NYMEX crude breaks below $70/barrel, first time since June 21

New York (Platts)--18Aug2006

September crude futures on the New York Mercantile Exchange Friday broke
below $70/barrel for the first time since June 21, unable to hold onto gains
scored in overnight trading.

The market posted an intra-day low of $69.60/barrel, the same low on June
21. Lacking news headlines, bullish or bearish, the market has succumbed to
technical trading the last two sessions.

A floor source said stops were touched off below $70/barrel where there
was a buying vacuum. Stops touched off at $69.90 were filled near the lows of
the day, the source added. Once the stops were filled, the market rebounded
rapidly back above the $70/barrel level. The rebound coincided with a firming
in product prices as gasoline has been pacing the complex over the past week.

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