Crude rises over $1/bbl ahead of US stock data

24 September 2008 10:02  [Source: ICIS news]

SINGAPORE (ICIS news)--Crude futures rose by more than $1/bbl on Wednesday, amid forecasts that US supply data released later in the day will reveal a fall in crude stocks for the fifth straight week.

 

At 08:41 GMT on Wednesday, November NYMEX light sweet crude futures were trading at $108.04bbl, up $1.43/bbl on Tuesday’s settlement level, having earlier risen to a high of $108.59/bbl, up $1.98/bbl.

 

At the same time, November Brent on London ICE futures was trading at $104.25/bbl, up $1.17/bbl on Tuesday’s settlement price, having earlier hit a high of $104.95/bbl, up $1.87/bbl.

 

Weekly US inventory data from the Energy Information Administration (EIA) is expected to show a fall in crude stocks for the fifth straight week of around 2m bbls.

 

Distillate and gasoline stocks are also expected to decline by 1.5m bbl and 4m bbl respectively. 

 

Meanwhile, the US government’s $700bn bank rescue plan is facing close scrutiny by the US Senate’s banking committee, which may hinder its process.

 

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By: James Dennis
+65 6780 4359

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