Oil Rig And as the world comes to terms with the news that the U.K. has voted to leave the E.U., the oil market is getting a wop bop a loo bop a lop bam walloped. Hark, here are five more energy-specific things to consider today: 1) Energy commodities are getting crushed as a result of the Brexit vote…although one is doing well: U.K. natural gas (aka NBP). Given it is denominated in pounds, and that the pound has been clobbered to its lowest level since 1985 (think: The Goonies, The Breakfast Club, Wham! with ‘careless whisper’ and ‘wake me up before you go-go’), it has suddenly become much cheaper in foreign currency terms. Given the U.K. is connected to the continent by a reversible pipeline, the incentive to suck suddenly-cheaper gas from the U.K. has blown open the arbitrage between the two European entities. Combine this with news […]