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MTECHTIPS:-NYMEX crude down in Asia as supply outlook more than ample

MTECHTIPS:-NYMEX crude down in Asia as supply outlook more than ample

Crude oil prices eased in Asia on Tuesday with investors mulling the next turn on the supply picture. On the New York Mercantile Exchange, WTI crude for December delivery fell 0.36% to $43.82 a barrel. Overnight, U.S. crude futures fell mildly on Monday to a fresh six-week low, amid a downbeat forecast on 2016 prices by an influential analyst and indications of a spike in imports as production continues to wane. On the Intercontinental Exchange (ICE), Brent crude for December delivery wavered between $47.42 and $48.32 a barrel before closing at 47.59, down 0.39 or 0.81% on the day. Meanwhile, the spread between the international and U.S. domestic benchmark of crude stood at 3.40, slightly above Friday’s level of 3.39 at the close of trading. In a note to investors, prominent Wall Street bank Goldman Sachs (N:N:GS) remarked that distillate storage in the U.S. and Europe is nearing historically high levels, amid “record refinery utilization, only modest demand growth (especially relative to gasoline), and increased imports from the East on refinery expansion and Chinese exports.” As a result, Goldman warned investors of comparable downturns in 1998 and 2009, when distillate storage reached overall capacity, pushing crude prices considerably lower.

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