Energy OverView August 20, 2013

Despite the move by Libya to officially declare a force majeure on oil exports, yesterday, oil price fell and are down further, in overnight trading. There has been some incremental improvement with announced reopening of the 51,000 bpd Marsa Al Brega port. Every little bit counts, we suppose. More so than Egypt, the oil markets will twist and turn on the developments in Libya. The port workers strike is still more about economics than ideology, which is why violence there has been limited. Also, it would appear that those who descended upon Libya,