Bloomberg News

ICE Gasoil Futures Rise to 10-Month High as Brent Advances

February 08, 2013

Gasoil advanced to a 10-month high on the ICE Futures Europe exchange in London as better-than- expected Chinese trade data boosted Brent crude.

Futures for February rose as much as $17.25, or 1.7 percent, to $1,031.75 a metric ton, the highest since April 3. The contract traded at $1,030 at 4:57 p.m. local time.

“Strong crude imports data out of China today has put upward pressure on oil prices, taking gasoil prices up with it,” Abhishek Deshpande, an analyst at Natixis SA in London, said today in an e-mail.

Brent surged to a nine-month high in London as customs data showed China’s exports rose 25 percent in January from a year earlier and crude imports gained to the highest in eight months. China is the world’s second-biggest crude consumer.

Heating oil futures climbed to the highest level in almost four months on the New York Mercantile Exchange as the U.S. National Weather Service issued blizzard warnings that stretched from Maine to New Jersey, and winter storm warnings and advisories reached south to Virginia and west to Michigan.

To contact the reporter on this story: Konstantin Rozhnov in London at krozhnov@bloomberg.net

To contact the editor responsible for this story: Stephen Voss at sev@bloomberg.net


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