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Crude Oil Rises on Concern About Nigerian Unrest, Iran Standoff
Jan. 17 (Bloomberg) -- Crude oil in New York rose after rebel attacks in Nigeria prompted Royal Dutch Shell Plc to evacuate facilities and diplomats prepared to refer Iran to the United Nations over its refusal to abandon nuclear research.
Violence in Nigeria's oil-rich Niger Delta has reduced output in Africa's biggest oil producer by 4 percent the past six days. The International Atomic Energy Agency may meet as early as Feb. 2 to consider Iran's ``non-compliance'' with the UN's nuclear Non-Proliferation Treaty. Iran is OPEC's second- biggest oil producer.
``There just isn't the spare capacity'' to cover production threats like these, said Andrew Harrington, industry analyst at Australia & New Zealand Banking Group Ltd. in Sydney. ``Everybody is pumping about as much as they can.''
Crude oil for February delivery rose as much as 95 cents, or 1.5 percent, to $64.87 a barrel in after-hours electronic trading on the New York Mercantile Exchange. It was at $64.75 at 8:25 a.m. in Singapore, 34 percent higher than a year ago.
February crude fell 2 cents to $63.92 a barrel on Jan. 13. The exchange was closed yesterday for the Martin Luther King public holiday in the U.S.
Brent crude oil rose yesterday after Shell, Europe's second-largest oil company, said its joint venture in Nigeria evacuated staff from its Benisede flow station, and three neighboring plants at Opukushi, Ogbotobo and Tunu, because of the ``growing insecurity in the area.''
Beneside Casualties
Armed militants attacked Benisede on Jan. 15, killing at least 14 soldiers, the Nigerian newspaper ThisDay reported. One worker was killed and 10 were injured, Shell said. An explosion Jan. 11 on the Trans-Ramos pipeline had already halted output of 106,000 barrels a day, or about 4 percent of Nigeria's production.
Brent for February delivery yesterday rose 67 cents, or 1.1 percent, to $62.93 a barrel on London's ICE Futures exchange, the highest close since Sept. 30.
``Nigeria produces mostly the light, sweet crude oil for which there is more demand,'' Anette Einarsen, an oil analyst at Nordea Bank AB in Oslo, said yesterday. ``With Iran, my main concern is that we won't see a solution for a while.''
Diplomats from the U.S., Britain, France, China, Russia and other European Union nations met in London yesterday to discuss calling an emergency meeting of the International Atomic Energy Agency, the UN's nuclear watchdog. U.K. Foreign Minister Jack Straw said Iran is failing to meet responsibilities to the world over its nuclear program.
Regional Risks
``The main concern to Iran's reaction isn't the U.S., but that Israel could decide to bomb the nuclear plant,'' Einarsen said. ``Stability in the area depends on who's in charge in Israel.''
Israeli Prime Minister Ariel Sharon remains in ``serious and stable'' condition after a massive brain hemorrhage and a surgery on Jan. 4, Hadassah Ein Karem Hospital said on its Web site. Attorney General Menachem Mazuz ruled yesterday that Ehud Olmert may remain acting prime minister until Israel's elections on March 28.
UN Sanctions against Iran, the second-largest producer in OPEC, may limit investment needed to pump more oil. Military action may curb or halt exports.
Iran pumps almost 5 percent of the world's oil, or 3.9 million barrels a day. That's more than Saudi Arabia, the country with the largest extra capacity, could compensate for. Spare capacity to cope with supply disruptions has dwindled as global demand for crude surged in the past two years.
Speculative Interest
``It will be a long time before anything really serious happens'' in the Iran dispute, ANZ's Harrington said. ``It's having a lot of impact because there's so much speculative interest inside the market at the moment. Any bit of news, people are just grabbing hold of it and running with it.''
Seeking higher returns than stocks or bonds provide, hedge funds and other large speculators have reduced net-short positions, or bets that Nymex crude futures will fall, according to U.S. Commodity Futures Trading Commission data for the week ended Jan. 10. Net-short positions dropped to just 722 contracts that week, down from 14,403 a week earlier. Bets for falling prices were as high 56,168 in November.
