US crude futures rise $1.22/bbl on Alaska pipeline woes

10 January 2011 21:29  [Source: ICIS news]

HOUSTON (ICIS)--NYMEX light sweet crude for February delivery settled at $89.25/bbl on Monday, up $1.22 for the day amid reports that the Trans-Alaska Pipeline remained shut down for a third day as a result of a leak at a pumping station.

Cold weather across the US northeast also provided strong support to the NYMEX heating oil complex, helping lift crude and gasoline futures.

The US dollar and the euro leapfrogged in the currency markets in search of near term direction, with the volatility also causing crude prices to bounce around.

February crude surged to $89.98/bbl, up $1.99, before trading became quite volatile ahead of the closing bell.

Market investors continued to favor Brent as the North Sea benchmark continued to outperform its American counterpart. February ICE Brent surged to $95.88/bbl before closing at $95.70, up $2.37.

The premium against WTI widened to over $6.00/bbl.

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By: Ignacio Sotolongo
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