Suez Isn't the Real Crisis for Oil Prices - WSJ.com - 0 views
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Gene Ellis on 10 Jan 14"BY LIAM DENNING Oil bulls are misreading the wisdom of crowds. Near-month U.S. crude-oil futures jumped above $100 a barrel Wednesday, ostensibly because of mass protests in Egypt. But it is worth remembering that Egypt is a net oil importer, not exporter. As for the Suez Canal, net traffic of oil and refined products-that is, the difference between northbound and southbound transit-amounted to roughly 101,000 barrels a day in the first quarter, according to the Suez Canal Authority. That is all of 0.1% of global demand. Egypt's Suez-Mediterranean"
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Gene Ellis on 10 Jan 14"BY LIAM DENNING Oil bulls are misreading the wisdom of crowds. Near-month U.S. crude-oil futures jumped above $100 a barrel Wednesday, ostensibly because of mass protests in Egypt. But it is worth remembering that Egypt is a net oil importer, not exporter. As for the Suez Canal, net traffic of oil and refined products-that is, the difference between northbound and southbound transit-amounted to roughly 101,000 barrels a day in the first quarter, according to the Suez Canal Authority. That is all of 0.1% of global demand. Egypt's Suez-Mediterranean"