US crude spikes $2.19 on speculative buying

14 February 2008 21:12  [Source: ICIS news]

HOUSTON (ICIS news)--NYMEX light sweet crude futures for March delivery settled at $95.46/bbl, up $2.19, as market speculators extended buying.

Upside momentum was provided by positive economic news and the weekly natural gas statistics, which showed a much greater than forecast drawdown in stocks.

With the March contract options also expiring at the end of the session, price direction moved towards the $95.00 strike price.

From an early low of $93.95/bbl, the front month rose to $95.60/bbl, a gain of  $2.33, before retreating slightly ahead of the settlement.

ICE Brent for March delivery, which expired at the end of the session, closed at $95.09/bbl, up $1.77, after topping out at $95.49/bbl. The April contract settled at $95.16/bbl, up $2.23.

Heating oil for March delivery rose 5.10 cents/gal to close at $2.67/gal. Same month gasoline reformulated blendstock for oxygenate blending (RBOB) surged 8.62 cents/gal to close at $2.48/gal.

By: Ignacio Sotolongo
+1 713 525 2653

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