Energy Futures Mixed
MARKETSCOPE (4:00pm): Nov. crude oil futures were down 9 cents to $28.20 on position squaring before weekend... but gasoline futures were up 0.91 cent to 88.50 cents, heating oil futures were up 0.59 cent to 74.70 cents... Norway refused an OPEC request to cooperate on production cuts, Russia said it might act if prices became unfair.. Tim Evans of IFR Pegasus, New York, sees OPEC president Abdullah bin Hamad al- Attiyah of Qatar's call for non-OPEC cooperation as further evidence the cartel has no illusions as to the enormous challenge facing it in the second quarter of 2004... based on International Energy Agency figures, the new OPEC quota and current Iraqi production levels, he sees an implied surplus for Q2 of some 3.3 mmbpd... even if this proves off the mark to some extent, the sheer magnitude of this surplus is beyond the willingness of OPEC to correct all on its own. Tim Evans: Putin didn't say they definitely would cooperate but because Russia still has monopolies on ports, pipelines and will use this power to act if prices become unfair... market taking this as possibility it will cut output...
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