Thursday, December 30, 2010

OIL PRICE: Technical correction see price easing

 Oil price dipped by just over a dollar after a steady rise but this is probably just a technical correction and it would continue to rise on the back of cold winds blowing across much of North America and Europe.

While demand for petrol may ease slightly as motorists cut back on unnecessary driving in the inclement weather, heating oil price would probably be under steady upwards pressure.

Demand for oil across Asia is expected to increase with their economic growth, expect oil prices to move up a steady mild incline throughout 2010 as the global economy picks up cautiously.

Strong supply is helping to stabilise price but Opec has made it known that they are not keen to increase output until their next review in July.

MARKET METRICS   Thu., Dec. 30, 2010
Crude OilOpec Basket90.22+0.14
($/bbl)ICE Brent93.09-1.05
Nymex Lt Swt 89.84-1.28
ProductsNymex (¢/gal)
Heating Oil248.54-3.61
ICE ($/ton)
Gas Oil765.75-14.25
Natural Gas New York 5.33+0.08
Spot PricesHenry, LA4.23+0.05
($/MMBtu) Katy, Texas4.17+0.02
AECO, Canada3.74+0.10

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