Read our decryption: Understanding the oil price collapse in 4 questions
The barrel of “light sweet crude” (WTI) for delivery February has lost $ 1.12 to settle at 53.61 dollars on the New York Mercantile Exchange (Nymex), its lowest level since early May 2009. Closing After stabilization attempts since mid December crude prices have plunged to new depths at the beginning of the week, amid serious concerns about the market situation in 2015. “It’s always the same thing, the black gold surplus expected from the demand continues to stopping price “ said John Kilduff of Again Capital.
DISORDERS IN LIBYA
disorders in a large Libyan oil terminal, Al Sedra, including tanks caught fire after Islamist militia strikes as part of clashes with government forces in the area, had nevertheless During helped to open in the green. “But the rise of violence in Libya” , a major producer in North Africa, “is not a strong enough factor to support prices,” face fundamental increasingly bearish found Mr. Kilduff.
In the US in particular, where the explosion in production due to the development of shale resulted this year by jumped to levels last seen more than 30 years, analysts expected a new increase in supply before weekly figures on Wednesday last.
“The closer this report, most investors are preparing to clearly negative numbers for prizes, like last week,” , noted Bob Yawger, Mizuho Securities.
A REQUEST GLOOMY
crude reserves had swelled against all odds by 7.3 million barrels to 387.20 million during the week ended December 19, gasoline stocks and distillate products also recording unexpected bursts. “At a time when demand for petroleum products is generally high, due to the cold, these figures are very unusual” , noted Mr. Yawger.
On the side of demand, the situation was no more smiling, too notaient analysts, while the entrance signs multiplied into recession in Russia, with a first economic decline since 2009 in November year on year, and that the Greek political instability returned to the front of the stage, threatening the stability of the European single currency
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