Crude Up On Egypt Unrest; No Supply Disruption Yet |
| Wall Street Journal - Jan 30, 2011 |
Crude-oil futures rose Monday in Asia, spurred by continued unrest in Egypt, as investors' concerns about possible disruptions to tanker shipments in the Suez Canal persisted.
West Texas Intermediate futures traded at the New York Mercantile Exchange rose more than London-based crude futures, narrowing a gap that had been widening so far this year.
"This affects the U.S. more so (than other countries), and that's why we're seeing more of a run-up in the U.S. WTI--at least temporarily," Carl Larry, president of Oil Outlooks & Opinions, said from Houston. "The North Sea can still produce for Europe, and Middle Eastern and Russian crude can still cover Asia, but the U.S. is stuck."
Nymex WTI crude futures for delivery in March traded at $90.11 a barrel at 0223 GMT, up 77 cents in the Globex electronic session. March Brent crude on London's ICE Futures exchange rose 48 cents to $99.90 a barrel.
About 1.8 million barrels a day of crude and products flowed through the Suez Canal in both directions in 2009, according to the U.S. Energy Information Administration. Another choke point is the Suez-Mediterranean, or Sumed, pipeline, which transported about 1.1 million barrels a day of crude in 2009.
Read Full Article from Wall Street Journal
- Posted: 2011-01-30 21:38:28
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