Crude up $1/bbl on Alaska pipeline closure and weather

11 January 2011 16:40  [Source: ICIS news]

LONDON (ICIS)--NYMEX light-sweet crude futures gained more than $1.00/bbl on Tuesday to take the front-month February contract above $90.00/bbl on the back of the ongoing closure of the Trans-Alaska Pipeline and cold weather in the northeast of the US.

By 16:15 GMT, February NYMEX crude had hit a high of $90.73/bbl, a gain of $1.48/bbl from the Monday close of $89.25/bbl, before easing back to around $90.45/bbl.

At the same time, February Brent crude on ICE Futures remained much firmer and was trading at around $97.10/bbl, having hit a high of $97.35/bbl, a gain of $1.65/bbl from the previous close.

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By: Tony Dillon
+44 20 8652 3214

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