North Dakota Oil Production Impacted by Cold Weather
January 23, 2024
Oil production at Libya’s Sharara oilfield resumed on Sunday after protesters ended a sit in that has halted output since early January. This was a bit of bearish news for prices.
A drone attack on a Russian fuel export terminal is a switch of tactics for Ukraine and this news helped to offer support to prices. The amount of product knock out was minimal, but this action raises new questions and concerns about Ukraine strategies and if they continue to try and upset Russian oil production and or loading facilities it could impact more energy supplies and support prices.
North Dakota’s oil production still being impacted by cold weather is also getting headlines and offering support to crude prices.
After yesterday’s strong rally the energy markets are taking back some of the gains here in early trading. These markets continue to trade in a range and yesterday tested the top of the recent trading range and are now pulling back. It appears it will take some new news or something to kick these markets out of its ranges.