Oil prices fell for the second consecutive day as IPE Brent for October delivery plunged to US$62.89 a barrel, while Nymex October traded at US$64.37. Oil prices continued their downward revision as the International Energy Association (IEA) seems geared to extend release of reserves beyond the originally specified 30 day period. IEA will release 2mln bpd, which will comprise of 1.289 mln barrels of crude. 683,000 barrels will be other products, of which 369,000 will be gasoline. Release of the latest US inventory report is estimated to show a fall of 8.1mln in crude oil stocks and 6.2mln barrels in gasoline inventories.
The EIA has reported the largest ever weekly rise in retail gasoline prices of 45.9%, pushing the national average price to $3.069 a gallon in the week to September 5. The EIA has warned that heating oil prices would be 30% higher this winter
08-Sep-05 
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