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Mix-Ansicht- Aktuelle Lage - Rohölpreis - KEEP-COOL, 05.09.2002, 20:24
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09/05 12:45
Crude Oil Rises After Report Shows Decline in U.S. Inventories
By Mark Shenk
New York, Sept. 5 (Bloomberg) -- Crude oil rose after the American Petroleum Institute said U.S. inventories fell close to an 18-month low, spurring concern that supplies are inadequate at a time when the U.S. may be preparing to attack Iraq.
Supplies have dropped 7.2 percent since late June as the U.S. outlined its case against Iraq. U.S. President George W. Bush is consulting with lawmakers in Washington this week and will discuss Iraq with leaders of Russia, China, France and the U.K. next week at the UN, where he will address the General Assembly.
``We've been seeing some nice draws in stocks in recent weeks,'' said Juha Laiho, a crude-oil trader in Houston for Finland-based Fortum Oyj. ``With the recent headlines about Bush and Iraq you have to take the inventory numbers more seriously.''
Crude oil for October delivery was up 51 cents, or 1.8 percent, at $28.78 a barrel as of 12:11 p.m. on the New York Mercantile Exchange. Prices were up 45 percent this year.
In London, the October Brent crude-oil futures contract was up 38 cents, or 1.4 percent, at $27.48 a barrel on the International Petroleum Exchange.
U.S. crude-oil inventories fell by 6.28 million barrels, or 2.1 percent, to 298.9 million barrels in the week ended Friday, the institute reported late yesterday. Inventories fell to 295.6 million barrels in the week ended Aug. 9, the lowest level since March 2001.
Some analysts attributed the drop in inventories to reporting delays by some storage companies.
``We've been getting substantial swings from week to week in the inventory number over the past month,'' said Tim Evans, senior energy analyst at IFR Pegasus in New York. ``It looks like there has been inconsistency in company reporting.'' Also, refiners are entering a period where they shut some units for annual maintenance, so they're ``in no rush to buy crude.''
Building Weapons
Bush has accused Hussein of seeking to build an arsenal of chemical, biological and nuclear weapons, which would threaten his neighbors in the Middle East and the U.S. Iraq is the fourth- biggest producer in a region that pumps a third of the world's crude oil.
The 22-nation Arab League opposes a U.S. attack on Iraq and any attempt to unseat Hussein, the group's secretary-general, Amr Moussa, said at the end of two days of meetings of Arab foreign ministers.
Kuwait's foreign minister, Sheikh Sabah al-Ahmed al-Sabah, said his country was opposed to a U.S. strike on Iraq to remove Hussein, the Al-Watan newspaper reported. Kuwait was invaded by Iraqi forces in 1990, which precipitated the Persian Gulf War.
Saudi Arabia has said it has enough spare capacity to make up for any shortfall in oil supplies caused by U.S. military action against Iraq.
An attack on Iraqi positions by aircraft from a U.S.-U.K. coalition patrolling a southern no-fly zone over the country was discounted by oil traders.
``The market isn't paying attention to the air strike because it's standard operating procedure,'' said Ed Silliere, vice president of risk management at Energy Merchant LLC in New York, which markets wholesale gasoline and heating oil.
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