Welcomed bounce for oil producers

Malcolm Graham-Wood Independent Analyst

A welcome bounce for oil producers yesterday and carried on this morning in early trading. The usual irony of Libyan production and exports was to be seen, as within 24 hours they had shipped a full tanker of crude and then, after terrorist activity, shut-in 252/- b/d of crude oil.

Adding to the news was the Iranian minister who said that he was in favour of extending the initiative, but then he would, wouldn't he? Even Azerbaijan has suggested deeper cuts as Ministers look carefully at their balance sheets. The API inventory stats were a bit mixed, the build was bigger than expected at only 1.9m barrels but yet again products drew, gasoline by 1.1m and distillates by 2m barrels. Let's see what the EIA number looks like tonight.

Author

Malcolm Graham-Wood

Independent Analyst

Malcolm Graham-Wood started his City career as a trainee analyst at Wood Mackenzie and then cut a swathe through a number of broking houses, all the time building up his knowledge and love of the upstream oil and gas industry incl

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