US crude surges $6.67 on government rescue plan

19 September 2008 21:02  [Source: ICIS news]

HOUSTON (ICIS news)--NYMEX light sweet crude futures for October delivery settled on Friday at $104.55/bbl, up $6.67 versus Thursday’s close in response to the US government’s rescue plan calming the financial markets and short covering ahead of Monday’s contract expiration.

A weaker US dollar and growing militant unrest in Nigeria also helped boost prices and increase the market’s volatility.

October crude remained a moving target as market speculators hedged positions, bottoming out at $97.39/bbl and eventually surging to $105.25/bbl before the short covering ran out of steam. The October contract goes off the board on Monday.

The Gulf coast region continues its slow recovery from disruptions caused by Hurricane Ike.

October crude rebounded from a seven-month low of $90.51/bbl established on Tuesday.

ICE Brent for November delivery spiked to $100.50/bbl and settled at $99.61/bbl, up $4.42.

To discuss issues facing the chemical industry go to ICIS connect

By: Ignacio Sotolongo
+1 713 525 2653

< previous article(VIDEO - ICIS news Europe Lunchtime Bulletin 27 October 2009)

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