19 May 2010 08:55 [Source: ICIS news]
SINGAPORE (ICIS news)--Crude futures fell by more than $1/bbl on Wednesday, pushing US crude to a new seven-month low, amid a stronger US dollar and worries over high inventories, European debt, and tighter financial market regulations.
At 07:15 GMT, June NYMEX light sweet crude futures were down $1.12/bbl at $68.29/bbl (€56/bbl), after hitting an intra-day low of $67.90/bbl - its weakest level since late September 2009.
July Brent on ?xml:namespace>
The US dollar gained against the euro and other leading currencies, while equity markets fell amid growing concerns about the strength of the global economy, particularly those of the debt-ridden nations of
Overall API data showed an unexpected decline in crude stocks of some 800,000 bbls. However, the Cushing stock’s jump to a new high of 37.99m barrels offset the overall fall, as the landlocked terminal is the delivery point of benchmark NYMEX light sweet crude (WTI).
The build-up of stocks at Cushing had pushed WTI lower relative to Brent since mid April.
Traders now await the more closely followed US Government data from the Energy Information Administration (EIA), due for release later on Wednesday.
Crude prices have tumbled since early May, when they hit their highest levels since October 2008.
NYMEX light sweet crude futures have tumbled around 22% from an intra-day high of $87.15/bbl hit on 3 May, while ICE Brent futures were down roughly 18% from an intra day high of $89.58/bbl over the same period.
($1 = €0.82)
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