- Oil futures in the U.S. climbed above $69/Bbl Wednesday morning amid continued production outages in the Gulf of Mexico
- About 80% of Gulf oil production remained shut in on Tuesday
- Protesters in Libya have taken control of the nations largest crude terminal
- Demonstrators, calling for the dismissal of Mustafa Sanalla, state-run National Oil Corp.’s chief, have prevented an oil tanker from loading (Bloomberg)
- The new wave of protests across the country’s ports threaten to destabilize the OPEC members oil exports
- Protestors have also taken control of the Es Sider terminal, which processes 300 MBbl/d
- Hurricane Ida’s impact continues to cause distortions among various U.S. crude grades
- Mars Blend spread +$1 to +$1.25/Bbl – the strongest since mid-January
- Southern Green Canyon spread vs. WTI at Cushing soared $3.25 to $2.25/Bbl on Tuesday vs. Friday – strongest since mind-May 2020
- WTS Midland spread +25c to +20c/Bbl – strongest since mid-June
- AEGIS notes that the changing crude spreads are likely to be short-lived and return to a more normal relationship with WTI once oil production recovers