Oil prices were lower today in Asian trade as the market looked ahead to an expected easing of tight gasoline (petrol) supplies in a weekly US energy inventory report, dealers said. New York's main oil futures contract, light sweet crude for delivery in June, was down 15 cents at 63.02 dollars a barrel after closing up a strong 71 cents at 63.17 dollars in late US trades.
Later Wednesday, the US Department of Energy (DoE) will release its weekly snapshot of energy stockpiles. CFC Seymour analyst Steve Rowles said there was little movement as the markets waited for the latest inventory numbers.
"The market will focus on gasoline ... we expect to see higher gasoline inventories so that should take some of the gasoline inventory fears out of the market a little today and the price may go down," Rowles said from Hong Kong.
He said the market was expecting a gain in gasoline stocks for the second week in a row after a three-month decline. Distillate stocks were forecast to show an increase of one million barrels while crude stocks would be unchanged, he predicted. US gasoline supplies have come into focus ahead of the peak- demand season, which starts at the end of May when Americans traditionally take to the roads for their annual summer holidays.
US gasoline supplies had tightened in recent weeks due to seasonal refinery maintenance. Lingering unrest in Nigeria, the world's sixth biggest producer of crude, also continued to underpin prices. Nigerian production has been slashed by about one quarter due to persistent attacks on the country's energy facilities. Meanwhile, the president of the International Energy Agency (IEA), Claude Mandil, said he planned a meeting with representatives of the Organisation of the Petroleum Exporting Countries (OPEC) to discuss the global supply situation.
The IEA, energy policy adviser to 26 industrialised member countries, is at odds with OPEC over the need to pump more crude to ease prices.
Blogalaxia Tags: US Department of Energy,New York,oil prices,Hong Kong,
Later Wednesday, the US Department of Energy (DoE) will release its weekly snapshot of energy stockpiles. CFC Seymour analyst Steve Rowles said there was little movement as the markets waited for the latest inventory numbers.
"The market will focus on gasoline ... we expect to see higher gasoline inventories so that should take some of the gasoline inventory fears out of the market a little today and the price may go down," Rowles said from Hong Kong.
He said the market was expecting a gain in gasoline stocks for the second week in a row after a three-month decline. Distillate stocks were forecast to show an increase of one million barrels while crude stocks would be unchanged, he predicted. US gasoline supplies have come into focus ahead of the peak- demand season, which starts at the end of May when Americans traditionally take to the roads for their annual summer holidays.
US gasoline supplies had tightened in recent weeks due to seasonal refinery maintenance. Lingering unrest in Nigeria, the world's sixth biggest producer of crude, also continued to underpin prices. Nigerian production has been slashed by about one quarter due to persistent attacks on the country's energy facilities. Meanwhile, the president of the International Energy Agency (IEA), Claude Mandil, said he planned a meeting with representatives of the Organisation of the Petroleum Exporting Countries (OPEC) to discuss the global supply situation.
The IEA, energy policy adviser to 26 industrialised member countries, is at odds with OPEC over the need to pump more crude to ease prices.
Blogalaxia Tags: US Department of Energy,New York,oil prices,Hong Kong,
