Fundamental Oil Report (2011-02-11)

By @ibtimes on

NewsCrude rebounds as Mubarak defies protestorsPreviousForecastAnalysisCrude traded above $87 per barrel today after Egypt’s Hosni Mubarak refused to respond to protestors calling for his resignation as he clings onto power, while traders’ fears grow over Suez Canal.

Crude today hovers around $87 per barrel recording its highest around $87.69 and lowest around $87.00, while it currently is trading around $87.57 per barrel.

Egyptian President Hosni Mubarak announced late last night that he will remain in office until elections in September, but delegated his authority to VP Omar Suleiman and thereby ignoring the thousands of protestors demanding his resignation. Meanwhile, protestors are planning a massive rally later on today in Cairo and across Egypt.

Crude yesterday traded around $87 per barrel recording its highest around $87.87 and lowest around $85.95 per barrel, closing around $87.54 per barrel. Futures rose yesterday due to concerns over the ongoing political unrest in Egypt, where traders’ fear over the disruption of oil production controlled by the major Suez Canal pipeline and a possible political unrest spreading throughout the Middle East.

As for NYMEX as of 03:47 EST; motor gasoline rose $0.98 recording $249.410 per gallon; heating is trading around $273.240 per gallon inclining $0.80; whereas natural gasoline shed $0.73 to record $3.957. In London, Brent futures climbed $0.99 to record $101.870.

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