NYMEX rises more than $1/bbl on winter fuel concerns

21 November 2013 16:09 Source:ICIS News

LONDON (ICIS)--NYMEX light sweet crude futures gained more than $1.00/bbl on Thursday to take the front-month January contract above $95.00/bbl after the weekly US Natural Gas stock figures from the Energy Intelligence Administration (EIA) showed a larger draw than forecast.

This added to concerns over winter heating fuel after the weekly oil stock data published by the EIA on Wednesday showed a massive draw on distillates.

By 15:50 GMT, January NYMEX crude had hit a high of $95.18/bbl, a gain of $1.33/bbl from the Thursday close of $93.85/bbl and was trading just below that.

At the same time, January Brent crude on ICE Futures was trading around $108.95/bbl, having hit a high of $108.99/bbl, a gain of 93 cents/bbl from the previous close of $108.06/bbl.

By Tony Dillon