Oil Prices Edged Up Amid Pipeline Outage

December 15th, 2017:

American Energy Coalition – December 15th, 2017

“The time frame for a restart of the Forties Pipeline System remained uncertain after owner Ineos discovered a crack in a pipe last week. The outage stops the flow of around 450,000 barrels of North Sea oil a day,” according to an article by wsj.com. 

“U.S. oil prices rose and the global benchmark fell Friday, as prices were supported by [the] pipeline outage in the North Sea, but higher forecasts for U.S. output in 2018 from major energy groups this week limited gains,” reports wsj.com

“We’re in a structural malaise,” said J. Alexander Blackman, an executive at Standard Delta, an energy and trading firm. “OPEC policy and shale technology create a very tight range where prices trade.”

“The U.S. benchmark fell 6 cents this week—its third straight weekly decline. Brent fell for a second week in a row, edging down by 17 cents.”

“Prices have been in a ‘back and forth pattern’ this week, analysts at TAC said, amid reports that suggested that supply and demand might not be as tight as some were expecting.”

Click here to read the original article from The Wall Street Journal.

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