After the Saudi Attack, Is There Opportunity in Oil Futures?

Pine Bridge
By October 10, 2019 07:36

After the Saudi Attack, Is There Opportunity in Oil Futures?

The first reports from Saudi Arabia after drone attacks on its key Abqaiq and Khurais oil fields seemed grim. About half of Saudi production was lost, and the drones inflicted significant damage on two key types of equipment: spheroids and crude stabilization towers. The news roiled markets worldwide. But Saudi Arabia has been conveying a more confident message after those initial reports. In aggregate, faster restoration of Saudi production, plus inventory and reserve releases, as well as stepped-up production by others, should keep the market adequately supplied. At the same time, the likelihood of military action has abated as President Trump once again signaled his preference for tightening economic sanctions over taking military action. Such a scenario would result in virtually no slack left in the system for a prolonged period, yet would avoid an outright supply disruption. Importantly, it presumes no second strike.

Pine Bridge
By October 10, 2019 07:36

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