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Old 04-12-2011, 05:01 PM
jhall jhall is offline
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Default Libyan Rebels Ask for Help From NATO to Break Qaddafi's Siege of Misrata

The article is from Bloomberg.

"Oil Declines

Libya has been effectively split in two since the early stages of the conflict, and oil prices have jumped about 26 percent in the past year. Crude for May delivery dropped $3.67, or 3.3 percent, to $106.25 a barrel on the New York Mercantile Exchange on signs that high oil prices are slowing the global economy. It was the lowest settlement since March 30."

Crude oil is down 5.2% since Friday. I sure hope NATO decides to help out the rebels on this one. Nobody needs oil prices at this level. The supply chain must get fixed as soon as possible. Cheaper gas would make Americans that much happier and will get them spending that much more.
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Old 04-13-2011, 11:54 AM
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Thanks for sharing!! I probably spend too much time at FT and WSJ, and not enough at Bloomberg or others, I need to diversify

I don't see gas prices going down even if the Libyan conflict is solved and the oil starts flowing overnight though, I think the oil kings are set on making some serious $ because they smell opportunity from our American recovery.

I'm willing to make the bet now that we'll see $5.00 broken this summer in the U.S., although before then we'll see plenty of volatility in the crude markets I'm sure!
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Old 04-14-2011, 02:36 PM
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As much as I'd hate to see gas break $5 I get the feeling that market forces and oil kings might pull it off. Especially with Middle Eastern tensions the way they are right now. The Libya scare might have some long term effects on the local populations and its not a terribly far stretch to say that some other oil producing country like Yemen might experience something similar.
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