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Bearish Correction Still In Play

OIL
OIL: The major crude benchmarks sit well shy of best levels, although WTI still
trades ~$6.00 higher on the day, with Brent over $7.50 above settlement levels
on the back of the attack on the major Saudi crude facilities over the weekend.
- Trump has taken to Twitter, as we covered elsewhere:
- Ahead of the crude re-open he tweeted "Based on the attack on Saudi Arabia,
which may have an impact on oil prices, I have authorized the release of oil
from the Strategic Petroleum Reserve, if needed, in a to-be-determined amount
sufficient to keep the markets well-supplied." Some have noted that this helped
the space to retrace from extremes, but it is worth remembering that the crude
in the U.S. SPR isn't a like-for-like in terms of quality/grade, when compared
to the Saudi product.
- Elsewhere, Trump noted that "Saudi Arabia oil supply was attacked. There is
reason to believe that we know the culprit, are locked and loaded depending on
verification, but are waiting to hear from the Kingdom as to who they believe
was the cause of this attack, and under what terms we would proceed!"
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com