Brent crude oil prices rose modestly on the London market Sept. 10 and continued higher Sept. 11 on news reports gunmen shot and killed two people at Libya’s National Oil Corp. headquarters on Sept. 10. US light, sweet crude futures also rose Sept. 11 on the news.
It’s not the first time NOC headquarters have been attacked. Analysts said the latest incident raises the chance of more disruptions to Libya’s oil production levels, which recently had appeared to be stabilizing. No organization claimed responsibility for the attack.
Renewed violence in Libya comes as oil market participants prepare for declining Iranian crude exports. US oil sanctions on Iran are scheduled to take full effect in early November.
Some analysts had considered Libyan crude supplies as a possible alternative to Iranian oil supply.
In other world oil supply news, the Organization of Petroleum Exporting Countries and the International Energy Agency are each scheduled to release monthly reports.
Energy prices
The light, sweet crude contract for October delivery on the New York Mercantile Exchange declined 21¢ to $67.54/bbl on Sept. 10. The November contract decreased 14¢ to settle at $67.41/bbl.
The NYMEX natural gas price for October rose nearly 3¢ to $2.80/MMbtu. The Henry Hub cash gas was $2.85/MMbtu, up 1¢.
Ultralow-sulfur diesel for October edged down less than a penny to remain at a rounded $2.22/gal. The NYMEX reformulated gasoline blendstock for October dropped 1¢ to a rounded $1.96/gal.
Brent crude oil for November increased 54¢ to $77.37/bbl on London’s International Commodity Exchange. The December contract gained 45¢ to $76.92/bbl. The gas oil contract for September was $681.75/tonne, up $6.25.
OPEC’s basket of crudes for Sept. 10 averaged $75.20/bbl, up $1.03.
Contact Paula Dittrick at [email protected].
