New York --3Aug2007 NYMEX September crude futures on the Chicago Mercantile Exchange's Globex
system were 35 cents higher at $77.21/barrel Friday, in a familiar rally ahead
of the weekend. There was no news behind the latest push higher.
"Fridays during hurricane season tend to be strong trading sessions, as
shorts cover ahead of possible weekend developments on the storm front,"
energy consultant Jim Ritterbusch said in a report.
"In the background, an inverted crude price, weak US dollar environment
and longer term models suggesting an appreciable tightening in the fourth
quarter supply/usage balances are still providing enough ammo to keep funds
intrigued by the long side of the crude market," he said.
The product markets firmed in overnight trade, but extreme weakness in
the crack spreads could see heating oil and RBOB lose ground against the crude
market.
system were 35 cents higher at $77.21/barrel Friday, in a familiar rally ahead
of the weekend. There was no news behind the latest push higher.
"Fridays during hurricane season tend to be strong trading sessions, as
shorts cover ahead of possible weekend developments on the storm front,"
energy consultant Jim Ritterbusch said in a report.
"In the background, an inverted crude price, weak US dollar environment
and longer term models suggesting an appreciable tightening in the fourth
quarter supply/usage balances are still providing enough ammo to keep funds
intrigued by the long side of the crude market," he said.
The product markets firmed in overnight trade, but extreme weakness in
the crack spreads could see heating oil and RBOB lose ground against the crude
market.
