Subscribe to our free daily newsletters
  Energy News  




Subscribe to our free daily newsletters



ENERGY TECH
Brent oil surges above $104 on Iran news

by Staff Writers
London (AFP) Feb 16, 2011
Brent oil prices surged beyond $104 per barrel on Wednesday, after Israel announced that Iran had sent two warships into the Mediterranean Sea on their way to Syria.

Brent North Sea crude for delivery in April rocketed as high as $104.07 in afternoon London deals. It later stood at $103.76, up $2.12 from Tuesday's closing level.

New York's main contract, light sweet crude for March, more commonly known as West Texas Intermediate (WTI), jumped $1.18 to $85.50 a barrel.

Israel's foreign minister said Wednesday that Iran is sending two warships into the Mediterranean Sea, and called the act a "provocation" the Jewish state could not ignore for long.

"Tonight two Iranian warships are supposed to cross the Suez Canal into the Mediterranean Sea on their way to Syria," Foreign Minister Avigdor Lieberman said.

"The international community has to understand that Israel cannot ignore these provocations for eternity," he said.

Sucden analyst Myrto Sokou said the news prompted an immediate rally on international oil markets.

"Crude oil prices rallied in the afternoon session, as WTI crude oil prices climbed toward $86 and Brent oil surged above $104, following news that two Iranian warships have planned to transit through Suez Canal to the Mediterranean Sea and reach Syria today, according to the Israel's foreign minister," Sokou told AFP.

"The news spread renewed worries across the Middle East area, with potential serious disruption at the Suez Canal drove oil prices higher."

Oil prices have risen over the past few weeks amid supply concerns in the volatile region as demonstrators have taken to the streets seeking the ousting of their leaders, with the presidents of Egypt and Tunisia forced out.

The demonstrations have led to similar movements in other Arab states, including Iran, Yemen and Bahrain, drawing inspiration from these successes.

The price rise is "still related to the low level, for now, of spreading unrest in the Middle East and North Africa," said Westhouse Securities analyst David Hart.

"As long as protests continue in Iran, Libya, Bahrain, etc, then the associated risk premium will support higher oil prices."

A record price gap exists between New York's WTI crude and Brent due to abundant crude supplies in the United States, where the Cushing depot in Oklahoma is nearly full.

Tthe US government's Department of Energy announced Wednesday that American crude inventories rose by 860,000 barrels in the week ending February 11.

Expectations had been for a larger gain of 1.7 million barrels, according to analysts polled by Dow Jones Newswires.

"Brent crude continues to remain fairly well supported over spreading unrest throughout the Middle East with Libya and Iran starting to experience problems of their own," added CMC Markets analyst Michael Hewson.

"US crude (prices) ... have rebounded from the lows on a slightly lower-than-expected increase to inventories."

burs-rfj/pvh



Share This Article With Planet Earth
del.icio.usdel.icio.us DiggDigg RedditReddit
YahooMyWebYahooMyWeb GoogleGoogle FacebookFacebook



Related Links
Powering The World in the 21st Century at Energy-Daily.com



Memory Foam Mattress Review
Newsletters :: SpaceDaily :: SpaceWar :: TerraDaily :: Energy Daily
XML Feeds :: Space News :: Earth News :: War News :: Solar Energy News


ENERGY TECH
South Stream confident on EDF deal
Moscow (UPI) Feb 14, 2011
There's no question that French energy giant EDF will join the Russian-led South Stream pipeline project, consortium head Marcel Vietor said. "To me that's already a fact. We see this as a Russian-Italian-French venture. We are already getting support from the French government," Vietor, the chief executive officer of the South Stream consortium, told the European Energy Review in an in ... read more







ENERGY TECH
India could boost rural electricity: study

China and the U.S. sign energy deals

Australia's emissions set to rise

S. Korea may delay carbon trading system: official

ENERGY TECH
Ultra-Clean And Reliable Power Generation Drives Purchase Of Direct Fuelcell Power Plant

Tar sands pipeline a 'disaster:' US environmentalists

Brent oil surges above $104 on Iran news

Malaysia drops coal power plant scheme: minister

ENERGY TECH
Eon to build fifth U.K. offshore wind farm

GL Garrad Hassan Launches Onshore Wind Resource Mapping For UK

Construction Begins On Dempsey Ridge Wind Project

India's Suzlon wins $1.28 bn wind power deal

ENERGY TECH
The University Of Maryland College Park Announces 631 KW Solar Project

First Solar builds second plant in Germany

MRWPCA And SolarCity complete Megawatt Solar Installation

Mortenson To Build Largest Concentrated Photovoltaic Solar Power Plant In The World

ENERGY TECH
Water Jet Cuts Access Point In Nuclear Waste Storage Tank To Help Manhattan Project Cleanup

Hundreds detained in nuclear shipment protest

Russia to help Belarus build nuclear power plant

Vattenfall may not restart German reactor

ENERGY TECH
New Lignin Lite Switchgrass Boosts Biofuel Yield By More Than One-Third

Race To The BioFuel Pump

Biofuels Production From Integrated Seawater Agriculture System

Bioplastics And Biofuels Partnership Opportunities Are Drying Up

ENERGY TECH
U.S. wary of China space weapons

Slow progress in U.S.-China space efforts

China Builds Theme Park In Spaceport

Tiangong Space Station Plans Progessing

ENERGY TECH
China farmers to get $15 bn subsidies amid drought

Man, Volcanoes And The Sun Have Influenced Europe's Climate Over Recent Centuries

Snows fall in north China, but drought to persist

Prince Charles decries 'reckless roulette' over climate


The content herein, unless otherwise known to be public domain, are Copyright 1995-2010 - SpaceDaily. AFP and UPI Wire Stories are copyright Agence France-Presse and United Press International. ESA Portal Reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement,agreement or approval of any opinions, statements or information provided by SpaceDaily on any Web page published or hosted by SpaceDaily. Privacy Statement