Demand erosion worries markets

Crude futures prices fell Oct. 13-14 as traders tried to ward off the spectre of demand erosion yet finished the week up by more than 1% at $62.63/bbl on the New York Mercantile Exchange. The US Energy Information Administration and Paris-based International Energy Agency cited consumers’ aversion to high fuel prices as both reduced their outlooks for oil demand growth in 2005 (OGJ Online, Oct. 13, 2005). However, both claimed the decline will be temporary, with increases in US and global demand growth in 2006.US crude inventories increased by 1 million bbl to 306.4 million bbl in the week ended Oct. 7, while gasoline stocks fell by 2.7 million bbl to 192.8 million bbl. Distillate f...

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