US crude falls $1.72/bbl on contract expiration selling

20 September 2013 21:08  [Source: ICIS news]

HOUSTON (ICIS)--NYMEX light sweet crude for October delivery settled at $104.67/bbl, down $1.72, on Friday, on length liquidation ahead of the contract going off the board at the end of the session.

The market also came off under pressure from a stronger dollar, while extending Thursday’s losses in response to a conciliatory statement out of Iran with regards to its nuclear programme.

Reports that Libyan exports were improving also contributed to the selling.

Downside momentum drove October West Texas Intermediate (WTI) into contango, where the front month is weaker than the forward months. An intra-day low of $104.32/bbl, down $2.07, was established before recouping a portion of the losses. November crude bottomed out at $104.50 before settling at $104.75/bbl, down $1.11.

ICE Brent for November delivery outperformed its American counterpart, establishing a low of $108.40/bbl and settled at $109.22/bbl, up 46 cents.

By: Ignacio Sotolongo
+1 713 525 2653

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