I Feel Fine -- Or Sha Na Na -- Inshallah -- December 18, 2016

Updates

December 22, 2016: Libya's Sharara oilfield resuming operations after pipelines reopen. 
 

Original Post

 

A couple of quick notes.

First, it looks like Libya has its own DAPL problem. Link here. Two data points. The first:

“Libya is the largest key variable on the supply side in the short term, so the fact there is an element of doubt on field restarts is one thing supporting the market,” said Ric Spooner, a chief market analyst at CMC Markets in Sydney. “The downside for oil is fairly limited at the moment after the OPEC agreement to cut production.”

Second data point:

Libyan oil-facility guards have backtracked on an agreement to allow supply to flow from the El Feel and Sharara fields, two of the country’s biggest, according to an engineer that operates El Feel.  

If that's hard to understand, I'm sure we can find an analyst to explain that to us.

El Feel. I feel fine.

I Feel Fine, The Beatles
Or Sharara, speaking of oil:

Blue Moon, Sha Na Na  

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Trump Gets Involved

No links because I'm sure they are all fake stories anyway.

We all agree this is not a fake story: China stole one of our US Navy submersible drones. Right out from under nour nose.

The day after that happened, President Obama spoke at length about Russian hacking. No mention of the Chinese drone incident. Or if he did mention it, I missed it. Maybe it happened when that White House pool reporter became ill. Whatever.

But the Chinese said they will return the submersible drone.

Now we are hearing that Chinese agreed to return the drone when Trump got involved. Obama? He was starting his vacation in Hawaii.

Trump is doing more for the US before he is sworn into office than Obama did in eight years. Not everyone agrees.

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More On Sharara

Libya's "elephant." Link here.

The El Feel, or Elephant, and Sharara fields still aren’t operational after they were shut more than a year and a half ago, an NOC official said Sunday by phone, asking not to be identified for lack of authorization to speak to news media. 

A group of guards backtracked on their agreement to let oil flow by pipeline from both fields, Khaled Hadloul, an engineer at Mellitah Oil & Gas, which operates Elephant. 

The inability of either field to reopen is a setback for the state-run NOC, which reached an agreement with protesters who had been blocking pipelines that connect the deposits with the Zawiya refinery and Mellitah complex, a person with direct knowledge of the matter said last week, asking not to be identified because the issue wasn’t public. The deal spurred hopes for an increase in production from the North African country, following years of turmoil and conflict among militia groups for control of its energy facilities. 

It's always a setback. Inshallah. .