Sam Tilley Crude Quotations

Today the market will be focused on the US government inventory data to obtain a clearer picture of the damage done by Hurricane Katrina to domestic crude and product stockpiles.

traders switched focus from a fall in crude inventories to a general surplus of oil and signs of falling demand.

Crude stocks are expected to have fallen by 600,000 barrels over the week while distillate stocks are expected to be up by 1.7 million barrels.

Despite the relative high stocks of crude and oil products in the US, the market remains supported by the concerns about Iran reducing exports, either voluntarily or because of any sanctions imposed.

The market has gone too high. We still have high distillate and crude stock levels. Only cold weather can push prices higher. This isn't severe enough to push them beyond $60.