Royal Dutch Shell is among oil companies shipping more crude and LNG to Japan to help offset power shortages. Schels estimated that Japan will increase imports of liquefied natural gas by 706 million to 848 million cubic feet per day to partially replace power lost from damaged nuclear reactors. Japan previously released three days' supply of oil from its reserves.īank of America analyst Sabine Schels said Japan will rely on other power generators that run on liquefied natural gas and oil to make up for the loss of its nuclear facilities. The government will release more than 56 million barrels of oil from the country's reserves - enough to cover 22 days of demand, analyst Addison Armstrong said. Meanwhile, Japan continues to stabilize the Fukushima Dai-ichi nuclear complex that was damaged and leaking radiation following this month's earthquake and tsunami. China is the world's second biggest oil consumer behind the U.S. Platts reports that China's oil demand in February rose 10.1 percent from a year ago, to the second strongest level on record. China shows little sign of reducing its thirst for petroleum. and global economies continue to recover. "With everything happening around the world, we're not going to see prices fly backward anytime soon," Rozell said.ĭemand for oil and gas should rise as the U.S. OPIS gasoline analyst Fred Rozell said gasoline prices may continue to rise this spring to a national average of $3.75 per gallon. A gallon of regular has jumped 37.9 cents in the last month and is 72.7 cents more expensive than a year ago. They're still the highest ever for this time of year. held steady on Tuesday at a national average of $3.547 per gallon, according to AAA, Wright Express and Oil Price Information Service. Iraq produces about 2.4 million barrels of oil per day. Iraq's new oil minister said Tuesday that he expects oil to reach $120 a barrel. The addition of international forces, including the U.S., could mean that the country will be embroiled in a protracted conflict that will keep oil fields offline much longer than previously expected, energy experts said. Libya, which sits on the largest oil reserves in Africa, has almost totally stopped petroleum shipments as rebels battle pro-Gadhafi troops. In London, Brent crude gained 73 cents to settle at $115.64 per barrel.Įnergy economists continued to gauge how recent unrest in Libya, Bahrain, Yemen and Syria will affect exports from a region that produces 27 percent of the world's oil. NEW YORK - Oil prices pushed above $105 per barrel Tuesday, as traders focused on a series of international crises that could tighten global supplies at a time when consumption is expected to increase.īenchmark West Texas Intermediate for May delivery rose $1.88 to settle at $104.97 per barrel on the New York Mercantile Exchange.
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