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


Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...

Reduce Engineering Project Complexity

Engineering document management presents unique and complex challenges. A solution based in Enter...

Revolutionizing Asset Management in the Electric Power Industry

With the arrival of the Industrial Internet of Things, data is growing and becoming more accessib...

Latest PennEnergy Jobs

PennEnergy Oil & Gas Jobs