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.
To discuss issues facing the chemical industry go to ICIS connect
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.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections