Petroleum Marketing Monthly, May 2011 With Data for February 2011, Release date: May 2, 2011
“International political affairs along with supply and demand issues influenced trends in world crude oil prices during February. At the start of the month, continuing protests against Egyptian president Hosni Mubarak pushed prices for many key streams higher. Concern about disruptions to shipping and pipeline operations through the Suez Canal zone remained heightened because of the demonstrations. As the discord in Egypt abated, the outbreak of similar political controversy in several Middle East countries provided support for oil prices. In addition to political turmoil, reports that Chinese oil imports grew significantly year-on-year in January underpinned prices. Oil consumption in China has increased considerably during the past year. In contrast to the general upward trend of the market, the price for Texas Intermediate (WTI) at Cushing, Oklahoma continued to fall through mid-February. The decrease brought the margin between it and Dated Brent, another
key market reference price, to historic levels. On February 14, the difference between the two prices reached $19.46 per barrel. During the latter part of the month, oil prices moved significantly higher
due to production disruptions in Libya stemming from growing civil
unrest in the North African country. Libya exported an estimated 1.5 million barrels of crude oil in 2010 with the majority going to European markets. Prices remained unsettled at the close of February as markets across the globe reacted to continued strife in Libya.”
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