What's Moving the Oil Market

•Crude futures were little changed in European morning trading Wednesday, ahead of the release of the EIA's weekly US petroleum stock data, sources said. Analysts polled by Platts expect a 1.7 mil barrel build in crude stocks when data is released later Wednesday. Distillate stocks are expected to increase 1.2 mil barrels. However, gasoline stocks are expected to fall 3 mil barrels.

•"In the EIA report, we will continue to focus more on days-of-cover than on absolute stocks and on middle distillates rather than gasoline," said Petromatrix oil analysts in a report. "The US refining system has been surviving on higher exports of middle distillates but the warning signs out of Asia are accumulating."

•"We would not be surprised to see prices retreat for yet another test of the [$110/b NYMEX] line in short order," MF Global said. "We say this is light of what we suspect will be continued dollar strength over the near-term, and increasingly consistent signs of flagging end-user energy demand, now spreading to pockets in Asia."

Updated: August 20, 2008

This content first appears in Platts Oilgram Price Report. Platts Oilgram Price Report is a daily report that covers market changes, market fundamentals and factors driving prices. Platts Oilgram Price Report also brings a vast array of Platts international prices for crude and products, netback tables, and market critical data. Subscribe now to Oilgram Price Report, or click here to request a trial.

Platts What's Moving the Oil Market What's Moving the Oil Market 8/20/2008

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