US crude futures rise $2.00/bbl

A rally in gasoline futures, the result of a Midwest refinery fire, helped drive up crude futures for October. (Source: Mint Images/REX Shutterstock)

HOUSTON (ICIS)–NYMEX crude futures for October delivery settled at $46.68/bbl, up $2.00, on Monday, driven by a rally in gasoline futures in response to a fire at a mid-continent refinery.

Market participants were noted squaring their books ahead of Tuesday’s expiration of the October crude contract.

Various reports released the previous week also continued to lead the market up.

Friday’s Baker Hughes report showed US producers cutting oil drilling rigs for the third consecutive week.

The weekly supply statistics from the Energy Information Administration (EIA) showed an overall drawdown in crude oil inventories but in particular, a substantial draw at the Cushing, Oklahoma, NYMEX delivery hub.

A stronger dollar was downplayed but helped keep the gains in check.

West Texas Intermediate (WTI), the US benchmark, established an intra-day high of $46.74/bbl, up $2.06, and settled just off the top of the range.

October ICE Brent topped out at $48.99/bbl and settled at $48.92/bbl, up $1.45.