IPE Brent futures drifted down on US gasoline weakness

London (Platts)--14Feb2006

IPE Brent futures were marginally lower Tuesday as the weakness in US
gasoline has led the market downward. 
     At 1225 GMT, the March IPE Brent futures contract last changed hands at
$60.55/bbl, down 7 cts from the overnight settle. 
     "Weak gasoline prices as a result of higher than normal gasoline stocks
in the United states has been driving crude values downwards, though overall
is not much going on at the moment," one London-based broker said. 
     The declines in crude futures have largely been attributed to building
gasoline inventory in the US. Unleaded futures on the NYMEX fell from a close
of $1.4312/gal to $1.4220cts/gal, by 1215 GMT. 
     US government data to be released on Wednesday is expected to show a
further rise in gasoline stocks, adding to the inventories that are already
3.5 million barrels higher than a year ago. "In gasoline, average weekly stock
builds of almost 3.5 mil bbl seen since around the Christmas holiday will need
to subside," before the product can begin leading the oil complex higher, one
US-based analyst said late Monday. 
     Elsewhere, Iran said Tuesday it would remove a number of surveillance
cameras installed by International Atomic Energy Agency at some of its nuclear
sites. "We are getting ready to remove the cameras in some sites where they
were installed according to the (additional) protocol," the deputy head of
Iran's Atomic Energy Organization, Mohammad Saeedi, said on state television.
He was referring to an additional protocol to the nuclear Non-Proliferation
Treaty (NPT) signed by Iran which allows the IAEA to have extended access to
nuclear sites for snap inspections.

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