NYMEX crude rises $2/bbl on production problems
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
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.
By: Tony Dillon
+44 20 8652 3214
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