23 January 2013 20:38 [Source: ICIS news]
HOUSTON (ICIS)--NYMEX light sweet crude for March delivery settled on Wednesday at $95.23/bbl, down $1.45 versus the previous close, on sentiment that the recent gains had been overdone and the market was ready for a correction.
Contributing to the weakness were reports that the Seaway pipeline had been forced to reduce flow rates towards the US Gulf coast.
Also pressuring the energy complex were expectations that the weekly supply statistics from the American Petroleum Institute (API) and the Energy Information Administration (EIA) will show a build in crude and refined products.
West Texas Intermediate (WTI) had posted gains on five of the previous six sessions and was in overbought territory.
On the first session as front month, March crude bottomed out at $94.95/bbl, down $1.73, before rebounding.
ICE Brent fell out of step with WTI, with the March contract topping out at $113.15/bbl before retreating to settle at $112.80, up 38 cents.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
Asian Chemical Connections