NYMEX crude dips $2/bbl on possible mild US winter

13 November 2007 16:03  [Source: ICIS news]

LONDON (ICIS news)--NYMEX crude fell by more than $2 on Tuesday to slip below $93/bbl as traders sold heavily into the December front-month contract on options expiry day amid forecasts of a relatively mild winter for the US.

 

Speculation last week that December WTI could have breached $100/bbl mark if the weekly US stock figures had revealed a larger than expected draw on crude stocks failed to materialise and prices have since fallen steadily.

 

By 15:15 GMT, December NYMEX crude had hit a low of $92.18/bbl, a loss of $2.44 from the Monday close of $94.62, before recovering to around $92.60.

 

At the same time, December Brent crude on ICE Futures was trading around $89.75/bbl, having hit a low of $89.38, a loss of $2.60 from the previous close.

 

The International Energy Agency's monthly oil market report had earlier showed a sharp drop in the forecast for world oil demand, which lead to prices falling sharply.

 

By: Tony Dillon
+44 20 8652 3214

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly