Associated Press
Oil Prices Rise Ahead of Petroleum Report
Wednesday April 20, 7:45 am ET
By Edith Balazs, Associated Press Writer
Oil Prices Rise Ahead of Weekly Report on U.S. Petroleum Stocks That Will Gauge Gas Inventories
BUDAPEST, Hungary (AP) -- Crude oil futures climbed Wednesday ahead of a weekly report on U.S. petroleum stocks that will gauge gasoline inventories in the world's biggest consumer market ahead of the summer driving season.
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Qatar's oil minister, Abdullah bin Hamad Al Attiyah, said inventories were strong, with more oil in the market than the Organization of Petroleum Exporting Countries had expected. Although he said it was too early to predict what OPEC will do at its June meeting, Al Attiyah said the group will consider factors "including the inventories."
President Bush has expressed concern over high pump prices and pledged to help American refiners produce more fuel ahead of the Northern Hemisphere summer.
China's growing appetite for oil, one reason for increased world demand, also appeared unlikely to slow -- its robust economy grew 9.5 percent in the first quarter of 2005.
Light, sweet crude for May delivery was up 46 cents at $52.75 per barrel by afternoon in Europe in electronic trading on the New York Mercantile Exchange.
Heating oil was up nearly a cent to $1.5000 a gallon, while unleaded gasoline was up half a cent to $1.5750 per gallon.
On London's International Petroleum Exchange, Brent crude June contracts were up 67 cents to $53.61 per barrel.
"Markets are very jumpy across the world, and investors' risk appetite seems to be pulling back," said Alex Scott, an analyst with London's Seven Investment Management.
"We also have the added complication of unpredictability on the supply side having a destabilizing impact," with unforeseen supply disruptions occurring in OPEC countries, Scott said.
At a March meeting in Iran, OPEC increased its production ceiling by 500,000 to 27.5 million barrels a day, and provided for an identical increase if crude prices did not stabilize.
Al Attiyah, speaking in Paris on Wednesday, said OPEC was not likely to implement the optional increase before its next meeting, and hinted that the organization also was unlikely to increase production at its June meeting in Vienna.
"I believe today the market's very, very balanced," he said. "The inventory today is the highest since 2002. So it means there's more oil in the market than we expected."
Al Attiyah also stressed that OPEC members have little room to increase production. "OPEC is almost producing to the maximum," he said. "In a few countries they have spare capacity, but in most member countries they have no spare capacity."
He also indicated that oil prices should ideally be between $40 and $50 a barrel.
The Nymex May crude contract was expiring Wednesday, and the U.S. Energy Department was to release its weekly petroleum stocks report later in the day as well. The focus in the United States has shifted from heating oil to automobile fuel inventories.
John Shoe, an analyst with Barclays Capital in London, said the market was eagerly awaiting the U.S. data and that "the latest developments in Russia will definitely have a long-term impact on the market."
Attempts by Moscow to seize the remaining assets of Yukos drove prices higher Tuesday. While the shares being frozen does not affect Yukos' day-to-day production operations, the lawsuit is widely seen as the Kremlin's effort to control the company's assets -- a key in sending prices upward in 2004.
Crude futures have dropped more than $8 over the last two weeks since hitting an intraday high of $58.28 on April 4, but failed to close below the $50 mark last Wednesday, despite rising U.S. crude inventories and increased OPEC production.
U.S. refineries are at near capacity because of rising demand and analysts said unscheduled maintenance at some facilities bolstered the overnight spike.
Bush said in an interview Tuesday with financial news channel CNBC that his administration was worried about high U.S. gasoline prices and would look for ways to help American refineries produce more to meet demand.
Since January, the average price of regular unleaded gasoline in the U.S. has climbed 28 percent to around $2.28 a gallon, up nearly 50 cents from a year ago.
On Wednesday, the world's second-largest consumer of crude, China, released its first quarter 2005 gross domestic product figures, reporting 9.5 percent growth. Beijing also reported 9.5 percent GDP growth for the last quarter of 2004.
jo; und heute um 16:30 Ölmarktbereicht
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