US crude futures surge $2.04/bbl on stock market rally

07 February 2014 20:47  [Source: ICIS news]

HOUSTON (ICIS)--NYMEX light sweet crude for March delivery settled at $99.88/bbl, up $2.04, on Friday, tracking a rally in the stock market despite a disappointing jobs report, which showed payrolls rising below expectations.

A pre-weekend rally in gasoline futures and heating oil futures, driven by cold weather and tightness in supplies, provided underlying support, encouraging the aggressive buying.

US refineries are expected to begin Q1 maintenance season and will require less crude oil. However, this will limit supplies of oil products.

In the currency markets, the US dollar fell against the euro.

With investors showing a preference for the upside, the feeding frenzy lifted front month West Texas Intermediate (WTI) to hit $100.21/bbl, up $2.37 before retreating.

The Buzzard oilfield in the North Sea, a major component of the Forties crude oil stream is expected to shut down for nine weeks of maintenance during the year, adding to supply concerns.

ICE Brent for March delivery outpaced its American counterpart, establishing an intra-day high of $109.74/bbl and settling at $109.57/bbl, up $2.38.

By: Ignacio Sotolongo
+1 713 525 2653

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