Energy Complex Stabilizes Amid Libyan Output Delays and Refinery Restarts
- Petroleum futures bounce back after early selling pressure
- Crude and refined product futures register moderate gains
- Libyan output restoration taking longer supports energy complex
- Refinery restarts in Chicago lead to spot increases of 2.5-3.5cts/gal
- EIA data shows gasoline demand at 9.297 million b/d, up from previous estimates
Crude and refined product futures experienced a modest sell-off but managed to recover, with December Brent crude oil benchmarks rising around 90cts/bbl to $72.45/bbl and November WTI increasing by 90cts/bbl to $68.90/bbl. The energy complex is supported due to the delayed restoration of Libyan output, while refinery restarts in Chicago led to spot increases of 2.5-3.5cts/gal. EIA data revealed a higher gasoline demand figure for July at 9.297 million b/d, up from previous estimates by 128,000 b/d.
Factuality Level: 9
Factuality Justification: The article provides accurate and objective information about the crude oil and refined product futures market, including specific contract prices, reasons for price movements, and relevant industry news. It is written in a clear and concise manner without any apparent bias or personal perspective.
Noise Level: 3
Noise Justification: The article provides specific information about the oil market, including prices of various contracts and futures, but it lacks broader context or analysis that would be useful for readers who are not already deeply familiar with the subject matter. It also does not explore the consequences of these changes on different stakeholders or provide actionable insights.
Public Companies: Dow Jones & Co. (N/A)
Private Companies: Oil Price Information Service
Key People: Tom Kloza (Reporter), Frank Tang (Editor)
Financial Relevance: Yes
Financial Markets Impacted: Crude oil and refined product futures markets
Financial Rating Justification: The article discusses the changes in prices of crude oil and refined products, impacting financial markets such as Brent crude oil benchmarks, West Texas Intermediates, RBOB, and ULSD contracts.
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Extreme Rating Justification: There is no mention of an extreme event in the text and it does not meet the criteria for being an extreme event within the last 48 hours.
Move Size: No market move size mentioned.
Sector: Energy
Direction: Up
Magnitude: Medium
Affected Instruments: Futures, Stocks
www.marketwatch.com 
