Tuesday, February 12, 2008
Energy prices continued to climb Feb. 11, temporarily spiking at a 1-month high of $94.72/bbl in intraday trading, after Venezuelan President Hugo Chavez threatened over the weekend to stop selling oil to the US over a legal dispute with ExxonMobil Corp. 'Oil is up $5/bbl over the past 2 trading days…due to colder weather, a local refinery shut-in, and more importantly, fears of Venezuela's response to [ExxonMobil's] recent action to freeze $12 billion of oil assets. With Venezuela supplying a significant amount of US imports, further jawboning from Chavez should keep crude traders on edge,' said analysts in the Houston office of Raymond James & Associates Inc. Valero Energy Corp. said Feb. 11 that power was restored and several main process units were restarted, including the crude unit, coker, and FCC, at its 210,000 b/d Delaware City refinery following a power outage due to severe weather. An investigation of the cause of the incident is under way, but the company said it did not expect any major effect on production.
Posted by News Desk at 1:33 PM