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Wed 27 Dec 2017, 08:12 GMT

Oil prices surge to two-year high


By A/S Global Risk Management.

Yesterday, news of an exploded pipeline in Libya drove the Brent crude price to a close on just above $67. The explosion was said to be caused by armed men and is signaling that the situation, and thereby the supply, is still fragile.

The pipeline is run by the Waha Oil Company, and is supplying the Es Sider terminal. The disruption is reducing the output of Libya by 70-100 kbpd. As the pipeline exploded it may take a long time before it is operational again. The event is likely to support oil prices, at least in the short term.

This news comes on top of the Forties Pipeline in north western Europe being disrupted likely contributing to an uptrend in crude prices, which yesterday took a steep increase. The repair on the Forties pipeline is said to be completed, but the pipe must be tested before normal levels of operation can be restored.

Trading today is likely to be limited as Christmas holidays are still in effect.

Later today the weekly oil stocks data from the American Petroleum Institute (API) will be released one day ahead of the more closely watched report from the Energy Information Administration (EIA). The last 3 weeks have seen heavy draws in crude oil stocks, so expect some volatility around the publishing.

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