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Oil near US$100 on Egypt protests, US demand outlook
Source: Agencies |
July 3, 2013, Wednesday
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OIL nearly reached US$100 a barrel for the first time this year, as traders worried about disruptions to Mideast supplies while anticipating an increase in oil demand in the US.
US benchmark crude for August delivery gained US$1.61, or 1.6 percent, to close at US$99.60 a barrel in New York after rising as high as US$99.87. Oil last crossed US$100 a barrel on Sept. 14 of last year.
In London, Brent crude rose US$1 to finish at US$104 a barrel on the ICE Futures exchange.
Protests in Egypt continued as President Mohammed Morsi faced a military ultimatum that gives him until today to meet the demands of the millions who have taken to the streets seeking his ouster. Traders were concerned that the situation in Egypt, as well as and the civil war in Syria, could affect the production and transport of oil supplies in the Middle East and North Africa.
Traders are also awaiting the Energy Department's weekly report on US stockpiles of crude oil on Wednesday. Data for the week ending June 28 is expected to show a draw of 3 million barrels in crude oil stocks, according to a survey of analysts by Platts, the energy information arm of McGraw-Hill Cos.
That would be the first decline in four weeks, and the forecast supported oil prices.
In addition, BP PLC says a new 250,000 barrel-a-day distillation unit at its refinery in Whiting, Indiana, is operational. The unit will initially process light, sweet crude, which analysts expect will mean increased demand for West Texas Intermediate crude, the US benchmark.
In other energy futures trading on the New York Mercantile Exchange:
- Natural gas gained 8 cents to end at US$3.65 per 1,000 cubic feet.
- Heating oil added 3 cents to finish at US$2.90 per gallon.
- Wholesale gasoline rose 5 cents to end at US$2.78 per gallon.
US benchmark crude for August delivery gained US$1.61, or 1.6 percent, to close at US$99.60 a barrel in New York after rising as high as US$99.87. Oil last crossed US$100 a barrel on Sept. 14 of last year.
In London, Brent crude rose US$1 to finish at US$104 a barrel on the ICE Futures exchange.
Protests in Egypt continued as President Mohammed Morsi faced a military ultimatum that gives him until today to meet the demands of the millions who have taken to the streets seeking his ouster. Traders were concerned that the situation in Egypt, as well as and the civil war in Syria, could affect the production and transport of oil supplies in the Middle East and North Africa.
Traders are also awaiting the Energy Department's weekly report on US stockpiles of crude oil on Wednesday. Data for the week ending June 28 is expected to show a draw of 3 million barrels in crude oil stocks, according to a survey of analysts by Platts, the energy information arm of McGraw-Hill Cos.
That would be the first decline in four weeks, and the forecast supported oil prices.
In addition, BP PLC says a new 250,000 barrel-a-day distillation unit at its refinery in Whiting, Indiana, is operational. The unit will initially process light, sweet crude, which analysts expect will mean increased demand for West Texas Intermediate crude, the US benchmark.
In other energy futures trading on the New York Mercantile Exchange:
- Natural gas gained 8 cents to end at US$3.65 per 1,000 cubic feet.
- Heating oil added 3 cents to finish at US$2.90 per gallon.
- Wholesale gasoline rose 5 cents to end at US$2.78 per gallon.
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