US crude rises by over $1/bbl on supply concerns

19 February 2008 09:59  [Source: ICIS news]

SINGAPORE (ICIS news)--NYMEX light sweet crude futures briefly rose by more than $1/bbl on Tuesday, pushing the front-month March futures contract to a high of $96.61/bbl amid concerns over Venezuelan and Nigerian supplies.

At 09:08 GMT on Tuesday, March NYMEX light sweet crude futures were trading at $96.45/bbl, up $0.95/bbl on Friday’s settlement price in New York. The earlier session high of $96.61/bbl was $1.11/bbl above the previous close.

At the same time, April ICE Brent futures were trading at $95.29/bbl, up $0.38/bbl on Monday’s close, after earlier hitting a high of $95.47/bbl, up $0.56/bbl.

There was no NYMEX floor trading on Monday due to the President’s Day public holiday.

Crude prices strengthened amid ongoing concerns over further disruption to Venezuelan exports to the US resulting from a legal dispute between the OPEC member and ExxonMobil Corp.

Worries over reduced Nigerian supplies have increased following a pipeline leak earlier in February which led to the loss of 130,000 bbl/day of output and the declaration of force majeure on exports from the Bonny terminal.

More than 500,000 bbl/day or nearly a fifth of Nigerian production remains shut in due principally to violence in the oil producing Niger Delta region.

By: James Dennis
+65 6780 4359

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