NYMEX crude opens 26 cents lower at $71.50/bbl, tracking gasoline

New York (Platts)--24Aug2006

October crude futures on the New York Mercantile Exchange opened 26 cents
lower at $71.50/barrel Thursday, pulled lower by gasoline in the aftermath of
Wednesday's Energy Information Administration report. EIA reported an
unexpected and counter-seasonal 400,000 build in gasoline stocks, a 600,000
barrel decline in crude inventories and a 2.3 million barrel build in
distillates.

"Although most of the headlines through the rest of this week will likely
relate to the Iranian nuclear issue, we look for the gasoline market to
provide primary guidance to the complex," energy consultant Jim Ritterbusch
said in a report. "This leadership has been decidedly to the downside this
week as fund long liquidation out of the RBOB futures has transformed a
selloff into a rout."

September unleaded gasoline opened 1.94 cents lower at $1.84/gal and
October RBOB opened 62 points lower at $1.84/gal.

September heating oil opened 46 points lower at $1.9980/gal.

--Linda Rafield, linda_rafield@platts.com

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