Friday October 21, 2005 
Friday October 21, 2005
Oil prices held around $60 on Friday after a 2.2 percent slide the previous day as U.S. oil and natural gas stocks swelled, revealing weaker demand in the world's top consumer. "Sentiment in the natural gas market has turned decidedly bearish on the basis of demand destruction - and it may take a westerly turn by Hurricane Wilma or frigid temperatures to turn the tide," said JP Morgan in an energy report.
Some analysts said supplies of fuels such as heating oil, which fell last week but remained higher than this time in 2004, could still spell higher prices as the northern hemisphere approaches winter. The UK Meteorological Office has predicted a colder-than-average winter for much of Europe, while forecaster EarthSat said this week that the U.S. Northeast - the world's largest heating oil market - would be chillier than last year.
See also :
1. High oil prices eroding demand
2. Exxon Sell-Off Underlines Oil Market Muddle
3. Decline In Gasoline Demand Is Largest In A Decade
(2005-10-21 14:14:15 SGT)
[Energy]
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