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07:54 AM Eastern Standard Time, 03/03/2010 (MidnightTrader) — Oil prices are up slightly in early morning trading Wednesday, as market players await the release of a key oil data before making any significant moves.
Traders will be looking to the release of the latest U.S. weekly crude inventories to be released by the Energy Department at 1030 ET. A Bloomberg News survey of economists expects crude supplies to have risen by 1.28 million barrels in the week ended Feb. 26.
At 0745 ET, Brent crude is trading up 0.4 percent at $78.52, while light sweet crude is up 0.5 percent at $80.09, and natural gas is up 0.2 percent at $4.72 a million British thermal units.
On Tuesday, industry group the American Petroleum Institute reported a rise of 2.7 million in crude oil inventories.
On the corporate front, a Nigerian oil flow station of Royal Dutch Shell (RDSA) was attacked by rebels opposed to the energy industry in the southern Delta region. The People’s Patriotic Revolutionary Force said that it has begun "fresh and final hostilites in the Niger Delta and beyond," demanding foreign oil companies to leave the region immediately. Shell shares on the NYSE are up 0.1 percent at $55.75 before the bell.
Meanwhile, a fire at Holly Corp.’s (HOC) Navajo Refinery in New Mexico has killed two employees and critically injured two others. A storage tank exploded into flames, but authorities say that cause remains unclear. Holly’s shares are unchanged at $26.04 before the bell on the NYSE.
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