Refinery utilization hits 90.8%, the highest since the first week of the year U.S. refiners are picking up activity as the summer driving months approach, encouraging markets to increase the number of long bets on oil. Utilization is expected to increase further during the summer months which should help to draw down growing crude oil stocks. Stronger seasonal demand in
Oil prices climbed higher as a battle for Libya’s Sidra and Ras Lanuf ports delays crude shipments Crude oil prices rose over 1% this morning as fighting for one of Libya’s key oil ports delayed shipments out of the country. The Libyan ports of Sidra and Ras Lanuf changed hands twice over the weekend, preventing oil shipments from departing, and
Libya and Nigeria hope to restart exports that could add substantially to the global glut Both the IEA and OPEC pushed out their forecasts for market balance this week as supply continues to prove resistant to the drop in crude oil prices. Even more crude oil could come back to the market from Libya and Nigeria in coming days, however,
Libya’s national oil company confirms 660 MBO shipment from Hariga port Oil prices have resumed a familiar behavior: volatility. In the past five days or so, WTI has traded below $46.50 and pushed toward $49 on the 18th and 19th, with a downtick today below $48. Analysts cite unknowns in Canada and an agreement between opposing factions in Libya. Some
Wildfires burning out of control in Fort McMurray Fort McMurray, the heart of much of Canada’s heavy oil sands production, has been evacuated due to a wildfire burning out of control in and around the city. The evacuations have forced the oil sands operations in the surrounding area to lower production as works and their families flee to safety. Operators
Oilfields in Libya continue to be a target for rival forces Militants from Libya’s Islamic State (ISIS) affiliate abducted nine foreigners, including four Filipinos, in an attack on a central oilfield last week and beheaded eight Libyan guards, reports the BBC. The Austrain foreign ministry in Vienna said ISIS had attacked the al-Ghani oil field, located about 440 miles south-east
According to a recent survey by Reuters, OPEC’s oil output dipped to a two-year low, falling from 30.32 MMBOPD in August 2013 to 30.07 MMBOPD in September 2013. The survey comes despite the fact that Saudi Arabia, the world’s largest oil exporter, has not weaned its production and continues to export more than 10 MMBOPD. The September 2013 OPEC output
