Below $60 a Barrel
Georgian Oil importers continue raising prices on oil products. Despite of global changes gasoline cost per liter is close to the last year level.
Oil prices slipped below $60 a barrel on Friday as traders focused on recent signs of economic weakness, even as a report by the International Energy Agency forecast that global oil demand would rebound, New York Times reported.
“Crude oil prices have dropped along with sentiment concerning the speed of the global economic recovery,” Deutsche Bank said in a commodities market report released Friday.
At midday, oil futures in New York trading were down $1.07, to $59.34.
In its monthly Oil Market Report, the agency said that global demand would increase in 2010 by 1.7 percent on a year earlier, or by 1.4 million barrels a day, to 85.2 million barrels.
The outlook for global demand in 2009 remained unchanged, it said, decreasing 2.9 percent, or 2.5 million barrels a day, NYTimes reports.
“California could see $2.75 a gallon — and the nation $2.50 a gallon or less — before July is over. Supplies are growing as people stay off the road even with the summer driving season underway”, Los Angeles Times report.
Gasoline prices fell on Thursday due to a dip in Brent crude prices earlier in the day and
because European statistics showed an increase in inventories, following U.S. data showing similar rises in the United States.
PRICES
According to Reuters, premium unleaded 10ppm gasoline barges traded mostly at $568-$570 a tonne fob ARA and one at $579. The levels were marginally lower than deals at $570-$575 at a tonne fob ARA from $580-$589 a tonne on Wednesday.
Dealing was moderate, about 19,000 tonnes changing handsthroughout the day.
The fall in Eurograde gasoline barge prices was in line with crude oil and its crack to dated Brent BFO- was up slightly to $8.65 a barrel from $8.55 on Wednesday.
Brent crude futures fell below $60 a barrel for the first time since late May. They were trading 24 cents up at $60.67.
U.S. RBOB gasoline futures RBc1 were trading 0.9 percent up at $1.6474 a gallon.
SWAPS
The balance of July was unchanged from Wednesday at $575.50 a tonne.
The spread between July and August widened by 50 cents to backwardation of $4.50 a tonne.
The rest of the curve remains in backwardation with September quoted at $563.75 a tonne.
Cracks were at $6.85 a barrel for the balance of the third quarter and $1.50 for the fourth quarter.
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