Brent passes $92/bbl on tighter crude supply fears

20 December 2007 10:28  [Source: ICIS news]

LONDON (ICIS news)--Crude prices rose by a dollar on Thursday to take Brent crude on ICE Futures above $92/bbl on continued concerns over tight supplies after weekly US stock data showed a much larger than expected crude draw.

By 10:00 GMT, February Brent crude had hit a high of $92.48/bbl, a gain of $1.00/bbl over the previous close of $91.48/bbl, before easing back to around $92.35/bbl.

At the same time, February NYMEX crude was trading around $92.10/bbl, having hit a high of $92.19/bbl, a gain of $0.95/bbl over the previous close.

Prices initially rose sharply in response to the stock data's much larger than expected draws, but the markets gave back most of these gains due to a small build at the Cushing storage hub in Oklahoma and larger than expected builds in gasoline stocks.

However, the crude draw proved to be the stronger factor and in late trading prices rallied again and continued to do so in morning trading.

By: Giovanni Coiro
+44 20 8652 3214

< previous article(ICIS Podcast: Chemical News Central 2 November 2009)

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