US crude futures plunge $2.78/bbl on end-of-month liquidation
31 August 2010 21:00 [Source: ICIS news]
HOUSTON (ICIS)--NYMEX light sweet crude for October delivery settled at $71.92/bbl on Tuesday, down $2.78 from Monday on computer-generated selling, pressured in part by the expiration of September heating oil and gasoline contracts.
During the normal floor session, the light sweet crude contract established a low of $71.78. But the downside momentum was extended in post-settlement trading, with October bottoming out at $71.53/bbl before attempting to rebound.
The usual drivers - the stock market and the dollar - were of limited influence. Wall Street was mildly negative and the euro actually strengthened versus the greenback.
October ICE Brent also sold down sharply but maintained a premium to its American counterpart. Brent bottomed out at $74.24/bbl and settled at $74.64, down $1.96.
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By: Ignacio Sotolongo
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