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Oil tops US$105 per barrel
Source: Agencies |
March 23, 2011, Wednesday
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OIL prices pushed above US$105 per barrel yesterday, as traders focused on a series of international crises that could tighten global supplies at a time when consumption is expected to increase.
Benchmark West Texas Intermediate for May delivery rose US$1.88 to settle at US$104.97 a barrel on the New York Mercantile Exchange. At one point it was as high as US$105.18.
The April contract for WTI crude climbed US$1.67 to settle at US$104 per barrel on its final day of trading.
In London, Brent crude gained 73 cents to settle at US$115.64 per barrel on the ICE futures exchange.
"Tensions are still pretty high in that entire region, so prices are going to stay above US$100 per barrel for a while," PFG Best analyst Phil Flynn said.
Iraq's new oil minister said yesterday that he expects oil to reach US$120 a barrel. Iraq produces about 2.4 million barrels of oil per day.
Meanwhile, Japan continues to stabilize the Fukushima Dai-ichi nuclear complex that was damaged and leaking radiation following this month's earthquake and tsunami. The government will release more than 56 million barrels of oil from the country's reserves - enough to cover 22 days of demand, analyst Addison Armstrong said. Japan previously released three days' supply of oil from its reserves.
Bank of America analyst Sabine Schels said Japan will rely on other power generators that run on liquefied natural gas and oil to make up for the loss of its nuclear facilities.
Schels estimated that Japan will increase imports of liquefied natural gas by 706 million to 848 million cubic feet per day to partially replace power lost from damaged nuclear reactors. Royal Dutch Shell is among oil companies shipping more crude and LNG to Japan to help offset power shortages.
Japan's increased imports are expected to push world natural gas prices higher, though large global supplies should prevent them from spiking above US$13 per 1,000 cubic feet as they did in 2008. Schels expects natural gas prices to average around US$4.48 per 1,000 cubic feet this year. Natural gas for April delivery gained 9.3 cents to settle at US$4.254 per 1,000 cubic feet.
In other Nymex trading for April contracts, heating oil added 2.37 cents to settle at US$3.0762 per gallon and gasoline gained almost a penny to settle at US$3.0045 per gallon.
Benchmark West Texas Intermediate for May delivery rose US$1.88 to settle at US$104.97 a barrel on the New York Mercantile Exchange. At one point it was as high as US$105.18.
The April contract for WTI crude climbed US$1.67 to settle at US$104 per barrel on its final day of trading.
In London, Brent crude gained 73 cents to settle at US$115.64 per barrel on the ICE futures exchange.
"Tensions are still pretty high in that entire region, so prices are going to stay above US$100 per barrel for a while," PFG Best analyst Phil Flynn said.
Iraq's new oil minister said yesterday that he expects oil to reach US$120 a barrel. Iraq produces about 2.4 million barrels of oil per day.
Meanwhile, Japan continues to stabilize the Fukushima Dai-ichi nuclear complex that was damaged and leaking radiation following this month's earthquake and tsunami. The government will release more than 56 million barrels of oil from the country's reserves - enough to cover 22 days of demand, analyst Addison Armstrong said. Japan previously released three days' supply of oil from its reserves.
Bank of America analyst Sabine Schels said Japan will rely on other power generators that run on liquefied natural gas and oil to make up for the loss of its nuclear facilities.
Schels estimated that Japan will increase imports of liquefied natural gas by 706 million to 848 million cubic feet per day to partially replace power lost from damaged nuclear reactors. Royal Dutch Shell is among oil companies shipping more crude and LNG to Japan to help offset power shortages.
Japan's increased imports are expected to push world natural gas prices higher, though large global supplies should prevent them from spiking above US$13 per 1,000 cubic feet as they did in 2008. Schels expects natural gas prices to average around US$4.48 per 1,000 cubic feet this year. Natural gas for April delivery gained 9.3 cents to settle at US$4.254 per 1,000 cubic feet.
In other Nymex trading for April contracts, heating oil added 2.37 cents to settle at US$3.0762 per gallon and gasoline gained almost a penny to settle at US$3.0045 per gallon.
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