Crude sell off as market anticipates U.S. Inventory Data

Resumen de Prensa            Enervía, miércoles, 30 junio 2004

FUENTE: BpRiskManager


NYMEX August crude fell 58 cents to settle at $35.66. IPE Brent futures also extended Monday’s losses, closing down
59 cents to settle at $33.11, ahead of Wednesday’s U.S. inventory data and the long Forth of July holiday weekend.
Despite healthier crude supplies, refinery problems could continue to limit supplies of products. In addition to worries
about product tightness, the market is still concerned about vulnerable Iraqi supplies, despite the handover of
sovereignty to an interim government. The infrastructure security chief anticipates sabotage against Iraq`s oil
installations to continue unless neighboring countries co-operated to stop the infiltration of foreigners behind the
attacks. The head of the Iraqi State Oil Marketing Organization has said Iraqi oil exports have recovered to close to two
million bpd from its two terminals in the south of the country, after a halt in exports due to sabotage attacks.
The market expects overall U.S. crude stocks to rise by 2.25 million barrels, distillate stocks to increase by 1.5 million
barrels and gasoline inventories to fall by 800,000 barrels.