UpdateUS crude surges $2.25, hits 12-month high
21 October 2009 22:05 [Source: ICIS news]
(adds "hitting a 12-month high", paragraph 1. Adds paragraphs 5-8)
HOUSTON (ICIS news)--NYMEX light sweet crude for December delivery rose to $81.37/bbl on Wednesday, up $2.25 versus Tuesday’s close - and hitting a 12-month high - in response to statistics showing a much greater than forecast drawdown in gasoline and distillate inventories.
The products decline overshadowed a lower than expected build in crude supplies, as revealed in the weekly supply statistics from the Energy Information Administration (EIA).
With the US dollar falling to a 14-month low versus the euro and the stock market in positive territory, speculators acquired length. December crude topped out at a 12-month high of $82.00/bbl before giving back a small portion of the gains ahead of the closing bell.
ICE Brent for December delivery rallied to $80.26/bbl before settling at $79.69/bbl, up $2.45.
The recent spike in oil prices is affecting downstream markets.
For November, Mexico’s main polystyrene (PS) producer, DESC, planned to increase prices by 2-3 cents/lb ($44-66/tonnes, €29-44/tonne).
The current price of general purpose PS (GPPS) was 58-62 cents/lb. The price of high impact PS (HIPS) was 67-73 cents/lb.
In addition, US polystyrene (PS) producers cited higher crude oil and aromatics costs in nominating November price increases of 3 cents/lb, buyers said on Wednesday.
(Additional reporting by George Martin and David Barry)
($1 = €0.67)
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By: Ignacio Sotolongo
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