WTI oil prices are reclaiming some of yesterday’s losses. There are reports that North Sea production has been affected, again, by an output decline, if not outright halt, in the Buzzard field, which is the largest contributor to the Forties blend.… Read more
Energy OverView January 8, 2014
Crude oil prices were little changed, yesterday, as the situation in Libya veered from bearish to bullish. Despite warnings from the Libyan military over unauthorized exports, the oil appears ready to flow. The polar vortex was also a factor, with several refiners reporting operational difficulties due to the cold, but with all the flight cancellations and cocooning that is occurring, transportation fuel demand is taking a hit.… Read more
Energy OverView January 7, 2014
After surging above $100 per barrel, WTI prices have fallen precipitously, below $94. The pullback has been mostly ascribed to the potential restart of some Libyan oil output, thanks to a shaky deal with some protesting oil installation occupiers. Last night, however, there was news that the Libyan Navy has fired on at least one tanker that tried to load oil at a seized port, promising an even stronger response going forward.… Read more