Crude oil prices rise significantly

Crude oil prices as well as gasoline and heating oil futures were up substantially on Thursday as Italian energy company ENI said that it could not honor some of its contracts due to attacks by militants on its facilities in Nigeria.  In addition, ExxonMobil announced that it had shut down some units of its refinery in Baton Rouge, Louisiana, the first of the refineries to shut down for annual maintenance after putting off that work after last fall’s disruptions during the hurricane season.

By late afternoon in London Brent crude May contracts on the International Petroleum Exchange had risen by $1.52 to $63.01 per barrel, while May delivery West Texas Intermediate crude on the New York Mercantile Exchange was up by $1.98 to $63.75 per barrel by early afternoon.  May Nymex heating oil futures gained 3 cents to $1.7754 per gallon, while April Nymex gasoline futures were up 3.2 cents to $1.7685 per gallon.