh Ahmed told reporters.
NEW YORK: US spot fuel oil prices fell on Friday tracking weaker crude oil prices and reversing some of this week’s gains, dealers said.
In New York Harbor, prompt physical one per cent fuel was heard talked at $41.00 a barrel, down more than $2.00, dealers said.
The 2.2 per cent grade was heard offered at $37.00 a barrel, down $2.00.
NYH April one per cent paper was pegged at $41.00 a barrel, down $1.00, with May heard at $40.50 and June at $40.25, players said.
In the US Gulf, three per cent fuel was notionally down $1.50 to $35.50 a barrel.
USG April three per cent paper was pegged in the $35.00 area, down 80 cents, while May was assessed at $34.75, down $1.75, players said.
NYMEX May crude settled down 79 Thursday at $53.32 a barrel as rising US crude oil stockpiles countered lingering worries over rising global demand.
The latest National Weather Service six- to 10-day forecast called for mostly above-normal temperatures for the eastern half of the nation, with mostly below-seasonal readings expected in the West.
In the natgas market, swing prices on Transco at the New York city gate fell 30 cents to $7.82/mmBtu, or $49.27 a barrel equivalent.
Gas at Henry Hub, the NYMEX delivery point in Louisiana, was 24 cents lower at $7.26/mmBtu, or $45.74 a barrel. —AFP/Reuters
|
|
|
|