US crude futures rise $1.07/bbl on drawdown at Cushing

26 March 2014 22:50 Source:ICIS News

HOUSTON (ICIS)--NYMEX West Texas Intermediate (WTI) for May delivery settled at $100.26/bbl, up $1.07, on Wednesday, in response to the weekly supply statistics from the Energy Information Administration (EIA) showing a drawdown in crude stocks at the delivery hub in Cushing, Oklahoma.

The eighth consecutive loss in supplies at the Cushing hub brought inventories down to 28.48m bbl and overshadowed a much-greater-than-expected overall build in crude inventories, with most of the build taking place in the Gulf Coast refining centre.

Upside momentum penetrated technical barriers, triggering buy stops, extending the gains

During the normal floor session, May crude hit an intra-day high of $100.39/bbl, up $1.20, and extended the gains in electronic trading to $100.46/bbl.

ICE Brent for May delivery topped out at $107.35/bbl and settled at $107.03/bbl, up 4 cents.

By Ignacio Sotolongo