25 April 2008 15:39 [Source: ICIS news]
LONDON (ICIS news)--NYMEX light sweet crude futures gained more than $2/bbl on Friday to take the front month June contract above $118/bbl on the back of production problems in the UK North Sea sector and Nigeria.
By 14.00 GMT, June NYMEX crude had hit a high of $118.20/bbl, a gain of $2.14/bbl from Thursday’s close of $116.06/bbl, before easing back to around $117.95/bbl.
At the same time, June Brent crude on ?xml:namespace>
The Forties terminal operator, BP, announced that it had started to shut in production of the UK North Sea grade ahead of the planned weekend strike by workers at INEOS’ Grangemouth refinery, which will cut power to pump the crude from the field to the export terminal.
Elsewhere, ExxonMobil announced it was shutting in about 200,000 bbl/day of Nigerian production due to an oil workers’ strike, while the African country’s militants claimed they had made another sabotage attack on a crude pipeline operated by Shell.
However, earlier in the day, June Brent futures had fallen to a low of $112.49 /bbl on the back of a stronger US dollar, while June NYMEX crude had dropped to $114.51/bbl.
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections