20 April 2007 12:45 [Source: ICIS news]
SINGAPORE (ICIS news)--May NYMEX WTI crude futures surged by over $1/bbl on Friday on short covering ahead of the contract’s expiry later in the day and worries over Nigerian elections this weekend.
At 11:29 GMT on Friday, May NYMEX WTI crude was trading at a high of $62.85/bbl, up $1.02/bbl.
The gains made by May WTI by far outpaced the more modest rises made in June WTI and Brent futures.
At the same time, June WTI was trading at $63.61/bbl up $0.29/bbl. Meanwhile June ICE Futures Brent was at $66.36/bbl up $0.42/bbl.
Nigeria, an OPEC member and major crude exporter, is due to hold a presidential election this weekend with concerns rising over possible violence and disruption to oil supplies.
Nigerian supplies were set to be boosted when 380,000 bbl/day of Forcados crude exports resume in June. Forcados production facilities were shut down over a year ago following attacks by militants.
Meanwhile, tensions over Iran’s nuclear programme remained high following reports that Tehran was producing nuclear fuel at an underground facility.
With an output of some 3.8m bbl/day, Iran is the world’s fourth-largest oil producer. Iran also borders the Strait of Hormuz, through which most Persian Gulf oil production is shipped.
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