The global market of gasoline and oil gets more and warmer as the airstrikes in Libya against their military continues. The crude oil prices get fired up and cause major worries for the people concerned in the demand-supply disruptions. Not only are these strikes by U.S., U.K. and French officials grounded the forces of Muammar Qaddafi but it is also effecting the governments of the neighboring oil rich countries of in the region; Syria and Yemen, indicating that regional unrest is catching up.
According to the review of Phil Flynn, VP of research at PFGBest; “The market is reacting to the upside on oil on the concerns in the Middle East.” He later added another valid point that “Libya is the headline everyone is talking about, but it’s also Syria and Yemen that keep the risks high.”
The Yemeni President, Ali Abdullah Saleh is encountering major level internal revolt or civil war as even his own army men, who have joined ministers and diplomats, are now giving up on his regime. On a similar not, the Tsunami which has hit Japan is also another concern in the same matter. Three plants which had a total capacity of putting up 630,000 barrels per day are still not in operable condition yet.
These situations have lead to a dreadful worry in the U.S. supplies of gasoline probably, which has now winded up falling under 2 million barrels last week, this figure was only estimated by a survey team of Bloomberg news. Whereas, the reserves of gasoline have been getting used up, now being left till 4.17 million barrels to 225 million in the week ended March 11. This is their lowest reserves in nine weeks, as initiated by Energy Department data itself.
No comments:
Post a Comment