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Crude Fell Below $94.00, Touching Lowest Price In 5 Weeks

ByICN.com
Published 01/07/2014, 05:50 AM
Updated 07/09/2023, 06:31 AM
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Crude oil fell below the $94.00 a barrel level on Monday, touching the lowest price in more than five weeks at $93.20, due to the restart of production at a key Libyan oil field during the weekend and amid speculation distillate and gasoline stockpiles increased in the US, the world’s biggest oil consumer.

However, crude is trying to recover some of the losses on Tuesday, trading as of this writing above the $93.50 a barrel level, as the restart of the Libyan El Sharara oil field has been priced in while the severe cold weather across the central United States is threatening drilling and fracking operations.

There has been some mixed signals from Libya on Monday after “the navy opened fire on an oil tanker that approached to load crude illegally at a port controlled by rebels”, meanwhile in South Sudan`s oil production remains a concern due to persistent conflicts, which may also provide a floor to oil prices.

Meanwhile, in the US the Energy Information Administration data tomorrow may show that distillates, including heating oil and diesel, probably rose 2 by million barrels last week while gasoline stockpiles probably climbed by 2.5 million barrels, yet crude supplies is expected to shrink by 2.5 million barrels.

- WTI crude oil futures for February is trading around $ 93.81 a barrel after rising $0.38

- Brent futures for February settlement is trading around $ 107.37 a barrel after rising $0.64

- Natural gas is trading at $ 4.339 per cubic feet after rising 0.77%

- Gasoline is trading at $ 2.6638 per cubic feet after rising 0.67%

- Heating oil (diesel) is trading at $ 2.9585 a gallon after rising 0.67%

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