• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 1 day GREEN NEW DEAL = BLIZZARD OF LIES
  • 3 days "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 8 days America should go after China but it should be done in a wise way.
  • 2 days Even Shell Agrees with Climate Change!
  • 3 days How Far Have We Really Gotten With Alternative Energy
  • 4 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 3 days World could get rid of Putin and Russia but nobody is bold enough
  • 6 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
Exxon Threatens to Derail Chevron's Acquisition of Hess

Exxon Threatens to Derail Chevron's Acquisition of Hess

Exxon is challenging Chevron's acquisition…

Offshore Oil Discoveries Thrive

Offshore Oil Discoveries Thrive

But despite the industry as…

Venezuela’s Oil Output Could See Moderate Boost

Venezuela’s Oil Output Could See Moderate Boost

The unlikely return of full…

Irina Slav

Irina Slav

Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.

More Info

Premium Content

Oil Starts Year with Moderate Gains

  • Crude prices are set to close out the first week of the new year with a small gain.
  • Yemen’s Houthis continue to attack ships in the Red Sea, and this week also saw a bomb attack kill some 100 people in Iran.
  • Across the Red Sea, meanwhile, in Libya, a fresh wave of protests shut down the country’s largest field, Sharara.

The first week of the new year looks set to end with a moderate gain for oil benchmarks fueled by escalating tensions in the Middle East and supply disruptions in Libya.

In the Middle East, Yemen’s Houthis continue to attack ships in the Red Sea, and this week also saw a bomb attack kill some 100 people in Iran. The attack was claimed by the Islamic State although Iran itself said it was a response to its stance on the war between Israel and Gaza.

Across the Red Sea, meanwhile, in Libya, a fresh wave of protests shut down the country’s largest field, Sharara, which can produce up to 300,000 bpd of crude. This is exactly what makes it a magnet for protesters in the area. In this case, the protests originated with local communities demanding more government attention to the southern region of Fezzan.

One of the protesters told Reuters that the region was “in need of developing projects and services, such as a refinery for fuel supply, paved roads, a clinic and providing jobs for young people”.

Countering the bullish effect of these developments, the U.S. Energy Information Administration yesterday reported some of the most substantial inventory builds in fuels even as it also estimated a draw in crude oil stocks to the tune of 5.5 million barrels for the last week of 2023.

According to the EIA, gasoline stocks added close to 11 million barrels during the holiday week, while middle distillate stocks swelled by 10.1 million barrels.

At the same time, the minutes of the last Fed meeting suggested inflation may have finally been put under control, which helped push prices higher, Reuters noted in a report from earlier today. Although the minutes did not contain specific wording regarding rate cuts, the overall tone was optimistic.

At 05:20 AM ET the WTI benchmark traded at $72.90 per barrel, up $0.71 on the day, gaining almost 1%. Brent crude traded at $78.18, rising $0.59 or 0.76%.

By Irina Slav for Oilprice.com

ADVERTISEMENT

More Top Reads from Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News