05 June 2008 21:29 [Source: ICIS news]
HOUSTON (ICIS news)--NYMEX light sweet crude futures for July delivery settled at $127.79/bbl, up $5.49 versus Wednesday’s close after the US dollar lost ground against the euro and speculators stepped in to acquire length.
The initial rally was capped briefly after the weekly supply statistics from the Energy Information Administration (EIA) revealed a much greater than forecast build in natural gas inventories. However, the rally resumed across the energy complex after the statistics were factored in.
July crude established an intra-day low of $121.61/bbl and rallied to $128.26/bbl before retreating slightly ahead of the settlement.
Crude futures had lost over $5 during the two previous sessions and regained the lost ground in a few hours.
ICE Brent for July delivery also rallied, topping out at $127.84/bbl to settle at $127.54/bbl, up $5.44.To discuss issues facing the chemical industry go to ICIS connect
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