Fundamental Oil Report (2011-02-17)

By @ibtimes on

NewsCrude trades above $84 over Middle East tensionPreviousForecastAnalysisCrude traded above $84 per barrel today as traders are jittery due to Middle Eastern political tensions and its possible spread throughout the region, thereby disrupting crude supplies.

Crude today hovers around $85 per barrel recording its highest around $85.27 and lowest around $84.63, while currently trading around $84.73 per barrel.

The recent anti-government upheaval in the Middle East has witnessed new developments, where demonstrations have been sparked in Iran, Algeria, Jordan, Bahrain and Libya following the ousting of Tunisian and Egyptian presidents the past month. Meanwhile, Israel mentioned that Iran is preparing to send two warships to Syria through the Suez Canal, without presenting any evidence; Egyptian authorities denied such allegations.

Crude yesterday traded around $85 per barrel recording its highest around $85.92 and lowest around $84.10 per barrel, closing around $85.19 per barrel. Futures rose yesterday due to fears overwhelming investors in the Middle East, specifically since Yemen and Libya are the eighth largest oil producing countries in OPEC; while Iran is considered the fourth largest crude producer.

As for NYMEX as of 04:03 EST; motor gasoline fell $0.30 recording $253.700 per gallon; heating is trading around $276.900 per gallon declining $0.21; whereas natural gasoline shed $0.10 to record $3.917. In London, Brent futures shed $0.04 to record $103.740.

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