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Article: Crude Loses 6 cents as Stocks Data Outweigh Impact of Gulf Hurricane.(week ended August 28, 1998)

Article from:
The Oil Daily
Article date:
September 3, 1998
Copyright

Crude oil prices dipped slightly in New York on Monday as concern about shut-in crude production in the Gulf of Mexico due to Hurricane Earl was overshadowed by bearish sentiment over gasoline inventory data.

The October light, sweet contract on the New York Mercantile Exchange (Nymex) lost 6 cents to close at $13.67/bbl. The build in gasoline stocks reported by the American Petroleum Institute (API) and the Energy Information Administration (EIA) that led gasoline prices down hurt crude as well, said Victor Yu, vice president at Refco.

Compared with the API data (see table, p.3), the EIA numbers for the week ended Aug. 28 showed:

* Crude stocks ...

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