Category: The Energy OverView

Oil prices are mixed this morning, with Middle East tensions supporting, once again. The Iraq government announced the battlefield death of a senior military officer even as gains were reported by the Iraq security forces over the weekend. Tensions have flared, again, between Palestinians and Israelis.… Read more

In a sign of deep Iraq fatigue in the oil market, headlines and stories that Iraq security forces have vanished from the Saudi Arabia-Iraq border have not moved the market. The story got more interesting when it was reported that the Saudis moved 30,000 troops to the frontier.… Read more

The focus of the oil market returns to Libya this morning. Various reports claim that two of Libya’s major oil ports are being allowed to re-open by rebels holding Ras Lanuf and El Sid ports. The reports are dubious and have the rebels claiming sovereignty over the region and sites.… Read more

Oil prices are slightly higher this morning in reaction to decent economic rather than geopolitical concerns for once. Not that there are not fresh geopolitical considerations. Israel is in the process of bombing Hamas territory, in retaliation for the killing of the 3 teenagers in the West Bank.… Read more

Oil prices continue their fall, as the Iraq situation gets increasingly discounted. At least as it relates to oil, the damage in Iraq has not been tangible. The Baiji refinery remains in play, but whoever gets it looks to keep it operating.… Read more

Oil prices came under pressure, yesterday, as it becomes clear that Iraq’s southern oil fields will not fall to ISIS insurgents in Iraq in the near future. Iraqi forces are fighting back, and the initial Blitzkrieg has been slowed just short of Baghdad.… Read more

he oil market is digesting the Iraq situation, showing little reaction to the continued advance of ISIS fighters. There is a growing consensus that ISIS will not overrun Baghdad or the southern oil infrastructure. In fact, Iraq officialdom in Baghdad are claiming that output and exports will surge in the coming weeks, which is consistent with their recent pattern and their success in upgrading the export system in Basra.… Read more

The crisis in Iraq still dominates the gaze of the oil market. WTI prices inched above $107 per barrel overnight, as the ISIL caliphate comes together. Now, apparently, ISIL forces have secured all of the Syrian border towns and at least one key border crossing into Jordan.… Read more

The news out of Iraq this morning is that the large, 300k bpd, Bajii refinery is about to fall into the hands of ISIS fighters. The oil market complex is nonplussed, probably because the lost output will not likely be replaced via imports given the lack of security within the country.… Read more

More ground has been captured by insurgents in Iraq, and the rapidly developing situation has caused a surge higher still in oil prices. Brent topped $112 per barrel, and WTI traded above $107. The oil market had been pacing the developments and reacted mildly, at first.… Read more