Brent crude rises $1/bbl ahead of contract expiry

15 May 2008 11:10  [Source: ICIS news]

SINGAPORE (ICIS news)--Crude rose by more than $1/bbl (€0.65) on Thursday on London’s ICE futures pushing June Brent briefly above $123/bbl, ahead of the expiry of the contract later today and amid a weakening US dollar.

 

At 09:31 GMT, June Brent futures on ICE were traded at $122.34/bbl, up $0.48/bbl on Wednesday’s close, after earlier peaking at $123.21/bbl, up $1.35/bbl.

 

At the same time, June NYMEX light sweet crude futures were traded at $124.78/bbl, up $0.56/bbl. Earlier, the contract hit a high of $125.19/bbl, up $0.97/bbl.

 

Crude prices had fallen on Wednesday after weekly US supply data from the Energy Information Administration (EIA) showed a much larger than forecast build in distillate stocks, which rose by 1.4m bbls, compared with a forecast rise of 800,000 bbls.

 

However, the EIA data also revealed an expected decline in gasoline stocks, which fell by 1.7m bbls, against an expected build of 300,000 bbls. Crude stocks also rose by a smaller than anticipated level, increasing by just 200,000 bbls, compared with an expected 1.8m bbl rise.

 

($1 = €0.65)

By: James Dennis
+65 6780 4359

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly