"The complex is moving sideways at the moment, there is no real market direction, especially for Brent...the market is waiting for some fresh impulses, possibly coming from Wednesday's US inventory data release."
A London-based broker said on Tuesday. Crude prices rose Tuesday as a leak on a Canadian pipeline that links to the US helped recover some losses made on NNPC's confirmation that Nigerian Forcados production, which has been shut in for over a year, is to resume in June.
"The partial restart of McKee will help alleviate the overage in Cushing."
Aaron Kildow, trader at Prudential Financial said. The 170,000 b/d McKee, Texas refinery suffered a fire that took the entire plant down 2 months ago and has been credited for a backup of barrels in the Midwest that has caused the front of the crude curve to collapse.
Updated: April 17, 2007
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