Posted on 05/11/2016 3:27:10 PM PDT by bananaman22
Crude oil futures rose 3.5 percent in mid-afternoon trading on Wednesday, following official data earlier in the day showing a 3.4-million drop in crude inventories and a fall in crude output to 8.8 million barrels per day, the lowest since the fourth quarter of 2014.
June deliveries of West Texas Intermediate (WTI) were up US$1.57, or 3.5 percent, settling at US$46.23 per barrel on the New York exchange.
This jump is higher than any closing price the commodity has seen since November of last year.
(Excerpt) Read more at oilprice.com ...
Fire in Alberta oil sand region is probably having impact as well....
Many of the producers are hunkering down and taking precautions to keep fire out of their operations
Also many of the workers and family have left
More news here. Worldwide production has been falling to get closer to demand, so supply disruptions are noticed more.
My tactical Diesel reserve is now set at ~20 weeks.
Enough to put domestic fracking back on track? If so I’ll not complain too much.
Are you using biocide?
Watch out for those microbials.
No issues to date over 10 years of supplying two turbo diesel vw’s with a reserve fuel supply of ~24 5 gal “cans”.
Very good. Sounds like you’re highly experienced at the process.
Which should keep price in check. OPEC has real competition now.
About 1 million bpd was halted due to the fire, but Albian Sands has started producing today, though not up to their 225k bpd capacity. Syncrude (315k bpd capacity) is planning on restarting production shortly.
Cooler weather and winds are moving the fires to the scarcely populated East, so other facilities will be ramping up soon.
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