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Crude Reaches 16-Month High as Discount to Brent Narrows
By Moming Zhou - Jul 18, 2013 3:51 PM ET
West Texas Intermediate rose to the highest level in almost 16 months as U.S. jobless claims declined and equities advanced. WTI’s discount to Brent narrowed to less than $1 for the first time since 2010.
Prices climbed 1.5 percent after the Labor Department said jobless claims dropped last week to the fewest since early May. The Standard & Poor’s 500 Index (SPX) reached a record intraday high on better-than-forecast earnings. The Brent-WTI spread contracted to 93 cents as inventories decreased at Cushing, Oklahoma, a major U.S. hub.
WTI for August delivery gained $1.56 to $108.04 a barrel on theNew York Mercantile Exchange, the highest settlement level since March 19, 2012. The volume of all futures traded was 19 percent above the 100-day average for the time of day at 2:46 p.m. Prices are up 12 percent this month.
Brent for September settlement rose 9 cents to end at $108.70 a barrel on the ICE Futures Europe exchange. Volume was 22 percent below the 100-day average. The European benchmark grade’s premium to WTI contracted to 89 cents based on settlement prices for September contracts.
By Moming Zhou - Jul 18, 2013 3:51 PM ET
West Texas Intermediate rose to the highest level in almost 16 months as U.S. jobless claims declined and equities advanced. WTI’s discount to Brent narrowed to less than $1 for the first time since 2010.
Prices climbed 1.5 percent after the Labor Department said jobless claims dropped last week to the fewest since early May. The Standard & Poor’s 500 Index (SPX) reached a record intraday high on better-than-forecast earnings. The Brent-WTI spread contracted to 93 cents as inventories decreased at Cushing, Oklahoma, a major U.S. hub.
2:56
July 17 (Bloomberg) -- Federal Reserve Chairman Ben S. Bernanke comments on the central bank's asset purchases and the U.S. economy in testimony before the House Financial Services Committee in Washington. (Excerpts. Source: Bloomberg)
“The economy looks good,” said Jeff Grossman, president of New York-based BRG Brokerage and a New York Mercantile Exchange floor trader. “Crude is working its way higher in sympathy with the stock market. Everyone is buying and they can’t hold it back.”WTI for August delivery gained $1.56 to $108.04 a barrel on theNew York Mercantile Exchange, the highest settlement level since March 19, 2012. The volume of all futures traded was 19 percent above the 100-day average for the time of day at 2:46 p.m. Prices are up 12 percent this month.
Brent for September settlement rose 9 cents to end at $108.70 a barrel on the ICE Futures Europe exchange. Volume was 22 percent below the 100-day average. The European benchmark grade’s premium to WTI contracted to 89 cents based on settlement prices for September contracts.
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