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Crude prices slide as Libyan rebels agree to reopen oil ports

  • Brent crude prices slip below $106/bbl as worries about supply disruptions ease after Libyan rebels occupying four eastern oil ports agree to gradually end their eight-month blockade.
  • Libya's Zueitina and Hariga ports, held by federalist rebels demanding more autonomy from Tripoli, will open immediately, while larger ports Ras Lanuf and Es Sider apparently will be freed in two to four weeks after more talks.
  • Energy companies with a significant presence in Libya include Total (TOT), Statoil (STO), ConocoPhillips (COP), Marathon Oil (MRO), Hess (HES), Occidental Petroleum (OXY) and Repsol (REPYF, REPYY).
  • ETFs: USO, OIL, UCO, SCO, DTO, DBO, BNO, CRUD, USL, UWTI, DNO, DWTI, SZO, OLO, OLEM, TWTI
Comments (4)
  • Abigsoxfan
    , contributor
    Comments (734) | Send Message
     
    Marathon Petroleum (MPC) in Libya? I thought Marathon Oil (MRO) was in Libya. Bad reporting here?
    7 Apr 2014, 09:57 AM Reply Like
  • almontu
    , contributor
    Comments (3) | Send Message
     
    Agree, this is not the first time reports of MRO and MPC have been confused. Those reporting need to do some homework.
    7 Apr 2014, 12:18 PM Reply Like
  • Brian Bobbitt
    , contributor
    Comments (1967) | Send Message
     
    Any report about oil, and its global price must always be taken with tongue in cheek. If oil were like diamonds, ONLY the rich would have it. Diamonds are truly beautiful, desirable, and NOT RARE!
    If de Beers would make available its entire stock, (Like GM, Chevy, Nissan and so on makes their products available) you could buy diamonds out of gumball machines at the train station.
    Oil is kind of the same thing, a controlled substance. Meaning they control the price as there are really few suppliers and price control is relatively easy. (ever heard of OPEC?)
    The price of oil on the global market is the PPB (Price per barrel) which floats in a manageable range so all can drive a car, ride a bus, get goods delivered, have products manufactured and so on and so forth.
    In Cairo, where there is not much money, last time I was there, gasoline was .27 a gallon. Now as the price has been shoved up in Americans face to about as high as we can handle, magically, the price stops in the $3 to $4 range. When it ventures much higher, it begins to slow the economy and again, magically, after TPTB hear the gnashing of teeth and a growing insanity about prices, it floats near that magic level in which folks complain a lot, but still pony up and the drilling goes on.
    The money big oil is making is unbelievable. I am not against BP, and I know the spill in the gulf was really big but in time, overall it was a non-event like the Valdez thing.
    Yes there was some local damage, which given some time, mother nature would have cleaned up for us.
    Where is the damage from all the ships sunk during WWII? It is all gone, as the oil is a natural item and will be absorbed into the world pretty durn quick.
    Now I'm just a natural born fool and don't know much, but I travel a lot, (Just got back from Alaska, saw the pristine are of where the Exxon Valdez went down, and you could not grease your pan for eggs if you were looking for oil on the coastline.
    Same with the Gulf coast. It is back to pristine, but yet, the media still feeds on it right next to the lawyers. (Picture a carcass on the Serengetti Plain in Africa with the buzzards, hyenas and other cleanup crews taking care of business).
    The basic price needs to stay the same, which is why I like USO (USOIL) as a trading tool. it has its trading channel, and by going long (and short) when it hits the highs and lows it has established, one can supplement his fuel prices at home.
    Look at a five year chart of USO (now trading today about 36.36 and you can see the channel). This trade is a no brainer. Now it is kind of in the middle, so you need to wait for the price to seek its high or low. There are always 'reasons' why oil stays in this channel. Most consumers have never looked at a chart. They simply look at the price and jaw it

     

    SEE?

     

    Capt. Brian
    The Lost Navigator
    P.S. I am not against the big profits big oil makes either. Do you have any concept of what it costs to go get oil, refine it. deliver it, and pay everyone. It is also nasty. I don't know their margins, but it must be nice, or they would not do it. But expecting oil to be nice, forgeddaboudit. Just use USO or the like as a trading tool and you can kind of manage your expense when it comes to oil products.
    7 Apr 2014, 10:57 AM Reply Like
  • jvbrumfield
    , contributor
    Comments (5) | Send Message
     
    Alaskan resident, COP investor, and frequent fisherman of Prince William Sound, speaking here. Unless this author got off the boat and walked the shores looking under rocks of, "pristine area where Exxon Valdez went down" I would be reluctant to believe any of his opinions of Exxon Valdez oil impact. I strongly disagree with the statement "you could not grease your pan for eggs"when discussing the impact of the Exxon Valdez oil spill.
    Oil remains are easily found at anytime by those who know where to look!!!
    Viewing our shores from a cruise ship or other commercial vessel puts you in no position to judge the health of our marine fisheries. Don't expect the truth from tour guides who love to paint perfect pictures for tourists.
    I appreciate all the financial opinions expressed here on this site. Thanks for your insight! Hope you enjoyed our great state! I simply found this environmental assessment refutable.
    7 Apr 2014, 03:04 PM Reply Like
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