|News||Crude hovers near $105 as Gaddafi regains control over oil port|
|Analysis||Crude traded above $105 per barrel today following Gaddafi’s control regain of a vital oil port, thereby prolonging production cuts along with the rise in US inventories.|
Crude today hovers around $104 per barrel recording its highest around $105.18 and lowest around $104.12, while it currently is trading around $105.02 per barrel.
Traders eye Libya as Muammar Gaddafi forces regain control of they key oil port of Ras Lanouf, pushing out rebel forces and dampening hopes of a quick rebel victory and restart of crude exports as the US and UK consider arming opposition forces.
Crude yesterday traded around $104 per barrel recording its highest around $103.94 and lowest around $103.17 per barrel, closing around $104.27 per barrel. Futures yesterday fell as the US dollar in turn weakened, due to political conflict in the Middle East overwhelming the region along with the US’ expected gain in imports for the fourth consecutive week ahead of the peak for the gasoline demand season.
Moreover, the EIA yesterday showed a rise in inventories from 2.95 million barrels to 355.7 million as imports continue climbing last week in the largest energy consumer in the world, highest on record since 2004.
As for NYMEX as of 04:25 EST; motor gasoline rose $0.73 recording $308.650 per gallon; heating is trading around $306.170 per gallon inclining $0.73; whereas natural gasoline gained $0.32 to record $4.369. In London, Brent futures rose $0.73 to record $115.970.