Serene Cheong and Dan Murtaugh, Bloomberg Published 4:35 am CDT, Monday, September 16, 2019 In this image made from a video broadcast on the Saudi-owned Al-Arabiya satellite news channel on Saturday, Sept. 14, 2019, a Saudi police cruiser sits in a parking lot as the smoke from a fire at the Abqaiq oil processing facility can be seen behind it in Buqyaq, Saudi Arabia. Drones launched by Yemen's Houthi rebels attacked the world's largest oil processing facility in Saudi Arabia and another major oilfield Saturday, sparking huge fires at a vulnerable chokepoint for global energy supplies. (Al-Arabiya via AP) TV OUT less In this image made from a video broadcast on the Saudi-owned Al-Arabiya satellite news channel on Saturday, Sept. 14, 2019, a Saudi police cruiser sits in a parking lot as the smoke from a fire at the Abqaiq ... more Photo: Anonymous, AP … [Read more...] about Oil prices jump most on record after Saudi Arabia strike
Pottstown oil prices
Oil prices soar 20% as Saudi drone attack hits markets BelfastTelegraph.co.uk The price of oil soared in early trading on Monday following the drone attach on Saudi Arabia’s Aramco facility over the weekend, with single day jumps not seen since Saddam Hussein invaded Kuwait in the 1990s. https://www.belfasttelegraph.co.uk/business/uk-world/oil-prices-soar-20-as-saudi-drone-attack-hits-markets-38501648.html https://www.belfasttelegraph.co.uk/business/uk-world/article38501647.ece/65f6b/AUTOCROP/h342/bpanews_edecd667-0706-4d9c-b834-5b8698f30662_1 Email The price of oil soared in early trading on Monday following the drone attach on Saudi Arabia’s Aramco facility over the weekend, with single day jumps not seen since Saddam Hussein invaded Kuwait in the 1990s. Oil markets close over the weekend, but when they opened on Monday morning, a price of a barrel jumped 20% to nearly 72 dollars, although within a few hours, this had halved to a rise of 10%. Analysts and traders … [Read more...] about Oil prices soar 20% as Saudi drone attack hits markets
A major terrorist attack which wiped out half of Saudi oil production and sent oil prices soaring by record amounts has pushed up London’s energy companies this morning. BP and Shell led the FTSE 100 risers in early trading after an attack by Yemen’s Houthis knocked out half of Saudi Arabia’s supply, of 5 per cent of global production. Read more: Oil prices post record jump after attack on Saudi Arabia supplies “The attacks led to the single worst sudden disruption ever for oil markets, surpassing the loss of Kuwaiti and Iraqi petroleum supply in August 1990, when Saddam Hussein invaded his neighbour,” analysts at Deutsche Bank said this morning. The news was a major shock to international markets, hitting stocks globally, and pushing up the cost of Brent crude by as much as 20 per cent to $72 this morning. It was the biggest daily rally since Brent futures started trading in 1988. The benchmark has since given back some of its gains and is trading up … [Read more...] about Energy giants’ stocks rise after oil prices soar on Saudi attack
By: John Stepek 16/09/2019 This article is taken from our FREE daily investment email Money Morning. Every day, MoneyWeek's executive editor John Stepek and guest contributors explain how current economic and political developments are affecting the markets and your wealth, and give you pointers on how you can profit.Sign up free here. The price of oil spiked by a fifth at one point this morning. Brent crude surged by nearly $12 a barrel, to more than $71. It’s eased back since then but it’s still up by more than 10%. You don’t see those sorts of moves every day. But then, nor do you see half of Saudi Arabia’s oil production knocked out of action every day. How half of Saudi Arabia’s oil production was knocked out On Saturday, Saudi Arabia’s oil infrastructure was attacked. I’m an expert on neither oil treatment plants nor military hardware (this isn’t a Tom Clancy novel), so I’m not going to get technical here, … [Read more...] about Could spiking oil prices burst the bubble in bonds?
The loss of 5% of world crude oil output from an attack on Saudi Arabia's largest oil processing plant pushed crude prices sharply higher on Monday. U.S. crude oil was trading 9% higher while Brent crude added more than 10%. The attack on the Saudi Aramco facility halted output of more than half of Saudi Arabia's daily exports. That's especially worrying for oil thirsty Asia: China, Japan, South Korea and India are major customers for Saudi oil. "The attacks this time posed a serious threat to key international energy infrastructure, and we express concern that they undermine the energy security of the entire world and stability in the region," South Korea's Foreign Ministry said in a statement. "We condemn any similar acts," it said. Oil prices spiked shortly after trading began Monday, with U.S. crude jumping more than 15% and Brent leaping nearly 20%. But the initial surge moderated on talk of tapping strategic reserves to weather any shortfalls from the loss of 5.7 million barrels … [Read more...] about Oil prices jump as attack on Saudi plant threatens supply