“Oil headed for a second weekly gain in New York after TransCanada (TRP) Corp. shut its Keystone pipeline for repairs, disrupting crude supplies to the U.S. Midwest.
Futures rose as much as 0.2 percent, extending the longest run in more than a decade of daily price moves of less than 25 cents. Crude pared a decline of as much as 1.6 percent yesterday after TransCanada shut the 590,000 barrel-a-day link for three days, saying it found a “small anomaly” in a section running from Missouri to Illinois. Improving U.S. fuel demand is being met by rising local supplies, a government report this week showed. The latest U.S. growth data were mixed.
“The macro-economic side is not showing big enough figures to pull the market up significantly,” Thina Saltvedt, an analyst at Nordea Bank AB, said by telephone from Oslo. “Any move upwards will be driven by the political risk increasing or further supply disruptions such as the pipeline in the U.S. having to close for three days.”
Crude for November delivery was little changed at $92.09 a barrel, in electronic trading on theNew York Mercantile Exchange at 12:09 p.m. London time. Futures slid 2 cents yesterday to $92.10. Prices are 0.3 percent higher this week and down 6.8 percent this year.
Brent for December settlement was at $112.66 a barrel, up 24 cents, on the London-based ICE Futures Europe exchange. The front-month European benchmark’s premium to the corresponding West Texas Intermediate contract was at $20.56. The gap has narrowed since reaching a one-year high of $23.95 on Oct. 15.”
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