US crude surges $3.00/bbl on inventory drawdown

13 August 2008 17:52  [Source: ICIS news]

HOUSTON (ICIS news)--NYMEX light sweet crude futures for September delivery jumped to $116.34/bbl on Wednesday, up $3.33, after US statistics showed an unexpected drawdown in distillate inventories.

The Energy Information Administration (EIA) also revealed a larger-than-forecasted draw in gasoline.

By 16:20 GMT, September crude was a moving target and was trading at $115.95/bbl, up $2.94,  after having bottomed out earlier in the session at $112.87/bbl.

ICE Brent for September delivery was trading at $113.30/bbl, up $2.15 from Tuesday’s close after rising to $113.68/bbl.

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By: Ignacio Sotolongo
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