The rally is continuing amid several low-volume stop-runs...
[4]
Desk chatter over the Libya port shutdown and force majeure is behind this but it seems unlikely enough to warrant any notable cupply cut.
As Bloomberg reports,
Libya’s National Oil Corp. declared force majeure at the ports of Es Sider and Ras Lanuf and will halt output at some oil fields because of fighting in the politically divided North African country.
Armed factions should spare energy infrastructure in Libya, the state-run producer said in a statement on its website. Force majeure is in place at Es Sider and Ras Lanuf, Libya’s largest and third-largest oil ports, with a combined capacity of 560,000 barrels a day. The measure is a legal status that protects a company from liability when it can’t fulfill a contract for reasons beyond its control.
...
Force majeure has been declared at the two oil ports “because of the ongoing armed clashes in the area,” it said Dec. 13. NOC “is determined to protect the oil resources of the country in a way that protects the rights of the country and the partners in line with terms of the partnership agreements.”
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Well it wouldn't be the new normal financial markets if we didn't see some tom-foolery. At 2123ET, WTI Crude futures lurched through unchanged smashing $1 higher to over $58 on heavy volume... only to fall back rapidly...
WTI Crude futures insta-lift - on absolutely no news and heavy volume...
[5]
Tick-by-Tick, the algo lift is evident...
[6]
Because when it gets serious, you have to lie and manipulate...
