- Oil prices show mixed trading throughout the week as we hover just below two year highs.
- Hairline fracture discovered in Forties North Sea Pipeline, disrupting UK supply up to two weeks. (Carries 450,000 bpd)
- OPEC production declined for fourth straight month as U.S. supply could help exceed demand growth.
- Natural Gas prices declined after EIA reported stocks depleted by 69 billion cubic feet, surpassing forecasts of 63 billion cubic feet.
- IEA released a report showing that the global oil market could show a surplus at the beginning of 2018 of 200,000 barrels/day, while at the end of 2018 could result in a deficit of 200,000 bpd.
We’ve seen that the oil markets reacted very volatile as this week comes to a close, with bustling U.S. production challenging OPEC cuts, while the Forties pipeline shutdown in the North Sea pushed up Brent prices initially before leveling off at 0.22% to $63.20/barrel on Friday. With a myriad of mixed news and trading this week, prices will struggle to find a direction as we eagerly approach the New Year. January WTI rose 0.32% to $57.19/barrel. Refined products are tailing off as well with January RBOB falling 0.10% to $1.66/gallon while January Heating Oil tumbled 0.26% to $1.90/gallon.