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Tuesday 06th of January 2009
June 22, 2005

Commodities downwards trend


by Brian Turner
Commodities downwards trend

After the US department of energy released its weekly report on oil stockpiles in the United States on Wednesday, crude oil prices fell by nearly a dollar per barrel.

IPE Brent August delivery contracts were down 92 cents to $56.58 per barrel, while West Texas Intermediate trading on the New York Mercantile Exchange fell 95 cents to $58.09 per barrel.

Prices on later WTI contracts also fell but remained above $60 per barrel for January and February 2006 contracts.

While crude oil stockpiles fell by 1.6 million barrels in the week ending June 17 to 327.4 million barrels, in line with predictions, gasoline inventories were up by 200,000 barrels and distillate stockpiles grew by 1.3 million barrels.

The rise in inventories of these refined petroleum products helped ease supply worries that had been a major reason for rising prices.

July gasoline contracts on the New York Mercantile Exchange fell 1 cent to $1.6170 per gallon, and heating oil prices for July also lost a penny.

Also aiding in price declines was the solution to an impending strike by Norwegian oil workers.

In other commodities, gold was down to $437.00/$437.70 per troy ounce in late trade in Europe, falling around $4 from Monday’s 3-month high.

Copper prices were also down, falling $30 to $3,358 per tonne on the London Metals Exchange. Copper inventories are down to a 31-year low of 33,050 tonnes.

Aluminium prices also declined despite the threat of closures of European plants due to high energy prices.

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