Posted on 01/18/2022 5:42:06 PM PST by Hojczyk
Futures in New York rose as much as 1.9% to climb above $87 a barrel. The fire has been brought under control but the cause of the blast remains unknown, according to pipeline operator Botas. The global oil market has tightened in recent weeks due to outages in OPEC+ producers including Libya, with buyers in Asia paying sharply higher premiums for spot cargoes.
Crude’s sizzling start to the year has prompted Goldman Sachs Group Inc. to boost its forecasts for global benchmark Brent, predicting $100 oil in the third quarter. OPEC expects markets to remain “well supported” by robust demand, maintaining the confident outlook that has allowed the group to revive output.
Oil’s rally poses a challenge for consuming nations and central banks as they try to stave off inflation while supporting global growth. The White House plans to continue to monitor prices and hold discussions with OPEC+ countries as needed, a National Security Council spokeswoman said Tuesday.
“It’s a perfect storm,” said Vandana Hari, founder of Vanda Insights in Singapore. “A bunch of supply disruptions, lingering OPEC+ production shortfalls and heightened geopolitical tensions. Plus there’s low inventory levels combining with robust demand.”
(Excerpt) Read more at finance.yahoo.com ...
I think the Dems will use this to cover up for inflation during the election this year.
LOL. Yeah, that’s the ticket. Good one.
Oil hits seven-year high as Houthi attack on UAE rattles regional tensions
https://freerepublic.com/focus/f-chat/4030596/posts
“Yemen’s Houthi rebels claimed responsibility for the attack, which took place Monday morning and caused fires that resulted in three petroleum tanker explosions near state oil firm ADNOC’s storage facilities. The fires began in the industrial area of Musaffah and at a construction site near Abu Dhabi International Airport in the UAE capital, Abu Dhabi police said in a statement, adding that they believe the attack was carried out by drones.”
I thought the Botas pipeline was natural gas from Azerbaijan, not the BTC oil pipeline from Iraq.
I’ll gladly pay more at the pump if it ensures the downfall of the Brandon Regime.
Is the pipeline burst sabotage?
Thanks to Biden, we are back to every little foreign “disruption” causing oil prices to spike. This wasn’t happening under Trump because in 2018 the US became a net oil exporter for the first time in 75 years.
I recently got a bug out bike, a little dual-sport go nearly anywhere motorcycle that gets close to 60 miles per gallon, great for getting around the region, running errands, on or off road. I knew these people would intentionally do everything in their power to screw up this economy and double down on chaos and decline...Maybe if they get it to 8 bucks a gallon, they can peddle a few more EV’s.
Yep...The lefts policies can be mistaken for sabotage. Stolen elections have serious consequences.
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