US crude futures rise $1.04/bbl on gasoline rally

12 July 2013 21:07  [Source: ICIS news]

HOUSTON (ICIS)--NYMEX light sweet crude (WTI) for August delivery settled on Friday at $105.95/bbl, up $1.04, tracking a rally in gasoline (RBOB) futures.

After hitting a 15-month high of $107.45/bbl on Thursday before staging a profit-taking sell-off, WTI attempted to consolidate the gains in search of a comfort level, but the bias remained to the upside.

A series of reported refinery glitches and maintenance shut-downs across the US during the key summer driving season, which could tighten supplies, sparked a panic pre-weekend rally on NYMEX gasoline (RBOB) futures, providing underlying support to the energy complex.

After hitting an intra-day low of $104.36/bbl, down 55 cents versus the previous settlement, August crude experienced scaled up buying to top out at $106.07/bbl, up $1.16,  before the rally was capped.

During the NYMEX session, August RBOB peaked at $3.1455/gal and settled at $3.1175/gal, up 9.61 cents/gal. This market has also been influenced by rising biofuel credits due to US government mandates.

ICE Brent, kept pace with WTI, settling at $108.81/bbl, up $1.08.

By: Ignacio Sotolongo
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