Statoil ASA (STO)

[johnsyn]

•Aug WTI crude oil prices this morning are down -0.13 points (-0.15%) but Aug gasoline is up +0.0081 (+0.29%). Aug Brent crude oil is down -0.72 points (-0.72%) this morning after the Norwegian government last night ordered an end to the Norwegian oil worker strike. Crude oil and gasoline prices on Monday closed with fairly sharp gains: CLQ2 +1.54 (+1.82%), RBQ2+0.0434 (+1.60%). Crude oil rallied mainly on worries that the Norwegian government might not intervene and that oil companies might be allowed to go ahead with their threat for a lock-out of workers and a complete shut-down of Norwegian oil fields as of Monday night at midnight. However, the Norwegian government last night did intervene and forced an end to the 16-day strike, thus averting the lockout. The government forced employers and the unions into binding arbitration with both sides being required to accept the mediator's decision. That means that there will be no near-term threat that the strike will resume. Norwegian oil production should quickly back to normal from the 15% shut-down seen from the strike for the past two weeks.