NYMEX crude sheds $2 on economy, gas data

04 January 2008 16:51  [Source: ICIS news]

LONDON (ICIS news)--NYMEX light sweet crude futures fell by more than two dollars on Friday to take the front-month February contract close to $97/bbl on negative US economic data and a smaller than expected draw in US natural gas stocks.

 

By 16:30 GMT, February NYMEX crude had hit a low of $97.17/bbl, a loss of $2.01/bbl from the Thursday close of $99.18/bbl, before recovering to around $97.50/bbl.

 

At the same time, February Brent crude on ICE Futures was trading around $96.70/bbl, having hit a low of $96.35/bbl, a loss of $1.25/bbl from the previous close.

 

Negative job data from the US was the main factor putting pressure on prices.

 

A smaller-than-anticipated stock draw in the weekly US natural gas stock figures added further downward pressure.

 

By: Giovanni Coiro
+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