Thursday, 14 November, 2019

Oil prices spike 19% after drone attack on Saudi Arabian facilities

Attack on Saudi oil sites raises risks amid US-Iran tension US to Continue Maximum Pressure Campaign on Iran after Attacks in Saudi Arabia
Patty Aguilar | 17 September, 2019, 13:33

By late morning in Asia on Monday, U.S. crude oil was up $4.89 per barrel, or 8.9 percent, to $59.73 per barrel early Monday in electronic trading on the New York Mercantile Exchange.

Crude oil prices have surged following Saturday's attacks on two oil facilities in Saudi Arabia.

Earlier, U.S. crude jumped more than 15% and Brent rocketed almost 20%.

"One immediate question this (attack) poses for bond markets is whether a further rise in the inflation expectations component of bond yields - which have proved historically sensitive to oil prices - will give this month's sharp bond market sell-off fresh impetus", said NAB analyst Ray Attrill.

"A $10 per barrel spike in crude prices worsens India's trade deficit by approximately $1.5 billion a month and pushes up consumer price inflation by 0.3%", IFA Global added.

Trump said he had approved the release of USA strategic petroleum reserves "if needed" to stabilize energy markets. They may now bring that production online to help plug some of the gap left by Saudi Arabia - but it won't be enough.

"In addition, Aramco has vast stores of oil both in Saudi Arabia and elsewhere in the world that it can and is drawing on to ensure that all of its customers receive their oil shipments on time", she added. China is hurt by higher prices, Russian Federation is a victor. It could go even higher if disruptions are prolonged, but that is not expected, he said in a research note.

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Still, the situation is better today than it would have been a decade ago, prior to the USA energy boom. That marked a shift in tone from a tweet sent by Trump on Sunday, when he said the United States was "locked and loaded" and ready to respond. "If you take oil anywhere out of system it affects everybody", said Burkhard. Khurais is the Kingdom's second-largest oil field, producing 1% of the global oil supply.

The attacks on plants in the heartland of Saudi's oil industry caused major damage to the world's biggest petroleum-processing operation and effectively shut down 6% of the global oil supply.

"Amid all the calls for de-escalation, Iran has now launched an unprecedented attack on the world's energy supply", he said.

Brent Crude opened nearly 20% higher in London following the strike.

It's that element of uncertainty that can roil markets.

Pompeo said there was no evidence the attack came from Yemen, where a Saudi-led coalition has been battling the Huthis for over four years in a conflict widely seen as a proxy war between Saudi Arabia and Shi'ite Muslim rival Iran. Abqaiq is home to the world's largest oil processing facility and crude oil stabilization plant, where oil is made safe for transport on ships. However, by Sunday, US officials said the attacks did not come from Yemen, based on satellite imagery analysis, and claimed cruise missiles were used, which strengthened suspicions of direct involvement of Iran.

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