Was den Ã-lmarkt so bewegt

verfasst von KEEP-COOL, 12.02.2002, 22:18

Crude Oil Falls on Expectations of Increase in U.S. Inventories
By Mark Shenk


New York, Feb. 12 (Bloomberg) -- Crude oil fell more than 3 percent on expectations that an industry report would show a sixth weekly increase in U.S. inventories, as refineries used less of the fuel because of weak demand for products such as heating oil.

The rise, forecast by analysts before the report today from the American Petroleum Institute, would come as mild winter weather and recession slowed fuel consumption and left oil inventories 10 percent higher than a year ago. Refinery profit margins have fallen by a third over the past 12 months.

``The warm weather we have experienced this winter as well as the slow economy have boosted supplies to a comfortable level,'' said Phil Flynn, a senior energy trader at Alaron Trading Corp. in Chicago. ``There are no worries about crude oil stocks right now.''

Crude oil for March delivery fell 68 cents, or 3.2 percent, to $20.73 a barrel on the New York Mercantile Exchange, the biggest decline since Jan. 17. Prices were down 32 percent from this time last year.

Crude oil inventories last week were expected to show a rise of between 1.8 million and 2.2 million barrels from 316 million the week before, according to a Bloomberg survey of nine analysts before today's report from the industry-funded institute.

Distillate fuel supplies, including heating oil and diesel, were predicted to drop between 900,000 and 1.3 million barrels. Heating oil inventories in last week's report were almost one- third larger than a year earlier.

``Inventories are at the top of their average range for this time of year,'' said Tim Evans, senior energy analyst at IFR Pegasus in New York. ``These inventories provide a cushion. Even with an unexpected disruption in supplies there will be a cap on prices. We won't being seeing $25 oil anytime soon.''

Refinery Operations

The institute last week said that U.S. refineries operated at 86.4 percent of their capacity, up 0.6 percentage point from a two- year low the previous week. Analysts expected a decline of 0.4 percentage point in today's report.

Refiners can earn about $3.36 a barrel selling gasoline and heating oil, based on U.S. futures market prices of those fuels and crude oil. The margin a year ago was $5.06 a barrel.

In London, Brent crude oil for March settlement fell 98 cents, or 4.6 percent, to $20.46 a barrel on the International Petroleum Exchange.

Saudi Arabia and Norway, two of the top three oil exporters, reiterated their commitment to keep production restrictions in place through June, a Norwegian oil ministry official said.

OPEC Plan

Norway agreed in December to cut output by 150,000 barrels a day starting Jan. 1 in cooperation with a plan by the Organization of Petroleum Exporting Countries to reduce world supply and prop up prices. OPEC reduced its daily output quotas by 1.5 million barrels.

``Nothing has changed with our decision to maintain cuts until the end of June,'' said Sissel Edvardsen, a Norwegian oil ministry spokeswoman, after a meeting between Norway's oil minister, Einar Steensnaes, and his Saudi counterpart, Ali al- Naimi.

Russia, the second-biggest exporter after OPEC-member Saudi Arabia, committed to reducing exports by 150,000 barrels a day through March. Russia and Norway are not members of OPEC.


Gruß

K C

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gesamter Thread:

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