Jeff Barber

Nymex Overview: Oil Rises on Venezuelan Supply Worries, Little Progress on Ukraine-Russia Talks — OPIS Crude oil contracts were up modestly in light, pre-Christmas trading Wednesday on continuing concerns over Venezuelan production and little tangible progress in efforts to broker a peace deal between Russian and Ukraine. The more-active NYMEX February West Texas Intermediate contract was up 10cts to $58.50/bbl at noon ET and the March WTI contract was also 10cts higher at $58.25/bbl.

Citgo Petroleum Conducting Startup Work at Corpus Christi Refinery — OPIS XOM Citgo Petroleum will carry out startup work at the west plant of its 175,550 b/d Corpus Christi, Texas, refinery over the next several days, the company said in a community alert that warned of potential flaring. In addition, Flint Hills Resources on Tuesday notified residents that operating conditions at the west plant of its 350,000 b/d refinery in Corpus Christi had led to flaring.

Nymex Overview: Oil Futures Down on Weaker Equities, Refined Products are Up — OPIS Crude oil contracts were trading lower at midday as U.S. equity markets weakened, while refined product futures were up on reports of an overnight Ukrainian attack on another Russian refinery. The Nymex December West Texas Intermediate contract was off by 55cts at $59.05/bbl at about 12:15 p.m. ET and the January WTI contract was 50cts lower at $58.95/bbl.