WTI and Brent crude futures settled in positive territory benefiting from risk on sentiment and USD weakness, touching a 19-week high. WTI broke out of its range moving through the 97.00 handle which triggered stops; also assisting the move was news of a fire at the Van crude and condensate facility in Texas where 1,500BBLs of crude and condensate were destroyed. RBOB gasoline futures settled higher by 1% adding to gains of 2% yesterday, following news Hess plans to close its 70,000-barrels-per-day Port Reading, New Jersey refinery. Market participants are cautious ahead of a raft of major releases later in the week including FOMC rate decision and US advanced Q4 GDP. Also worth of note Feb’13 Nat Gas Futures expired at the pit close, 1930GMT/1330CST.
Print 19:40, 29 Jan 2013 - Commodities - Source: RANsquawk
RANsquawk provides audio news and commentary for over 15,000 professional traders and brokers worldwide. Services include: