•Crude futures were rangebound Friday as market players continued to digest the US crude and product stock data published Thursday afternoon, brokers said. The data provided by the Energy Information Administration and American Petroleum Institute was essentially bullish, however a shifting of positions by traders diluted the reaction. "We're seeing little activity this morning and essentially it's a little more digestion of the US stats," a London-based broker said.

•Despite an initial rally in response to the US stats, prices then declined. Brokers said that the build in Cushing, Oklahoma, stocks may have tempered the bullish data and also a shifting of positions ahead of the winter season might have diluted the direction. "There has been a lot of position shifting, with people moving from RBOB to heating oil for example," a broker said. As winter approaches there is an increase in demand for distillates as the agricultural season begins to peak and cold weather in the northern hemisphere approaches.

Updated: September 7, 2007