Some may still find a meager "benefits" to the disaster currently hitting Japan. While the situation in Libya was flaming oil prices in recent days, the earthquake and tsunami that recently plunged the peninsula of Japan on Friday had a downward impact on oil prices. Investors feared that the context provokes this significant drop in demand.
The oil price has indeed a sharp decline Friday in New York, markets réagisant their way to the violent earthquake that hit Japan, the latter being a major consumer of crude.
On the New York Mercantile Exchange (Nymex), a barrel of light sweet crude for April delivery finished the day and 101.16 dollars, posting a decline of $ 1.54 compared to Thursday. Sitting in a barrel and has even fallen below $ 100 before limiting its losses.
Based on initial findings, analysts on Friday that saw the consequences of the disaster could be as devastating for the country for its economy.
However, Japan is the third largest oil consumer in the world after the United States and China, almost all major commodities they consume.
If one believes the data from the U.S. Agency for Energy (EIA), Japan is the second largest net importer of oil in the world, its average consumption amounting to 4.4 million barrels per day. Significantly exceed the production cutbacks Libya.
Conversely, an increased need for refined products could emerge globally. And this, especially since judgments were recorded in many refineries in Japan, which had to deal with major fires such as the site of Iichihara in the Tokyo area.
While the French Nuclear Safety Authority (ASN) said 11 of the 55 reactors in operation in Japan were affected by the earthquake, investors also question the impact of such a situation on the request of hydrocarbons, the closure of plants that can lead the country to switch to other energy sources.
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