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Light oil trading up on heavy buying ahead of EIA report
Published on February 18, 2010 by oilprices · No CommentsUS Light oil prices surged over a dollar higher amid heavy buying in trading on Thursday ahead of the latest release of the US EIA report from the US Department of Energy, which was being published one day later than usual after a public holiday in the US on Monday.
New York’s main futures contract, Light crude oil futures for delivery in March, jumped from $76.63 a barrel and is currently at $78.35 a barrel, an increase of nearly two dollars in less than an hour.
The Department of Energy weekly data on stockpiles of crude, petrol and distillates is closely followed since the US is the world’s biggest energy consuming nation.
Crude oil traders were also keeping a watch over Iran, where renewed tensions over the country’s nuclear drive has helped to boost crude prices this week.
Iran’s president on Thursday said that if the Israelis launch a new war against Lebanon’s Hezbollah, the militant group should retaliate strong enough to “close their case once and for all.”