Libyan commander Khalifa Haftar blocked oil exports at ports under his control, cutting Libyan exports by 800,000 barrels per day.
The move is a power play ahead of a conference with Tripoli’s government that will be hosted by Angela Merkel in Berlin. He has so far refused to end his offensive and agree to peace and walked away from talks last week in Russia.
Recently, Turkey pledged support to Tripoli but cutting off exports will make it difficult to fund weapons purchases.
If exports remain cut off when markets re-open, expect a rise in oil prices. Total world production this year is about 102 million barrels per day and this would create a deficit, especially in Europe when Libya exports the vast majority of its crude.
Don’t fight the Fed: an expression another one of these REALLY good-lookin’ kids hailing from the East Side of Cleveland, with just this past week starting to show contraction in total government issues
Their sampling of 1,000 Likely Voters taken a week ago shows a slight edge to the Big Orange. 46% think the President will be re-elected; 33% think he will lose to the Democrat and 12% think he will be convicted by the Senate. 9% are unsure. The sample weights a Democrat preponderance 38% to 32% Republican with the remaining 30% as independent. PredictIt shows the same: 52 cents for the Republican candidate to win; 51 cents for the Democrat.
Mild weather in the US and massive shale production in the US has led to an abundance of natural gas in the US. The aim is to one-day convert it into liquefied natural gas to export but with the wild overproduction in tight oil, there’s no way to liquefy it or transport it. Prices in and around production areas are much lower than $2.
A reckoning is coming to shale soon, and even sooner if crude falls below $50 this year.