Supply disruptions support oil prices above $81 a barrel

By Phaedra Friend Troy

Crude bobbled from its two-month high Monday morning, as investors took profits from last week’s rally. Nonetheless, the price of crude oil was supported by two disruptions in oil transport.

The price of crude at 1:00 p.m. CST sat at $81.61 a barrel on the New York Mercantile Exchange, a drop from the opening of only 7 cents. Intra-day trading saw a spike to $82.38.

A firm belief that the economy is improving is helping to buoy the price of oil the two-month highs it saw last week. A major demand-driver, Chinese numbers remain strong, with manufacturing data improving.

Additionally, an accident at the Houston Ship Channel Sunday has closed the major oil port until Tuesday evening at the earliest, stacking up deliveries, disrupting supply to various Gulf Coast refineries and helping to boost the price of oil.

Entering its eighth day, a labor strike at the French port of Fos-Lavera has also helped to push the price of oil.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now


Logistics Risk Management in the Transformer Industry

Transformers often are shipped thousands of miles, involving multiple handoffs,and more than a do...

Secrets of Barco UniSee Mount Revealed

Last year Barco introduced UniSee, a revolutionary large-scale visualization platform designed to...

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...

Latest PennEnergy Jobs

PennEnergy Oil & Gas Jobs