IPE Brent stabilises after hurricane related sell-off Friday

London (Platts)--13Jun2005

Brent crude futures on London's International Petroleum Exchange stabilised
after Friday's sell-off, but activity was quiet early Monday after fears of
Hurricane related problems in the US Gulf appeared to recede over the weekend,
traders said. 

By 1031GMT, the front-month July Brent futures contract traded at $52.65/bbl,
down just 2cts/bbl down from Friday's settle, tracking closely the weakness in
US benchmark West Texas Intermediate crude futures. The high low trading range
of the day was just 39cts implying little activity as the market waited for
the OPEC decision on Wednesday and the expiry of the July Brent futures
contract on the same day. These two factors are contributing to the market
"going sideways," one trader said. On the supply side, the diminishing threat
to oil and gas operations in the US Gulf of Mexico from tropical storm Arlene
appeared not to have affected prices with Friday's sell-off seen as a direct
result of the reduced Hurricane threat. "The hurricane blew itself out," one
trader said.

This story was first published in Platts real-time news and market reporting
service Global Alert - http://www.globalalert.platts.com

Copyright © 2005 - Platts

Please visit:  www.platts.com

Their coverage of energy matters is extensive!!.