US April crude futures settle at record $100.88

26 February 2008 21:34  [Source: ICIS news]

HOUSTON (ICIS news)--NYMEX light sweet crude futures for April delivery, settled on Tuesday at a record $100.88/bbl, up $1.65, after rising to $101.06/bbl during the session.

April ICE Brent rose to a historic high of $99.75/bbl before settling at a record $99.47/bbl, up $1.78.

Cold weather in Europe and in the US Northeast supported the gasoil and natural gas markets. ICE gasoil futures hit a record high of $905.00/tonne.

Speculative buying also responded to a weaker US dollar and expectations that OPEC would not raise output during its next scheduled meeting on 5 March in Vienna, Austria.

The price surge practically ignored the forecast of another build in crude and gasoline inventories, to be revealed on Wednesday by the weekly supply statistics from the Energy Information Administration (EIA).

Heating oil for March delivery rose 2.97 cents/gal to close at $2.82/gal. Same month gasoline reformulated blendstock for oxygenate blending (RBOB) gained 0.86 cent/gal to close at $2.55/gal.

By: Ignacio Sotolongo
+1 713 525 2653

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