Gasoline Ending Biggest Rally in Decade, Oil Rises Above $59 on Nigerian Threats

"Gasoline Ending Biggest Rally in Decade as Driving Season Opens"
Gasoline’s biggest springtime rally in more than a decade may be ending before U.S. motorists start hitting the road as vacation season begins and demand peaks. Gasoline futures will average $1.40 a gallon during the summer, a 17 percent decline from May 15, according to surveys of five analysts by Bloomberg. Refiners are finishing seasonal shutdowns to increase production just as the global recession reduces oil demand by the most since 1981 and U.S. imports rise. Bets that gasoline will fall below $1.40 by May 26.....Complete Story

"US Commander: Iraqi Navy to Run Offshore Oil Platform"
Iraq's navy could be fully responsible for the defence of one of two key offshore oil platforms by December, according to the senior US and coalition commander in the Persian Gulf. "We have just turned over the point defense responsibility of the northern Khawr Al Amaya Oil Terminal (KAAOT) to the Iraqi Navy and our intention is turn over the security responsibility for the entire area around the platform by the end of December," said Vice Admiral William Gortney on Sunday. Gortney is the commander of the US naval forces.....Complete Story

"Oil Rises Above $59 on Nigerian Threats, Sunoco Refinery Fire"
Crude oil rose above $59 a barrel after a Nigerian militant group threatened to block waterways used for energy exports and as an explosion and fire at a Sunoco Inc. refinery “impacted” operations in the U.S. Northeast. The Movement for the Emancipation of the Niger Delta said in an e-mailed statement that ships moving through the southern part of the nation would be traveling at their own risk. Sunoco, the largest refiner in the Northeast, said the incident at the Marcus Hook plant, located on the border of Pennsylvania and Delaware, took place late yesterday.
.....Complete Story


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