Crude,products prices plunge on US data

摘要

Crude and product futures prices moved sharply lower on the New York Mercantile Exchange Aug 25 on new data showing a build in US petroleum stocks.The products-led plunge caused October crude futures to drop US1.74 to US43.47/bbl.September heating oil settled down 5.03 cts to US1.1431/gal and unleaded gasoline fell 6.57 cts to US1.1946/gal."After a six-week-long move during which prices rallied by as much as US14,we believe the oil market is now in a,perhaps overdue,consolidative phase before it moves higher again,"Paul Horsnell and Kevin Norrish,energy analysts at Barclays Capital,said in a report.High-flying US petroleum demand continued to be satiated with a flood of product supply fr&m US refiners,who bumped crude refinery runs back over 16-mil b/d for the week ended Aug 20,according to the Department of Energy.Crude runs edged up 123,000 b/d week-on-week to 16.05-mii b/d,which is 589,000 b/d above year-ago levels.