NYMEX crude falls over $5/bbl, below $105/bbl

19 March 2008 15:32  [Source: ICIS news]

LONDON (ICIS news)--NYMEX light sweet crude futures fell by almost $5.00/bbl on Wednesday to take the expiring front month April contract well below $105.00/bbl despite the weekly US stock figures initially reversing the earlier downtrend.

 

The data revealed a much smaller crude build and a larger distillate draw than anticipated, plus an unexpected draw on gasoline stocks.

 

However, despite the cut in interest rates announced by the US Federal Reserve on Tuesday, the US dollar continued to weaken, fuelling further worries of a recession and a drop in demand for energy.

 

By 15.15 GMT, April NYMEX crude had hit a low of $104.54/bbl, a loss of $4.86/bbl from the Tuesday close of $109.42/bbl, before recovering to around $105.00/bbl.

 

At the same time, May Brent crude on ICE Futures was trading around $101.50/bbl, having hit a low of $101.05/bbl, a loss of $4.51/bbl from the previous close.

By: Tony Dillon
+44 20 8652 3214

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