Prices fall in new year sales

摘要

Oil prices fell on expectations that Libyan crude production was about to resume and as middle distillate demand stuttered. Atlantic basin benchmark North Sea Dated fell by $3/bl to $108.05/bl in the two weeks to 2 January, while US marker WTI fell by $3.60/bl to $95.44/bl and prompt prices for Mideast Gulf benchmark Dubai slipped by $3.19/bl to $105.06/bl. Libyan crude production was running at around 250,000 b/d in late December. But the 350,000 b/d El Sharara field could resume production soon, after authorities said they reached an agreement with protesters. Conflict in South Sudan is threatening the country’s crude output, but has failed to push prices significantly higher so far. North Sea crude output is on the rise, pushing down prices for some grades. January North Sea production is scheduled to be the highest since April 2012, according to loading schedules for the four grades that make up North Sea Dated. Light sour Forties fell by 41￠/bl to a 10￠/bl discount to North Sea Dated as production rose, putting Dubai under pressure. Forties competes with Dubai and other sour Mideast Gulf crudes in the Asia-Pacific market.