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Oil market update: Nymex firms on supply fears

  • Spanish Market: Biofuels, Coal, Corporate, Crude oil, Electricity, Emissions, Freight, Fundamentals, LPG, Natural gas, Oil products, Petroleum coke, Politics
  • 19/05/09

Nymex crude futures firmed in today's after-hours session, as a US refinery fire and unrest in Nigeria underpinned the market.

At 08:30 GMT, the front-month June US crude futures contract was at $60.10/bl, higher by $1.07/bl from its close yesterday when the contract ended $2.69/bl higher.

The Nymex June front-month heating oil futures contract in after-hours trade rose by 2.06¢/USG to 149.63¢/USG. Nymex June RBOB gasoline prices rose by 2.54¢/USG to $1.7835/USG.

Market sentiment firmed on fears of supply problems, as Nigeria's main rebel group Mend has warned it will attempt to disrupt oil ships using Nigerian waters.

Also adding support to the market was news of a fire at Sunoco's 175,000 b/d refinery in Marcus Hook, Pennsylvania, which has forced a reduction in its operating rates.

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