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Reply #27: Crude Oil Rebounds as U.S. Inventories Expected to Decline [View All]

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54anickel Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-25-04 09:23 AM
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27. Crude Oil Rebounds as U.S. Inventories Expected to Decline

Aug. 25 (Bloomberg) -- Crude oil futures rose for the first time in four days as traders expected a report will show U.S. inventories fell last week as refiners stepped up production.

Crude oil stockpiles probably declined by 250,000 barrels last week, from 293 million the week before, according to the median forecast in a Bloomberg survey of 14 analysts. Oil prices had slid 5.1 percent in New York during the past three days, as concern eased of disruptions to Iraqi and Russian exports.

``A two, three or four-day pullback in a market like this doesn't mean too much,'' said Bob Frye, a commodities broker at Access Futures & Options Trading, in Woodlake, California. ``It's definitely not the time to try shorting this market,'' Frye said, referring to a bet that prices will fall.


Today, unleaded gasoline for September delivery rose a second day, by as much as 0.72 cent to $1.2675 a gallon.

U.S. gasoline supplies probably shrank 2.25 million barrels last week from 205.7 million barrels the previous week, based on the Bloomberg survey. That would be the third straight decline.

Sunoco Inc., the largest refiner in the U.S. Northeast, will shut part of its refinery in Marcus Hook, Pennsylvania, for maintenance next month, Reuters reported, citing unidentified trade sources.

Other refiners, including San Antonio-based Valero Energy Corp., will also slow operations next month for annual maintenance. Valero, the third-biggest U.S. oil refiner, said Aug. 5 it will begin work in September on its refinery in Paulsboro, New Jersey.
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