It seems this was all there could be in a groundbreaking attack on the planet’s most crucial oil infrastructure – two weeks of turmoil and crude prices start decreasing again on largely negative economic signals. Saudi Arabia managed to repair most of the damaged infrastructure in Abqaiq and Khurais remarkably swiftly, even sooner than the end-September it promised, yet the overall market sentiment shifted to a rather sour one, nevertheless. The agenda moved back to one of 2019’s overarching themes, the US-China trade war, the prospect of which now seems more worrisome as previously amidst faltering global manufacturing levels. The totality of these topics will most certainly be around for the upcoming months, despite the occasional upward movements.
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Amidst Wednesday’s news of US commercial crude inventories decreasing, crude prices have moved upwards a bit, with global benchmark Brent moving to $59 per barrel, while US benchmark WTI traded around $53.7-54 per barrel.
1. Southeast Asian sweet crudes rise to all-time highs
• Malaysia has benefited greatly from the Saudi drone attack-induced market tremors, with most of its light sweet crude prices soaring to all-time highs in the last days of September.
• Spot market premiums for light sweet Kimanis (38.6° API, 0.06% Sulphur) have moved from the traditional $6 per barrel premium level to 7.6 per barrel this Tuesday, whilst similar…