PENN WEST PETROLEUM LTD. T.PWT

RE:"Promises, Promises"

[orlandofl]

makedonka wrote: "Oil prices sold off yesterday as the Libyan government says they will re-open closed oil ports after fighting stopped Libyan crude exports for the last two weeks. Yet one cannot count on the promise of Libyan oil as they have yet to prove they can be a reliable supplier. Yet oil is on the rise again as a weakening dollar and the promise that OPEC might extend production cuts and the fact that refiners will soon rise again out of maintenance, is giving the bulls some new life."

"The energy market was searching for direction when a Bloomberg story that Libya’s major oil ports of Es Sider and Ras Lanuf were resuming operations and preparing to export crude after a two-week halt in shipments due to military clashes that caused oil to sell off in the spring holiday trade. Yet the reliability of predictions of Libyan crude exports returning over the last few years in a timely fashion has been one of misplaced optimism. While the market did not seem to pay a lot of attention to the Libyan disruption, if it continues along with an extension of OPEC production cuts it will speed up the rebalancing of the global oil market.  Libyan oil output did hit 700,000 barrels a day in February from 260,000 a day in August but still short of the 1.6 million barrels of oil that it was pumping before Muammar Gaddafi fell."

https://blog.pricegroup.com/2017/03/21/promises-promises-the-energy-report-032117/
 

and now oil is down - you get to post next if it goes up - LOL