17 January 2013 20:46 [Source: ICIS news]
HOUSTON (ICIS)—NYMEX light sweet crude (WTI) for February delivery settled at $95.49/bbl, up $1.25 versus the previous close, driven by concerns regarding the hostage crisis at a gas plant in Algeria and potential global ramifications.
The crisis highlighted the vulnerability of energy installations throughout the region and potential retaliation for events elsewhere.
Crude futures also tracked a rally in the stock market in response to upbeat US economic data showing a decline in jobless claims and an improvement in housing starts, which could translate eventually into higher demand for commodities.
In the currency markets, the euro shifted higher against the dollar, making dollar-denominated commodities more attractive.
Upside momentum lifted the February WTI contract to establish the session’s high at $96.04/bbl, up $1.80, before retreating on sentiment that the rally had been overdone.
On the first day as front month, ICE Brent for March delivery established an intra-day high of $111.38/bbl but retreated to settle at $111.10, up $1.42.
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