Brent oil ‘falls to three-week low on Libya supply’

Brent oil is trading at its “lowest level in more than three weeks” today on positive supply news from Libya, according to the daily market report. The nation is “preparing […]

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By Priyanka Shrestha

Brent oil is trading at its “lowest level in more than three weeks” today on positive supply news from Libya, according to the daily market report.

The nation is “preparing to increase exports amid speculation that Iraq’s crude supplies remain safe from the ongoing violence there”, Client Portfolio Manager Steven Walker (pictured) said.

There has been a “marked increase” in Liquefied Natural Gas (LNG) send-out, “currently nominated at 47mcm” – up from around 40mcm last week, he added.

Norwegian production has also increased over the weekend despite a slight reduction in flows to the UK.

 

Gas demand from CCGT power stations is almost 50mcm today. “Increased generation from the gas fleet is likely to continue for the balance of summer months”, Mr Walker said.

Energy generation from wind farms “continues to disappoint” at 1GW or below today.