By OGJ editors
HOUSTON, Jan. 20 -- Energy futures prices were expected to rebound Tuesday with reports of an explosion at Algeria's Skikda liquefied natural gas plant and forecasts of extreme cold in the next 2-3 weeks in the US east of the Rocky Mountains, with at least one forecaster predicting the coldest weather in 25 years.
Reuters News Service reported that oil futures prices hit new 10-month highs during trading Tuesday after a huge blast at an LNG plant some 500 km east of Algiers closed Algeria's largest refinery and main oil export terminal. The shutdown fueled concerns about global supplies with US fuel inventories already at extremely low levels.
Meanwhile, the March contract for North Sea Brent oil inched up by 10¢ to $30.57/bbl Monday on the International Petroleum Exchange in London. Gas oil for February delivery gained $7 to $279.75/5tonne. The February natural gas contract increased by 35.3¢ to the equivalent of $4.95/Mcf on IPE.
The average price for the Organization of Petroleum Exporting Countries' basket of seven benchmark crudes increased by 46¢ to $30.73/bbl Monday.
The New York Mercantile Exchange closed early Friday and remained closed Monday for the Martin Luther King holiday in the US.
