Weiterhin bearishe Situation auf dem Rohölmarkt

verfasst von KEEP-COOL, 18.07.2001, 19:03

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Die bearishe Entwicklung an der Rohölfront ist weiterhin intakt.
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K C


07/18 11:51
Crude Oil Falls to 15-Month Low on Rise in U.S. Inventories
By Mark Shenk


New York, July 18 (Bloomberg) -- Crude oil fell to a 15-month low after an industry report showed the biggest gain in U.S. inventories since April.

Inventories rose 1.8 percent to 316.0 million barrels last week as imports soared, the American Petroleum Institute said. Analysts expected a decline. A 15 percent gain in supplies since March has sent prices tumbling. That may prompt Saudi Arabia and other OPEC members to cut production, analysts said.

``The import numbers were nothing short of amazing and there was a fall in refinery output,'' said Marianne Kah, chief economist at Conoco Inc., the fifth-largest U.S. oil company. ``The Saudi Arabians are going to do what they can to protect prices.''

Crude oil for August delivery fell as much as 87 cents, or 3.4 percent, to $24.70 a barrel on the New York Mercantile Exchange, the lowest price since April 27, 2000. Prices have fallen for eight consecutive sessions and are down 22 percent from a year ago.

In London, Brent crude oil for September settlement fell as much as 64 cents, or 2.6 percent, to $24.25 a barrel on the International Petroleum Exchange.

Oil company shares also fell. Exxon Mobil Corp. was down $1.24 at $84.06 in midday trading. Chevron Corp. was down $1.45 at $85.40 and Texaco Inc. was $1.14 lower at $63.86.

Federal Reserve Chairman Alan Greenspan told Congress that falling energy prices together with tax rebates and declining inventories of business and consumer products should stimulate the U.S. economy.

The gain in oil inventories, which now are 8.3 percent higher than a year ago, came as U.S. imports increased by 15 percent to 9.83 million barrels a day, an eight-week high, according to the API report, which was released late yesterday. Analysts surveyed before the report had predicted that inventories would fall by more than 1 million barrels.

OPEC Cuts

OPEC may reduce oil production quotas before its September meeting because of slowing demand and falling prices, a Saudi Arabian oil official said. Recent forecasts show an excess of oil that is pushing inventories up and prices down, the Saudi oil official said, asking not to be named.

Saudi Arabia is the largest crude oil producer. OPEC pumps about 40 percent of world supply. The producer group exceeded its self-imposed daily quota of 24.2 million barrels by 600,000 barrels, or 2.5 percent, in June, according to a Bloomberg survey.

``The statement shows the Saudis are very concerned about prices falling even further,'' said Nauman Barakat, vice president of global energy trading at ABN Amro Inc. in New York. ``It raises the question of whether they're really planning to cut output or are they just jaw-boning to talk prices up so they don't have to do anything.''

OPEC's oil benchmark index, combining seven varieties of crude oil, has fallen 15 percent in the last five weeks to $23.20 yesterday, close to the bottom of the group's $22- to $28-a-barrel target range. Saudi Arabia has often said it wants to see the so- called basket price at around $25 a barrel.

Agreement to Trim Output

Under an informal agreement, the 11-member group would consider cutting output by 500,000 barrels a day if prices drop below $22 a barrel for more than 10 consecutive trading days.

The Saudi official said a reduction in supplies would not necessarily need to wait until the price reaches $22.

The producer group expects global oil demand to increase by 850,000 barrels a day this year, OPEC Secretary-General Ali Rodriguez said in a statement.

The comment was a response to an estimate Friday from the International Energy Agency, which said daily demand would rise 460,000 barrels.

Rodriguez said there was no need now for OPEC to change production levels.

Refiner Reductions

U.S. refinery output fell by 1.8 percent, the API report showed. Refiners reduced production after profit margins for turning crude oil into gasoline and heating oil were cut in half in the past two months.

Gasoline inventories fell 2.76 million barrels, or 1.3 percent, to 218.0 million last week, the API report said. Supplies peaked at a two-year high of 222.9 million barrels on June 22. Analysts had expected a drop of about 250,000 barrels.

Inventories of distillate fuels, which include heating oil and diesel, rose 2.75 million barrels, or 2.4 percent, to 119.1 million barrels.

Gasoline for August delivery fell as much as 3.04 cents, or 4.1 percent, to 71.2 cents a gallon on the Nymex. Futures, which represent wholesale prices, have fallen 39 percent from a record $1.175 a gallon on May 24.

Average U.S. retail gasoline prices were unchanged at $1.426 a gallon yesterday, the American Automobile Association said today on its Web site. Prices have fallen 29.2 cents from a record $1.718 reached on May 14 and are down 15.5 cents from this time last year.

Heating oil for August delivery fell as much as 1.69 cents, or 2.5 percent, to 67 cents a gallon on the Nymex, the lowest price since May 8, 2000. Prices are 16 percent lower than at this time last year.


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gesamter Thread:

• Weiterhin bearishe Situation auf dem Rohölmarkt - KEEP-COOL, 18.07.2001, 19:03
  • Re: Weiterhin bearishe Situation auf dem Rohölmarkt - Cosa, 18.07.2001, 19:19
    • API bzw EIA Daten - KEEP-COOL, 18.07.2001, 21:12
      • Re: API bzw EIA Daten - Vielen Dank! (owT) - Cosa, 18.07.2001, 21:49