Re: Economic outlook from the attacks on SA
Posted: Mon 30 Sep 2019, 22:45:16
Pops wrote:Revi wrote:Back to the topic of this thread. Why aren't oil prices going up lately? What's going on?BUSINESS NEWS SEPTEMBER 30, 2019 / 9:16 AM
FUJAIRAH, United Arab Emirates (Reuters) - Saudi Aramco has restored full oil production and capacity to the levels they were at before attacks on its facilities on Sept. 14, the chief executive officer of its trading arm, Ibrahim Al-Buainain, said on Monday.
https://www.reuters.com/article/us-saud ... SKBN1WF1T0
Which makes sense given that oil prices have roughly returned to pre-event levels (WTI near $55), and gasoline prices have also (at least in my area). I'm actually a bit surprised that apparently there isn't a meaningful lingering premium on oil prices re a fear factor.
Now, some heightened awareness of the geopolitical risk may linger, but all the dramatic claims about how this was going to be some major peak oil deal -- no, not at all, barring further / expanded attacks.
https://ycharts.com/indicators/wti_crude_oil_spot_price
I perused the one month chart.