Chemical News
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NYMEX front-month crude hits $84.00/barrel for first time
https://www.chemnet.com Oct 15,2007 Platts
NYMEX front-month crude reached $84.00/barrel for the first time Friday when the November contract rallied 92 cents on the trading floor to reach that mark.
A combination of unexpected stocks draw, as reported Thursday by the US Energy Information Administration, and geopolitical developments in the Middle East supported prices in the complex.
The EIA reported a 1.7 million-barrel draw in commercial crude stocks for the week ended October 5, compared to build expectations of 200,000 barrels.
"Additional price strength could be forthcoming on even minor bullish headlines," energy consultant Jim Ritterbusch said in a report. "But, as has recently been the case, bullish response to any supportive developments will be heavily concentrated in the nearby WTI futures."
The crude rally supported the November heating oil and RBOB contracts. Heating oil was up 1.07 cents at $2.2577/gal and RBOB strengthened 3.09 cents to trade at $2.0975/gal.
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