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COMMODITIES: Crude Futures Surge on Libya Production Disruptions

COMMODITIES
  • WTI has surged today after the Libya’s Benghazi-based government announced that it will halt production at oil fields under its control. Libya’s Eastern-based government announced a “force majeure” at all fields, terminals and oil facilities, Bloomberg said. The move is in response to the rival Tripoli-based government’s attempt to take control of the Libyan central bank.
  • A blockade by Libya’s Eastern-based government could cut output to around 200k b/d, down from 1.15m b/d in July, according to an updated estimate by Stratfor. Front-month WTI is up around 3% at 77.08$/bbl, narrowing the gap to key resistance at $78.54, the Aug 12 high.
  • For natural gas, Henry Hub is heading for its lowest close since Aug. 5 amid cooling temperatures across large parts of the continental USA. US Natgas SEP 24 is down 2.4% at 1.97$/mmbtu.
  • In precious metals, both spot gold and silver have largely ignored the moderate uptick for the US dollar and have traded higher, extending both Friday’s rally and gold’s underlying bullish trend that saw the yellow metal print fresh all-time highs last week.
  • Echoing this theme across the commodities space, copper and iron ore both trade higher, with the latter posting a solid 2.3% increase to start the week, having come under significant pressure across the first half of August.
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