What's Moving the Oil Markets?

What's Moving the Oil Markets?

•Crude futures rose on fresh comments by the Iranian President Mahmoud Ahmadinejad saying that his country would "resist to the end" on its nuclear program, after sparking fresh Western concern by revealing plans to massively ramp up sensitive atomic work.

•The US Department of Energy report, due to be released later in the day was expected to show a build across crude oil, gasoline and distillates, a Platts survey revealed. Consensus estimates put crude to rise by 1.1 million barrels, gasoline to rise by 250,000 barrels and distillates by 100,000 barrels. Traders were looking for larger draws, especially in the product stock levels to enable prices to break above the $60/barrel level.

•In its latest monthly report, the OPEC estimated October output, excluding Iraq, fell by 110,000 b/d to 27.49 million b/d. At the same time, the oil cartel raised the call on its own crude to 28.15 million b/d for 2007.

Updated: 11/15/06

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