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$100 Oil? Drone Strikes Halt Half Of Saudi Crude Production

edited September 2019 in Off-Topic
“Half of Saudi Arabia's oil production has gone offline following a surprise drone strike.”

https://oilprice.com/Geopolitics/International/100-Oil-Drone-Strikes-Halt-Half-Of-Saudi-Crude-Production.html

Comments

  • Very likely to see quick rise if Saudi cannot contain this type of attack. Talking about asymmetric warfare.
  • edited September 2019
    Hey, hank......... et al
    The futures markets just loaded into the system, from the previous numbers from Friday.

    Have to wait and see what really becomes of these numbers, eh???

    https://finviz.com/futures.ashx

  • Crude futs were up like 15% earlier ... should make for an interesting session.

    Tweety has already announced he's tapping the SPR. I guess he doesn't want ANYTHING to even remotely threaten 'his' economy these days.
  • edited September 2019
    Opening the tap on the SPR is pretty standard practice under these types of circumstances. I won’t fault that.

    This event does appear that it might be a game changer in the broader picture. Everything energy is up big overnight. +12% Brent , +11% NYMEX. Heating Oil +9%. Gold’s been in the gutter for a few weeks. Rebounding a bit as well. Suspect these jumps in price will pull back a bit by end of day Monday - but who really knows?

    If you think we’re headed for some real inflation at some point (I do) this might be the trigger. Interesting that the 10-year Treasury experienced a sharp reversal (rates up) near week’s end.

  • @hank: I agree, it's common practice to tap the SPR. Was just surprised how quickly it happened over the weekend, is all.

    But the way the markets act these days I wouldn't be surprised if oil reverted to its Friday prices by Tuesday...... #joking #notjoking
    hank said:

    Opening the tap on the SPR is pretty standard practice under these types of circumstances. I won’t fault that.

    This event does appear that it might be a game changer in the broader picture. Everything energy is up big overnight. +12% Brent , +11% NYMEX. Heating Oil +9%. Gold’s been in the gutter for a few weeks. Rebounding a bit as well. Suspect these jumps in price will pull back a bit by end of day Monday - but who really knows?

    If you think we’re headed for some real inflation at some point (I do) this might be the trigger. Interesting that the 10-year Treasury experienced a sharp reversal (rates up) near week’s end.

  • edited September 2019
    rforno said:

    “... it's common practice to tap the SPR. Was just surprised how quickly it happened over the weekend, is all.”

    I agree. Usually they “float” the idea publicly for a few days for some added dramatic effect. And sometimes just the threat is enough to calm markets. Dunno why they’d do so so quickly either. Not even sure who’s giving the advice there. Maybe Kudlow? Revolving doorsfor sure.
    -
    Per Rukeyser - “Hair today. Gone tomorrow.”
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