Singapore, 22 October (Argus) — Nymex crude futures retreated from their highest level this year in today's after-hours trade, depressed by falling Japanese imports and lower US refinery run rates.
At 07:36 GMT the front-month Nymex December WTI crude contract stood at $80.69/bl, down by $0.68/bl from yesterday's close. The December contract had earlier pushed past $81/bl to $81.37/bl, its highest level this year.
The Ice December Brent crude contract stood at $79.13/bl, down by $0.56/bl from its previous close.
Nymex November heating oil dropped 1.38¢/USG to $2.0915/USG, while Nymex November RBOB gasoline fell 1.52¢/USG to $2.0391/USG.
Oil prices were clawed back with major crude consumer Japan seeing its imports fall significantly in the past six months compared with a year ago, amid the country's severe economic contraction. US refinery run rates also fell last week compared with a month earlier, while US middle distillate stock levels remained at higher levels than expected, according to weekly EIA data.
But adding support were US gasoline stocks falling by a larger volume than expected, while US crude inventories rose by a much smaller amount than anticipated.
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