What's Moving the Oil Markets?
•IPE Brent futures in London extended gains Thursday
led by US refinery glitches that offset bearish US gasoline stock
data, traders said. At 1112 GMT, the June front-month IPE Brent
futures contract traded at $72.92/barrel, up 48 cents/barrel from
Wednesday's close.
•Both the 225,000 b/d Valero Texas City refinery and the 238,000 b/d
ConocoPhillips refinery in New Jersey are reported to have glitches.
The news that Valero Texas City had a coker off line sparked a 10-cent
rally in gasoline on Wednesday that sent the front month contract to
an intra-day high of $2.15/gallon.
•The complex rose sharply Wednesday despite headline numbers from the
Energy Information Administration in its weekly petroleum inventory
report that were not particularly bullish.
•Crude futures traders said the increase in speculator activity in not
just crude but other commodities has contributed to the rally seen in
crude recently. |