65.30/64.75...
Crude Oil Rises on Concern About Nigerian Unrest, Iran Standoff
Jan. 17 (Bloomberg) -- Crude oil in New York rose after rebel attacks in Nigeria prompted Royal Dutch Shell Plc to evacuate facilities and diplomats prepared to refer Iran to the United Nations over its refusal to abandon nuclear research.
Violence in Nigeria's oil-rich Niger Delta has reduced output in Africa's biggest oil producer by 4 percent the past six days. The International Atomic Energy Agency may meet as early as Feb. 2 to consider Iran's ``non-compliance'' with the UN's nuclear Non-Proliferation Treaty. Iran is OPEC's second- biggest oil producer.
``There just isn't the spare capacity'' to cover production threats like these, said Andrew Harrington, industry analyst at Australia & New Zealand Banking Group Ltd. in Sydney. ``Everybody is pumping about as much as they can.''
Crude oil for February delivery rose as much as 95 cents, or 1.5 percent, to $64.87 a barrel in after-hours electronic trading on the New York Mercantile Exchange. It was at $64.75 at 8:25 a.m. in Singapore, 34 percent higher than a year ago.
February crude fell 2 cents to $63.92 a barrel on Jan. 13. The exchange was closed yesterday for the Martin Luther King public holiday in the U.S.
Brent crude oil rose yesterday after Shell, Europe's second-largest oil company, said its joint venture in Nigeria evacuated staff from its Benisede flow station, and three neighboring plants at Opukushi, Ogbotobo and Tunu, because of the ``growing insecurity in the area.''
Beneside Casualties
Armed militants attacked Benisede on Jan. 15, killing at least 14 soldiers, the Nigerian newspaper ThisDay reported. One worker was killed and 10 were injured, Shell said. An explosion Jan. 11 on the Trans-Ramos pipeline had already halted output of 106,000 barrels a day, or about 4 percent of Nigeria's production.
Brent for February delivery yesterday rose 67 cents, or 1.1 percent, to $62.93 a barrel on London's ICE Futures exchange, the highest close since Sept. 30.
``Nigeria produces mostly the light, sweet crude oil for which there is more demand,'' Anette Einarsen, an oil analyst at Nordea Bank AB in Oslo, said yesterday. ``With Iran, my main concern is that we won't see a solution for a while.''
Diplomats from the U.S., Britain, France, China, Russia and other European Union nations met in London yesterday to discuss calling an emergency meeting of the International Atomic Energy Agency, the UN's nuclear watchdog. U.K. Foreign Minister Jack Straw said Iran is failing to meet responsibilities to the world over its nuclear program.
Regional Risks
``The main concern to Iran's reaction isn't the U.S., but that Israel could decide to bomb the nuclear plant,'' Einarsen said. ``Stability in the area depends on who's in charge in Israel.''
Israeli Prime Minister Ariel Sharon remains in ``serious and stable'' condition after a massive brain hemorrhage and a surgery on Jan. 4, Hadassah Ein Karem Hospital said on its Web site. Attorney General Menachem Mazuz ruled yesterday that Ehud Olmert may remain acting prime minister until Israel's elections on March 28.
UN Sanctions against Iran, the second-largest producer in OPEC, may limit investment needed to pump more oil. Military action may curb or halt exports.
Iran pumps almost 5 percent of the world's oil, or 3.9 million barrels a day. That's more than Saudi Arabia, the country with the largest extra capacity, could compensate for. Spare capacity to cope with supply disruptions has dwindled as global demand for crude surged in the past two years.
Speculative Interest
``It will be a long time before anything really serious happens'' in the Iran dispute, ANZ's Harrington said. ``It's having a lot of impact because there's so much speculative interest inside the market at the moment. Any bit of news, people are just grabbing hold of it and running with it.''
Seeking higher returns than stocks or bonds provide, hedge funds and other large speculators have reduced net-short positions, or bets that Nymex crude futures will fall, according to U.S. Commodity Futures Trading Commission data for the week ended Jan. 10. Net-short positions dropped to just 722 contracts that week, down from 14,403 a week earlier. Bets for falling prices were as high 56,168 in November.
