Gasoil futures at record high of $1,058.50/t

10 April 2008 14:19  [Source: ICIS news]

LONDON (ICIS news)--April ICE gasoil futures contract reached a record high settlement at $1,058.50/tonne on Thursday, up $33.75/tonne from the last close.

 

Brokers said this was the highest gasoil settlement on ICE futures.

 

The April contract opened at $1,039.75/tonne, peaking at $1,079.25/tonne and reaching a low of $1,036.00/tonne.

 

Around the time of the settlement, the April to May contract saw an $18.25/tonne backwardation.

 

Brokers said that Wednesday’s US stock report, which showed a 2.7 million barrel draw from heating oil stock, contributed to the general high values and Thursday's record high expiry.

 

Sources said the high value of the gasoil futures had upgraded all middle distillate products such as diesel, gasoil and jet kerosene, which use the futures market to price physical products.

 

At GMT 12:52, the new front month, May contract was trading around $1031.00/tonne.

By: Kawai Wong
+44 20 8652 3214

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