NewsFlashUS crude futures settle at $100.01

19 February 2008 20:42  [Source: ICIS news]

HOUSTON (ICIS news)-- NYMEX light sweet crude futures for March delivery settled at $100.01/bbl, up $4.51 after rising to a historical high of $100.10/bbl.

A glitch at a refinery in Big Spring, Texas, supported the refined products, and the uncertainties regarding the dispute between Venezuela and ExxonMobil helped lift the oil complex earlier in the session. Weakness in the US dollar also attracted buying across the energy complex.

The reported death of a Nigerian militant group’s leader had boosted the rally. However, the government denied the report.

The March contract will expire on Wednesday, and prices rose from the session’s low of $97.80/bbl to $100.10/bbl before some of the gains were given back on profit taking.

US crude futures had hit a historical record high of $100.09/bbl on 3 January, but the previous record settlement had been at $99.62/bbl.

ICE Brent for April delivery closed at $98.56/bbl, up $3.65, after topping out at $98.70/bbl, overshadowing the previous record settle of $98.50/bbl.

Heating oil for March delivery rose 11.45 cents/gal to close at $2.76/gal. Same month gasoline reformulated blendstock for oxygenate blending (RBOB) surged 11.00 cents/gal to close at $2.60/gal.

By: Ignacio Sotolongo
+1 713 525 2653

< previous article(VIDEO - ICIS news Europe Lunchtime Bulletin 27 October 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