• 3 minutes CoV-19: China, WHO, myth vs fact
  • 6 minutes Trump reinvented tariffs and it worked
  • 9 minutes IEA Sees First Global Oil Demand Drop in a Decade on Coronavirus
  • 12 minutes Question: Why are oil futures so low through 2020?
  • 2 days "For the Public's Interest"
  • 46 mins Don't sneeze. Coronavirus is a threat to oil markets and global economies
  • 4 hours Is Pete Buttigieg emerging as the most likely challenger to Trump?
  • 20 hours Natural Gas from Cow Poop Used to Save the Environment and Help Farmers
  • 1 day Coronovairus, Phase One Agreement, Lower for Longer
  • 4 hours The New Class War Exposes the Oligarchs and Enablers
  • 4 hours Foxconn cancelled the reopening of their mfg plants scheduled for tomorrow. Rescheduled to March 3rd. . . . if they're lucky.
  • 15 hours Has Trump put the USA at the service of Israel?
  • 18 hours Is cheaper plastics feedstock on the horizon?
  • 1 day Weekly U.S. Imports of Crude Oil. No, the U.S. is NOT oil & gas self-sufficient.
  • 2 days Cheap natural gas is making it very hard to go green
  • 12 hours Solar Cells at 25 Cents Apiece (5 cents per watt)
Alt Text

What The Market Is Overlooking In The Occidental Deal

Occidental Petroleum has caught a…

Alt Text

The Worst Oil Trades Ever Made

Wall Street is full of…

Dave Forest

Dave Forest

Dave is Managing Geologist of the Pierce Points Daily E-Letter.

More Info

Premium Content

An OPEC Nation Ships Its First Oil in 9 Months

Further to my note yesterday, there seems to a lot of focus recently on one particular commodity: oil.

Producers within the energy world and beyond have been desperately seeking crude exposure. Largely because this one of the few commodities whose price has held up globally.

The last few months have strengthened oil's unstoppable image. At the start of the year, it looked like prices might break down--with WTI having fallen from $110 to near $90. But a recent bounce has taken it decidedly back above $100. Signalling that the party is still continuing.

But it's worth bearing in mind that the oil market has not been normal of late. With the loss or impairment of a number of key producing nations globally helping support prices.

One of those was Libya. Whose oil exports have been shut down completely by insurgent activity at the country's ports.

Or at least they were until this week.

The Libyan state oil company National Oil Corp. reported this week that a tanker has arrived at the country's Hariga terminal. With loading of a million barrels of crude for export expected to start immediately.

This is a critical milestone for the oil market. Representing the first shipment of Libyan crude since July 2013.

It could also be a wake-up call for investors. Signalling that the bullish force of supply disruptions here is on the way out.

The effect on global prices won't be immediate. Many of Libya's ports remain closed--and it will likely be months before full export capacity is restored.

But the spigots coming back on could start to exert gradual downward pressure on the market. Especially combined with rebounding exports from Iran--which has opened its oil supply anew after the lifting of numerous international sanctions.

It's been a good party for oil. But we have to remember the market had a lot of things going for it. Things that may now be changing.

Here's to turning the taps on,

Dave Forest




Download The Free Oilprice App Today

Back to homepage




Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News