* Brent supported by potential increase in U.S. import needs
* Technicals show U.S. crude may top 27-mth peak near $93
[]
* Coming Up: U.S. EIA weekly oil inventory report; 1530 GMT
(Adds context on restart of Alaska pipeline, updates prices)
By Alejandro Barbajosa
SINGAPORE, Jan 12 (Reuters) - Brent crude prices stayed
near $98 on Wednesday, the highest level since October 2008,
as production shutdowns in Norway and Alaska raised
expectations of an accelerated tightening of supplies in
Atlantic basin, Middle East and Asia-Pacific oil markets.
A gas leak forced Norway's oil and gas producer Statoil to
shut its Snorre and Vigdis fields, which jointly produce about
157,000 barrels per day (bpd). The company did not give an
outlook for when they would resume output, adding to supply
concerns as Europe's winter depletes stockpiles. []
Trans Alaska Pipeline operator Alyeska late on Tuesday
received government permission to restart the duct for
"interim operations" to prevent crude from freezing after a
leak shut it down on Saturday, a company spokeswoman said,
adding flows would resume through the night though she gave no
estimate of volumes.
The pipeline normally transports about 12 percent of U.S.
crude output. An outage lasting more than a week may force
refiners in the U.S. west coast to look for alternatives in
Russia and the Middle East, traders and analysts said.
"With the strong demand growth from Asia, disruptions have
become a concern again," said Tony Nunan, a risk manager with
Tokyo-based Mitsubishi Corp. "People are looking at a higher
baseline of inventories in a more dangerous geopolitical
environment."
"The cold weather is also making the market more
sensitive. Brent is a waterborne crude and will be affected
more by any disruption. It represents the swing crude going to
Asia," which may be pulled over to the U.S. west coast, Nunan
said.
Brent crude for February <LCOc1> rose 2 cents to $97.63 a
barrel at 0515 GMT after touching $97.82 on Tuesday, the
highest price in 27 months.
U.S. crude <CLc1> rose 6 cents to $91.17, having traded
more than $7 below Brent on Tuesday, the widest spread since
February 2009, because of landlocked high inventories at the
Cushing, Oklahoma delivery point. <CL-LCO1=R>
Support also came from forecasts for higher heating demand
this week as the U.S. Northeast, the world's biggest heating
oil market, prepared for another snowstorm. []
[]
U.S. crude oil stockpiles managed a 57,000-barrel gain
last week, according to data from industry group the American
Petroleum Institute released late on Tuesday, in the face of
expectations crude stocks had fallen.
Gasoline stocks rose by 7 million barrels and distillate
stocks added 1.6 million barrels, the API report showed.
The U.S. government's Energy Information Administration
will release its own data on inventories on Wednesday at 10:30
a.m. EST (1530 GMT).
Ahead of the API data, an expanded Reuters survey of
analysts on Tuesday forecast U.S. crude oil inventories
probably fell 1.1 million barrels last week.
Distillate stocks, which include heating oil and diesel,
were seen up 1 million barrels, while gasoline stocks were
expected to have gained 1.8 million barrels, the survey showed.
U.S. retail gasoline demand was little changed last week
from the previous period but fell compared to year-ago levels,
a MasterCard report said. []
In other markets, the euro rose against the dollar on
Wednesday, along with Asian stocks, but caution towards the
currency is likely to set in ahead of key bond sales by highly
indebted euro zone members Portugal and Spain.
(Editing by Ed Lane)
