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Turkish pipeline explosion lifts oil prices - 19-01-2022

Close price: Prices moved a tad higher in trading yesterday, with a lack of capacity booking made by GazProm for February sending a bullish indicator. Oil also continues to gain value with a Goldman Sachs forecast indicating oil stocks will fall to their lowest levels since 2000.

Opening price: Prices are trading lower this morning, with some of the Norwegian facilities that have experienced outages this week coming back online to boost supply into the UK. Outages at Kollsnes and Nyhamna have however been extended till tomorrow. An explosion at the Kirkuk-Ceyhan pipeline that carries oil to a port in Turkey has boosted Brent oil prices this morning.