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The recent oil price rally was all too brief because it was based on special factors.
So says London's Centre for Global Energy Studies (CGES), which noted, "Dated Brent (crude) averaged $13.40/ bbl in September, but there were special reasons for its strength: storms in the Gulf of Mexico boosted (WTI) prices, drawing in Brent cargoes; North Sea output had been low; and supply disruptions occurred in Nigeria and Australia."
By Oct. 19's close, dated Brent had fallen to $11.58/bbl, while December Brent had plunged to $12.73/bbl. CGES cited U.S. refineries in turnaround, with two shut for storm damage repair, paring runs by 1 million b/d just when much oil is …