Posted on 06/21/2007 7:36:06 AM PDT by dakine
Oil Prices Rise Above $69 a Barrel As Strike in Nigeria Affects Industry
Oil prices rose back above $69 a barrel Thursday as the oil industry began to feel the effects of a general strike in Nigeria, Africa's largest crude producer.
Nigeria's labor unions launched a strike Wednesday aimed at overturning government price increases on gasoline, among other demands that the government already has conceded.
"The strike ... could potentially halt just under 2 million barrels a day of oil production," said James Neale of Citigroup. "All commercial marine services in Nigeria were canceled on Wednesday, further raising the likelihood of more disruptions to the country's oil sector and more oil price volatility."
Light, sweet crude for August delivery gained 60 cents to $69.46 a barrel in electronic trading on the New York Mercantile Exchange by mid-afternoon in Europe.
Brent crude for August delivery added 46 cents to $70.88 a barrel on the ICE Futures exchange in London.
(Excerpt) Read more at biz.yahoo.com ...
"The U.S. Energy Information Administration said Wednesday that crude inventories jumped by 6.9 million barrels in the week ended June 15. Analysts had expected crude stocks to drop by 150,000 barrels. Gasoline inventories rose by 1.8 million barrels, more than the 1 million barrel increase expected by analysts surveyed by Dow Jones Newswires."
Yes, raise that price!!
I sent an email to a friend yesterday saying that after the US Energy report came out that we had gained 6.9 million barrels of crude last week (which was a ton more than expected) that the price would go down, but then jump back up in the afternoon. Sure enough, I was right on target.
Yep. Interesting how the price will not go down even though our stockpiles are the highest they have been in 9 years.
Real friggin interesting.
“how the price will not go down”
I think the idea is to be thankful that they haven’t risen any higher...
Fifty cents one way or the other any given day on NYMEX crude is insignificant and cannot be ascribed to a momentary labor strike in Nigeria.
True...I’m looking at EEFIs...they all add up...
F****** Nigerians!
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