Futures Pros – Crude oil futures were down on Monday, falling to a daily low, as concerns over a disruption to U.S. supplies eased after a major crude oil pipeline in Alaska resumed operation. On the New York Mercantile Exchange, light sweet crude futures for delivery in February traded at USD91.20 a barrel during European morning trade, slumping 0.50%. It earlier fell to a daily low of USD90.84 a barrel. Earlier in the day, Alyeska Pipeline Service said that the Trans-Alaska Pipeline System resumed shipments and was operating at full capacity after repair work to a leak was completed over the weekend. The 800-mile pipeline, which carries approximately 15% of U.S. crude oil supplies, had been temporarily restarted last Tuesday, before shutting down again on Friday. Meanwhile, prices were also pressured after the People’s Bank of China announced Friday that it lifted lenders’ reserve requirements for the fourth time in two months in an effort to combat inflation and cool its rapidly growing economy. China is the world’s second largest crude oil consumer, with the International Energy Agency forecasting that China will account for approximately 40% of global oil demand growth in 2011. Elsewhere, the dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was up 0.32% during European morning trade. Dollar-denominated oil futures contracts tend to rise when the dollar falls, as this makes oil cheaper for buyers in other currencies. Meanwhile, natural gas for February delivery shed 0.27% to trade at USD4.476 per million British thermal units, while heating oil for February delivery dropped 0.36% to trade at USD2.635 per gallon during European morning trade. New York Mercantile Exchange floor trading will be closed on Monday for the U.S. Martin Luther King Jr. Day holiday.

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