Crude oil spot price: Brent’s premium above $14

on Nov 14, 2013
Updated: Oct 21, 2019
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_iNVEZZ.com: Thursday, November 14th:_

**Crude oil**
West Texas Intermediate yesterday logged its biggest jump for the past eight days on a speculation that rising refinery profits from gasoline production and heating oil will support crude usage. The price reached a high at 94.51 after having reached 92.84 on Tuesday, its lowest point since 24 June. Subsequently the price retraced and is currently trading at 93.78.

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Meanwhile Brent yesterday achieved 107.42, its highest level since 1 November. In today’s trading, Brent initially increased to breach yesterday’s high, but is at the moment at 107.10. The intraday high is at 107.47.
The difference between Brent and WTI yesterday increased to over $14 on rumours that Libyan protests would bring disruption to the nation’s oil exports.

Phil Flynn, senior market analyst at Chicago’s Price Futures Group has said to Bloomberg that “the anchor is US supply,” and that protests in Libya have increased market concerns. These protests have hindered an oil tanker from loading. Libya hosts Africa’s largest oil reserves. The Zawiya refinery which produces120,000 barrels per day, was closed for more than 24 hours, due to protest. According to data collected by Bloomberg, Libya’s production in October was at 450,000 barrels a day, which is more than three times lower than the 1.45 million being produced a year ago.

Kuwaiti Oil Minister Mustafa Al-Shemali has said that he expected the crude oil production target to remain unchanged when the Organization of Petroleum Exporting Countries meets next in Vienna on 4 December.
The International Energy Agency has stated that the United States would surpass Russia and Saudi Arabia in oil production to become the world’s biggest oil manufacturer by 2015 and in the next 20 years would become more energy self-sufficient on the back of growing output from shale formations.

In the US today, the Energy Information Administration is scheduled to announce Crude Oil Inventories for last week. Expectations are for a rise by 0.7 million barrels to 386.1 million.
The EIA has announced that US October crude oil output surpassed imports for the first time since February 1995.
**Natural gas**
The natural gas price yesterday registered its biggest loss since 21 October. The price closed at 3.55 after reaching its highest point since 29 October at 3.65. The fall happened on profit taking following six days of gains due to weather forecasts for colder temperatures.
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The price today continued to fall. The intraday low is at 3.52 – a six-day low. At press time the price is trading at 3.53.
The EIA is also due to announce last week’s Natural Gas Storage. Analysts forecast a rise by 21 billion cubic feet.
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