Crude Oil Prices Little Changed
"In other market-related news, China, the world's second largest oil-consumer after the United States, said its imports in September rose 4.8 percent on year to 76 million barrels, or an average of 2.65 million barrels a day, according to data issued Friday by the General Administration of Customs.
Friday October 28, 6:17 am ET
By Gillian Wong, Associated Press Writer
Crude Futures Little Changed Above $61 a Barrel Amid Winter Supply Concerns
SINGAPORE (AP) -- Oil prices were little changed Friday amid lingering concerns that U.S. Gulf of Mexico oil facilities recovering from hurricane damage will struggle to meet heating oil demand as winter approaches.
Light, sweet crude for December delivery on the New York Mercantile Exchange rose 1 cent to $61.10 a barrel in Asian electronic trading. The contract rose 43 cents Thursday to close at $61.09 a barrel.
In London, December Brent on the International Petroleum Exchange rose 6 cents to $59.20 a barrel.
Concern is growing among traders that damage caused by Hurricanes Katrina and Rita will hurt already aging U.S. refineries' efforts to gear up for the winter, the peak season for production of distillate stocks -- fuels that include heating oil, jet fuel, kerosene and diesel oil.
The U.S. government said Thursday 68 percent of daily oil production and 56 percent of daily gas production in the Gulf of Mexico remained shut down in the wake of hurricanes Katrina and Rita.
U.S. supplies of distillate fuel shrank by 1.6 million barrels to 121.1 million barrels, its seventh decline in two months, the U.S. Energy Department said in its midweek report.
Nymex heating oil fell marginally to $$1.8490 a gallon while gasoline inched down slightly to $1.5925.
In other market-related news, China, the world's second largest oil-consumer after the United States, said its imports in September rose 4.8 percent on year to 76 million barrels, or an average of 2.65 million barrels a day, according to data issued Friday by the General Administration of Customs.
"The pace of demand growth in China is something we are all watching, because it will have a greater effect on crude oil demand-supply balance at some stage," said chief commodities strategist Tetsu Emori of Mitsui Bussan Futures in Tokyo.
Oil prices are 14 percent below the late August peak of $70.85 a barrel, when Katrina made landfall.
Meanwhile, natural gas futures have more than doubled compared to a year ago and are expected to produce huge heating bills this winter across much of the United States.
U.S. lawmakers on Thursday urged the Bush administration to open an area of the eastern Gulf of Mexico to natural gas development, arguing that just an announcement of this new supply of gas might help stabilize or reduce natural gas prices.
But the U.S. Interior Department has told Florida it would not consider a lease sale in the area until at least 2007. Florida opposes development of the area because some of it is within 100 miles of the state's Panhandle region.
Natural gas for December delivery fell 19.4 cents to $13.490 per 1,000 cubic feet.
Cash is King until further notice!!!
My comments on companies are usually my opinion of long term success (years). The PPS may go up or down greatly in the meantime depending on the number of greedy suckers with money.
