Less pain than we expected at the pumps?

From the FBI's Infragard daily bulletin:

2. February 1, Dow Jones - (International) Crude prices lose momentum as Suez worries ease. Crude oil prices lost momentum February 1 as fears over oil supply disruptions at the Suez Canal eased, but attention remained fixed on events in Egypt, where massive antigovernment protests continued for another day. Despite port closures in Egypt, the Suez Canal, a key energy transit point, remained open to shipping February 1. Although massive protests continued to take place throughout the country, significant disruptions to oil flows appear to be looking less likely, analysts said. "There are still protests going on in Egypt, but the shipping through the canal appears to be continuing normally” said an energy analyst. Egypt is not a major oil supplier, but the Suez Canal and the nearby Sumed pipeline are key chokepoints for global oil supplies. In addition, fears persist that the antigovernment protests could spread to major oil producing countries elsewhere in the region. However, even if oil flows through the Suez were disrupted, shippers could easily re-route supplies bound for Europe around southern Africa "without too much of a headache,” analysts at JBC Energy said in a research report. Moreover, the Organization of Petroleum Exporting Countries has indicated it would raise production in the event of a supply disruption. Source: http://online.wsj.com/article/BT-CO-20110201-710344.html