Brent at midday firmer ahead of API, with traders awaiting
weekly API data for US crude stocks due to be released later
today. Gasoil futures also were firmer Tuesday.
At 1200 GMT, May IPE Brent futures traded at $25.64/bbl
in open outcry, 24 cts/bbl higher than the previous close.
Also, at 1218 GMT Apr gasoil futures traded at $218.00/mt, $1.75/mt higher than the previous close June IPE Brent futures were trading 28 cts/bbl higher at 25.78/bbl."We're inside yesterday's trading range waiting for API statistics.
Technically the market looks as though its breaking to the upside," an IPE Brent dealer said to Platts On a daily continuation chart, May Brent appeared to have broken the downtrend which began 8 Feb 2001.
Fundamentally, traders pointed to widely diverging market opinions about API crude stocks, indicating uncertainty for near-term market direction.
May gasoil futures traded at $214.75/mt at the same time, up $1.00/mt. Traders attributed the firm opening to stops being triggered.
"Gasoil values are neutral by the lack of interest in paper...products are steady on demand in the States so we expect numbers to stretch on the upside," an IPE gasoil trader said, to Platts.
Technically, gasoil futures remain in a downtrend with the gasoil futures daily continuation chart indicating near-term resistance at $218.50/mt, the previous day's high.
© 2001 Mena Report (www.menareport.com)