Crude gains for the second day as Egyptian protests become violent and thereby spreading woes regarding crude supplies that may be obstructed, while inventories record a rise in the second largest energy consumer.
Crude today hovers around $91 per barrel recording its highest around $91.73 and lowest around $90.82, while it currently is trading around $91.45 per barrel.
The EIA report yesterday showed mixed supply data in the second largest energy consumer, supplies rose by 2.59 MB to 343.2 million but less than expected, while gasoline climbed 6.15 MB to record 236.2 million higher than forecasts last week.
Crude yesterday traded around $90 per barrel recording its highest around $91.75 and lowest around $90.08 per barrel, closing around $90.90 per barrel. Futures rose yesterday as the dollar fell due to concerns over higher fuel costs that could ignite inflation and derail the global economic recovery, alongside the chaos in Egypt leaving investors jittery regarding disruption in crude passing through the Suez Canal and the unrest possibly spreading to the rest of the Middle East.
Asian markets in mainland China, Hong Kong, South Korea, Taiwan, Malaysia and Singapore were closed due to the Lunar New Year holiday today.
Moreover, the current chaotic protests in Egypt are still rattling commodity markets as new developments show that protests have taken a violent turn, while analysts do not expect the situation to simmer down anytime soon unless the demands are met and President Hosni Mubarak steps down.
As for NYMEX as of 03:58 EST; motor gasoline rose $0.54 recording $251.200 per gallon; heating is trading around $279.860 per gallon inclining $0.64; whereas natural gasoline gained $0.05 to record $4.431. In London, Brent futures gained $0.68 to record $103.040.