US crude futures surge $2.69 on refinery fire and Nigerian unrest
18 May 2009 20:43 [Source: ICIS news]
HOUSTON (ICIS news)--NYMEX light sweet crude futures for June delivery settled at $59.03/bbl on Monday, up $2.69 from Friday’s close, in response to a rally in the gasoline complex as a result of a fire at a Pennsylvania refinery complex.
A rally in the stock market and reports that Nigerian militants had attacked pipelines and disrupted oil exports also supported the energy complex.
The front month contract, which goes off the board on Tuesday, recovered Friday’s losses and rose to a high of $59.33/bbl before retreating ahead of the closing bell.
Gasoline futures have been leading the market ahead of the upcoming long Memorial Day weekend, considered to be the start of the US summer driving season.
ICE Brent for July delivery topped out at $58.86/bbl and settled at $58.47/bbl, up $2.49.
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By: Ignacio Sotolongo
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