VOL. XLVI

No 35

01-September-2003

OPEC

OIL PRICES

Crude Prices Driven By US Gasoline Tightness

Crude prices continued to be driven by tightness in US gasoline inventories last week, yet they fell sharply at one point despite an unexpectedly large draw on gasoline stocks in the weekly data. After the previous weeks refinery outages and shutdown of a Texas-Arizona products supply pipeline, traders were focused on downstream issues. In the retail sector on 25 August the EIA reported that the average...