Crude Pared Gains after Brief Recovery, Pipeline to be Restored
BonTradeCrude oil's recovery yesterday was relatively brief and weak. Shut down of Trans-Alaska Pipeline triggered brief buying in crude oil. But it quickly pared gains on news that the operator is installing a bypass to restore supply to US. Preparatory work is being started to drain pipes in the area of discharge and an alternative route will be built. There is no firm date for reopening the pipeline yet though. Note that crude oil is kept below 90 psychological level for the moment. Recent development suggests that buying momentum in crude oil is diminishing a bit but there is not clear sign of reversal yet. On the other hand, natural gas remains soft on milder weather forecasts for next week.
Read the rest here:
Crude Pared Gains after Brief Recovery, Pipeline to be Restored
