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South Sudan Conflict Threatens Oil Output

ByICN.com
Published 12/24/2013, 04:23 AM
Updated 07/09/2023, 06:31 AM
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Crude oil fell for a second day amid speculation that recent price increases may be unsustainable as gasoline stockpiles in the US, the world’s largest oil consumer, are forecast to have expanded for a fifth week.

Investors will be focusing on the US oil inventories data to gauge supply. Gasoline inventories probably rose by 1.1 million barrels last week. Yet, crude stockpiles probably decreased by 3 million barrels last week.

The Energy Information Administration will publish its data on December 27 due to the closure of the Federal Government on Wednesday for Christmas. Meanwhile the American Petroleum Institute will release its data on Tuesday.

Meanwhile, the conflict in South Sudan further threatens the oil output from Africa especially as Libya's production remains cut by more than 1 million barrels per day as its key oil ports stay shut.

The United Nations could nearly double the size of its peacekeeping force in South Sudan while the country’s Information Minister dismissed claims that rebels have taken over all the major oil fields in Unity and Upper Nile.

Traders also eyed tighter fuel supply as a strike by workers shut a third of France`s refinery capacity, yet markets are somewhat flat amid a well supplied market and slower fuel demand growth in China.

- WTI crude oil futures for February is trading around $ 98.79 a barrel after falling $0.12

- Brent futures for February settlement is trading around $ 111.57 a barrel after rising $0.01

- Natural gas is trading at $ 4.479 per cubic feet after rising 0.36%

- Gasoline is trading at $ 2.7805 per cubic feet after rising 0.01%

- Heating oil (diesel) is trading at $ 3.0651 a gallon after rising 0.16%

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