U.S. oil price plunges 5%, Brent -7% as Libyan production returns
Seeking Alpha
Published Jul 11, 2018 03:34PM ET
U.S. oil price plunges 5%, Brent -7% as Libyan production returns
- U.S. WTI crude oil suffers its worst one-day loss since June 2017, settling -5% at $70.38/bbl, while Brent crude -6.9% to $73.40/bbl for its worst day in nearly two and a half years.
- WTI momentarily rose after the U.S. reported domestic crude inventories fell a whopping 12.6M barrels last week, but the price buckled under the combined weight of Libya lifting a force majeure on four oil ports and indicating production would return to normal levels, OPEC reporting an increase in its June output in June, a stronger dollar, and concerns surrounding the economic impact of worsening U.S.-China trade tensions.
- “We were ripe for a correction - here it is,” says John Saucer at Mobius Risk Group. “This is your classic long liquidation technical selloff.”
- The S&P 500 energy sector (-2.3%) is today's worst performer, and individual stocks post broad declines: XOM -1.5%, CVX -3.2%, BP -4%, RDS.B -2.8%, COP -2.5%, APC -3.4%, SLB -1.7%, HAL -2.8%, BHGE -4.1%, MRO -3.5%, HES -4.5%, DVN -3.6%, APA -2.2%, CHK -5.1%, EOG -2%, PXD -4%, WLL -4.1%, RIG -3.6%, ESV -3.1%, NE -4.1%, DO -4.8%, RDC -3.6%.
- ETFs: USO, XLE, OIL, UWT, UCO, VDE, XOP, DWT, ERX, OIH, SCO, BNO, DBO, ERY, DIG, BGR, GUSH, DTO, FENY, USL, IYE, DUG, DRIP, IEO, FIF, DNO, NDP, PXE, OLO, RYE, PXJ, SZO, CRAK, FXN, OLEM, WTIU, DDG, OILK, NANR, OILX, WTID, USOI, USOU, USOD, FTXN, JHME, UBRT, ERYY, DBRT, ERGF, OILD, OILU, USAI
- Now read: Pioneer Natural Resources: Poised For Permian Supremacy
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