US March crude settles at $100.74 after new high

20 February 2008 20:50  [Source: ICIS news]

HOUSTON (ICIS news)--Nymex light sweet crude futures for March delivery settled on Wednesday at $100.74/bbl, up 73 cents, after rising to a record $101.32/bbl.

Crude futures for March delivery expired at the end of the session.

An early downward correction to $98.70/bbl was viewed as a buying opportunity and market speculators drove the March contract towards the record before retreating on late profit taking.

The forward months were pulled up in sympathy. The April contract, which will become spot month on Thursday, climbed to $100.86 after bottoming out at $98.05/bbl and settled at $99.70/bbl.

ICE Brent for April delivery also rose to a record high of $99.22/bbl but retreated to close at $98.42/bbl, down 14 cents.

Heating oil for March delivery lost 0.68 cents/gal to close at $2.75/gal; while same-month gasoline reformulated blendstock for oxygenate blending (RBOB) fell 1.79 cents/gal to close at $2.58/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