New York (Platts)--29May2007

July crude futures on the New York Mercantile Exchange opened 90 cents
lower at $64.30/barrel Tuesday as a less-than-favorable technical picture
encouraged longs to liquidate positions.

     A downturn in product prices added to bearish sentiment as a host of
refinery restarts late last week suggested an increase in output that would
ease the current supply/demand balance in gasoline, in particular.

     "Focus will again be on the level of gasoline stocks and the pace of
refinery activity within the weekly EIA stats, scheduled for release on
Thursday," energy consultant Jim Ritterbusch said in a report. "We will look
for surprises in both categories to fall toward the bearish side."

     Historically, gasoline prices tend to ease following Memorial Day weekend
in the US, as refiners exit turnarounds and ramp up production. June RBOB
opened unchanged at $2.4037/gal while July RBOB opened 2.75 cents lower at
$2.2830/gal. June heating oil opened unchanged at $1.9391/gal and July heating
oil opened 2.71 cents lower at $1.9150/gal. 

		--Linda Rafield, linda_rafield@platts.com