Year: 2017

Crude Oil Oil prices edged up on Thursday, remaining near 2-1/2-year highs after data showed strong demand for crude imports in China and on increased U.S. refining activity that drew more crude from inventories. Brent settled  28 cents higher at $66.72 /bbl. WTI settled 20 cents higher at $ 59.84 /bbl. Trading was typically thin at year end, with many traders on vacation. In other news,   China issued its first batch of 2018 crude import quotas,…

Crude Oil Crude prices corrected today with the market taking profits. Brent settled  58 cents lower at $66.44 /bbl. WTI settled 33 cents lower at $ 59.64 /bbl. The market seemed to be easing out as news of the restart of the Forties pipeline came in. Flows through the Forties pipeline has recovered to ~50% the normal rate. BP said in an emailed statement that it is now restarting some of the fields that feed…

Crude Oil Crude spiked sharply in reaction to an explosion on a Libyan pipeline. Brent settled $1.77 higher at $67.02 /bbl. WTI settled just under $ 60 at $ 59.97 /bbl, i.e. $ 1.50 higher. its highest close this year.  The explosion on the Es Sider pipeline could take out supply to the extent of 70 – 100 kb/d as announce by the state run NOC. The cause for armed forces blasting the pipeline was…

Crude Oil Crude prices rose to make even higher heghs over a long weekend as markets struggled to evaluate the impact of many potentially bullish factors. Brent settled 35 cents higher at $65.25 /bbl, its highest close this year. WTI settled 11 cents higher at $58.47 /bbl.  With a long weekend coming up, the approach appeared to be “Be Long or Be Wrong”. Over the weekend, the market has seen both bullish and bearish factors…

Crude Oil Crude prices continued to scale greater highs in the absence of any fresh news. Brent settled 34 cents higher at $64.90 /bbl while WTI settled 27 cents higher at $58.36 /bbl.  In other news,  Ineos says the Forties pipeline is expected to restart in early January after repairs over Christmas. The company will allow a small number of customers to send oil and gas over the pipe lines before carefully ramping flows back…