US April crude drops $1.24/bbl on inventories

27 February 2008 21:56  [Source: ICIS news]

HOUSTON (ICIS news)--NYMEX light sweet crude futures for April delivery settled on Wednesday at $99.64/bbl, down $1.24, in response to a much greater-than-forecasted build in crude and gasoline inventories.

During overnight electronic trading, April NYMEX crude had established a front-month record high of $102.08/bbl as market speculators continued to move into commodities.

April ICE Brent settled at $98.27/bbl, down $1.20, after settling a record of $100.53/bbl earlier in the session.

According to the Energy Information Administration (EIA), crude oil stocks rose for the seventh consecutive week, while gasoline supplies rose to the highest level in 14 years.

Gasoline reformulated blendstock for oxygenate blending (RBOB) for March delivery lost  $7.28cents/gal to settle at $2.48/gal; while same-month heating oil lost $4.39 cents/gal to close at $2.77/gal.

By: Ignacio Sotolongo
+1 713 525 2653

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