NYMEX crude opens 53 cents higher at $74.80/barrel

New York (Platts)--21Jul2006

August crude futures on the New York Mercantile Exchange opened 53 cents
higher at $74.80/barrel Friday with traders positioning themselves ahead of
the weekend as the strife between Israel and Hezbollah intensifies.

"The energy futures all look like they've entered a period of
consolidation or book-squaring ahead of the weekend," Tim Evans, energy
analyst at CitiGroup, said in a report. "On the petroleum side, that means
some bids in the market by short-term traders looking to take profits off the
recent retreat, as holding positions through the weekend when the conflicts in
the Middle east could intensify seems like an unnecessary risk."

August unleaded gasoline opened 2.13 cents higher at $2.2690/gal and
August heating oil opened 1.35 cents higher at $1.9475/gal.

--Linda Rafield, linda_rafield@platts.com

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