US crude falls $1.47 on choppy session

21 February 2008 21:01  [Source: ICIS news]

HOUSTON (ICIS news)--NYMEX light sweet crude futures for April delivery settled at $98.23/bbl, down $1.47, in response to statistics showing a much larger than forecast build in stocks.

In addition, US gasoline production this spring will be about 200,000 bbl/day higher than the same period last year, according to weekly statistics released by the Energy Information Administration (EIA).

The market had bounced around earlier in the session after the statistics showed a much larger than anticipated drawdown on distillates.

From a high of $99.90/bbl, the front month sold down to $97.00/bbl, a loss of  $2.70, before the dip was viewed as a buying opportunity and staged a substantial rebound ahead of the settlement.

Speculative buying drove the expiring March crude contract up to a historical high of $101.32/bbl; while the April contract topped out at $100.86/bbl.

ICE Brent for April delivery closed at $96.24/bbl, down $2.18, after bottoming out at $95.51/bbl.

Heating oil for March delivery fell 1.65 cents/gal to close at $2.74/gal. Same month gasoline reformulated blendstock for oxygenate blending (RBOB) lost 6.32 cents/gal to close at $2.52/gal.

By: Ignacio Sotolongo
+1 713 525 2653

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