Monday, 21 October, 2019

Crude Oil Price Outlook: Oil Backwardation Highest in 6 Years

Oil slips as market assesses fallout from Saudi attack Oil pump jacks work at sunset near MidlandMore
Russell Knight | 17 September, 2019, 21:18

I can say with certainty, however, that US and Saudi government responses to the global oil market have missed the mark.

Iran denies involvement in the attacks, which disrupted global oil supplies. The comparison to 9/11 was notable because 15 of the 19 hijackers who deliberately crashed four planes that day were Saudi nationals.

He said the USA was still investigating if Iran was behind the attacks, but added that "it's certainly looking that way at this moment". Oil prices have soared worldwide amid the damage in Saudi Arabia.

"The policy of "maximum pressure" against the Iranian nation is worthless and all Islamic Republic of Iran officials unanimously believe there will be no negotiations with the U.S.at any level", he said, quoted on his official website.

The US military, he said, was working with its partners to "address this unprecedented attack and defend the worldwide rules-based order that is being undermined by Iran".

Current tensions stem from US President Donald Trump's decision to pull the country out of the 2015 nuclear deal between Iran and world powers.

NASA finds Humberto strengthening off the Florida Coast
Hurricane Humberto got stronger on Monday morning as it headed away from the United States - and possibly toward Bermuda. Its swells could still affect the coasts of Florida, Georgia, South Carolina and North Carolina in the coming days.

Four changes - Liverpool's probable 4-3-3 XI vs Napoli
Ancelotti outfoxed Klopp last season and could easily do a number on him again if the Reds show just a hint of complacency. The attacking trio have scored 10 goals and 6 assists between themselves in the first five games of the Premier League.

Oil prices soar more than 10% after Saudi plant attacks
A lengthy disruption is nearly certain to drive global oil prices well above the $60 a barrel that trading closed at on Friday. But Mr Pompeo alleged on Twitter that Iran was behind what he called an "unprecedented attack on the world's energy supply".

The supreme leader reiterated this on Tuesday, saying that if the U.S.

Trump affirmed he was ready to help its ally Saudi Arabia after the attacks that triggered a record leap in world oil prices.

Ayatollah Ali Khamenei said the USA adopted a policy of "maximum pressure" on Iran. "It's a possibility but it's still very early", said one source who spoke on condition of anonymity. He also said the impact of oil production shortages would not be significant on the U.S., which is a net energy exporter.

Details of the Saturday strikes on Abqaiq - the world's largest oil processing facility - and the Khurais oil field in eastern Saudi Arabia remained unclear, but left crude oil output by the world's top exporter slashed in half. He added, the attack did not originate from Yemen as claimed by the rebels.

Relations between the United States and Iran have deteriorated since Trump pulled out of the Iran nuclear accord a year ago and reimposed sanctions on its oil exports.

"Otherwise, no talks will happen ... with the Americans", he said. "Neither in NY nor anywhere" else.

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