US crude spikes $1.16 on inventory drawdown

19 December 2007 21:10  [Source: ICIS news]

HOUSTON (ICIS news)--NYMEX light sweet crude futures for February delivery closed at $91.24/bbl on Wednesday, up $1.16 on the previous close in response to a much greater-than-forecast drawdown in crude and heating oil inventories.

The US Energy Information Administration (EIA) reported a much-larger-than-forecast drawdown in oil inventories in its weekly supply statistics.

The February contract established an early low of $90.25/bbl and surged to $92.35/bbl before giving back a good portion of the gains on late profit-taking.

Fog and other weather-related delays in foreign imports resulted in the huge decline in crude inventories while cold weather in the US midwest and northeast depleted distillate and heating oil stocks.

ICE Brent followed the trend, establishing a low of $89.75/bbl before surging to $92.27/bbl and settling at $91.48/bbl.

Heating oil for January delivery surged 4.25cents/gal to close at $2.60/gal; while same-month gasoline reformulated blendstock for oxygenate blending (RBOB) also rose, settling up 2.76cents/gal at $2.33/gal.

By: Ignacio Sotolongo
+1 713 525 2653

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