U.S. Petroleum Weekly – April 7, 2011
Main development since latest weekly is realization that light sweet Libyan crude can’t really be substituted by Saudi Arabia and market is in short supply.
Additional to Libyan war, we have unrest in Yemen, strikes in Gabon and postponed elections in Nigeria. Combined these three countries produce 2.8 million bbl of light sweet crude per day.
Absent of a stock market crash, crude oil is bound only up.
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