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No local officials of Agip or the Joint Task Force (JTF) protecting oil firms, facilities and personnel in the restive Niger Delta could immediately confirm the attack, the latest to hit Nigeria in recent months.

"We are yet to be briefed about the attack," military commander Wuyep Rimtip told AFP.

In a statement on its website, Eni said that "last night a sudden drop of pressure has occurred at the Nigerian pipelines linking Tebidaba flowstation to Brass terminal and Ogbambiri flowstation to Tebidaba flowstation.

"Production has therefore been suspended (47,000 barrels of oil per day, of which 8,000 are Eni's equity).

"The units in charge of restoring operations have been immediately activated. At the moment the causes of the incident are unknown."

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Several foreign firms, including French tyre company Michelin and oil servicing firm Wilbros, have left the Niger Delta because of security problems.

The unrest has reduced Nigeria's oil output by a quarter, causing it to lose its position as Africa's biggest oil producer to Angola, according to April figures from the Organisation of Petroleum Exporting Countries (OPEC).

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JV Capital Group News: The immediate cause of Thursday's sharp natural gas decline was a larger-than-expected increase of U.S. supplies.

The Energy Department's Energy Information Administration said in its weekly report that natural gas inventories rose by 104 billion cubic feet to more than 2.31 trillion last week. Analysts had been expecting supplies to grow by only 86 billion to 91 billion cubic feet, according to a Platts survey.

A similar report Wednesday showed oil, gasoline and other fuel supplies unexpectedly rose sharply. Traders saw both the petroleum and natural gas reports as reasons to sell, as they reinforce data that show consumers are cutting back on their energy use.

"We're seeing some worries about demand destruction in oil, so I think that's creating some fear among investors and leading them to sell," said Tom Pawlicki, commodities analyst with MF Global Research in Chicago.
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Oil prices tumbled below $130 a barrel for the first time in more than a month Thursday, as crude's dramatic slide entered a third day accompanied by a sharp sell-off in natural gas.

The declines accelerated amid growing concerns that the weakening economy and creeping inflation are eroding demand for fossil fuels in the U.S. and other large energy-consuming nations.

Oil is now more than 10 percent cheaper per barrel than it was on Monday; natural gas prices are down more than 20 percent just since the Fourth of July. Still, experts are not convinced that prices have turned a corner.

"There's no bell that tells you when the market has turned," said James Cordier, president of Tampa, Fla.-based trading firms Liberty Trading Group and OptionSellers.com.

Light, sweet crude for August delivery dropped $5.31 to settle at $129.29 a barrel on the New York Mercantile Exchange. Prices have fallen nearly $16 in just the past three days.

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Gas Investments: Oil prices rebounded Monday, after falling more than 16 dollars last week, as a tropical storm barreled into the Gulf of Mexico and the international community tightened pressure on Iran to halt its nuclear program.

New York's main contract, light sweet crude for August delivery, advanced 2.16 dollars to close at 131.04 dollars a barrel.

In London, Brent North Sea crude for September delivery climbed 2.42 dollars to settle at 132.61 dollars

The hurricane season, which began in June and lasts until the end of November, had been largely uneventful up until now.

Tropical Storm Dolly churned over the Gulf of Mexico on Monday, threatening to grow into a hurricane within 24 hours as it headed toward the Mexico-Texas border, the US National Hurricane Center said.

"Well hello Dolly, well hello Dolly, it's not so nice to have you back where you are now," said Alaron Trading analyst Phil Flynn.

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The House of Representatives failed to approve legislation on Thursday that would have pushed oil companies to drill on federal leases they already hold while requiring the government to more often lease tracts in an Alaskan oil reserve.

House Democrats, trying to show they favor more U.S. oil production in light of record gasoline prices, came up with the bill to counter White House and Republican lawmakers' calls to lift a congressional offshore drilling ban. The White House had threatened to veto the measure.

The bill had a "use it or lose it" provision that required oil companies to diligently develop their existing federal leases or turn them back to the government before they could obtain new acres.



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