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War, War, War See other War, War, War Articles Title: Oil rises above $97 on inventories, Bhutto's death Oil rises above $97 on inventories, Bhutto's death By Moming Zhou & Polya Lesova, MarketWatch Last update: 11:46 a.m. EST Dec. 27, 2007 PrintPrint EmailE-mail Subscribe to RSSRSS DisableDisable Live Quotes SAN FRANCISCO (MarketWatch) -- Crude-oil futures rose for a fourth day on Thursday to above $97 a barrel after government reports showed U.S. crude inventories fell for a sixth week and as geopolitical tensions escalated after former Pakistani Prime Minister Benazir Bhutto was assassinated. Crude for February delivery advanced $1.33, or 1.4%, to $97.30 a barrel on the New York Mercantile Exchange in late morning trading. Earlier it rose to an intraday high of $97.69 in electronic trading. Crude has been on a winning streak since last Friday and has gained more than $6. U.S. crude inventories fell by 3.3 million barrels to 293.6 million barrels in the week ending Dec. 21, the lowest in nearly three years, U.S. Energy Information Administration reported on Thursday. Analysts polled by Dow Jones Newswires were expecting a drawdown of 1.2 million barrels. U.S. crude inventories have fallen more than 20 million barrels since the week ending Nov. 9. U.S. is the world's largest crude-oil consumer, accounting for nearly a quarter of the world's production. Pakistani opposition leader Bhutto died after a suicide bombing that also killed at least 20 others after a political rally in Rawalpindi, Pakistan. Pakistan, while not a significant oil producer, holds nuclear weapons, and the death of Bhutto could increase tensions in the region. Read full story. "Obviously the market is taking the inventories report as bullish, and we are reacting to this tight supply situation," said Phil Flynn, an analyst at futures brokerage Alaron Trading. "Bhutto's death increases risk of terror and pushes the market up." U.S. inventories At 293.6 million barrels, U.S. crude inventories are in the lower half of the average range for this time of year, EIA reported. U.S. crude oil imports averaged 9.8 million barrels per day last week, up 694,000 barrels per day from the previous week. Over the past four weeks, crude oil imports have averaged nearly 9.6 million barrels per day, or 62,000 barrels per day less than averaged over the same four-week period last year. Crude inventories in Cushing, Okla., the delivery point for crude traded on the Nymex, rose for a sixth week, up 100,000 barrels to 17.5 million barrels. Refineries operated at 88.1% of their operable capacity last week, up from the previous week's 87.8%, EIA reported. On the petroleum products side, U.S. gasoline supplies rose by 700,000 barrels in the latest week to 205.9 million barrels, but are in the lower half of the average range. Distillate supplies, which include heating oil and diesel, fell by 2.8 million barrels to 126.6 million barrels and are near the lower limit of the average range for this time of year. On the Nymex, January reformulated gasoline gained 2.18 cents to $2.4744 a gallon and January heating oil rose 2.4 cents at $2.6652 a gallon. Also on Thursday, the American Petroleum Institute reported U.S. crude inventories rose by 900,000 barrels to 298.4 million barrels in the week ending Dec. 21, according to Moody's Economy.com. Distillate inventories fell by 2.7 million barrels to 129 million barrels in the same period, while gasoline stocks fell by 2.4 million barrels to 206 million barrels, the API said. Elsewhere, January natural gas fell 16.6 cents, or 2.4%, at $6.88 per million British thermal units on the Nymex. End of Story Moming Zhou is a MarketWatch reporter, based in San Francisco. Polya Lesova is a MarketWatch reporter based in New York. Related MarketWatch news Post Comment Private Reply Ignore Thread Top • Page Up • Full Thread • Page Down • Bottom/Latest Begin Trace Mode for Comment # 6.
#2. To: tom007 (#0)
U.S. stocks decline, unsettled by Bhutto death Dow drops over 100 points amid thin trading and heightened geopolitical risk
Geez, she was such an economic stability.
Perhaps it's fear of the chaos that could ensue.
There are no replies to Comment # 6. End Trace Mode for Comment # 6.
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