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Thread: Oil Explodes 20% Higher, Biggest Jump On Record

  1. #1

    Oil Explodes 20% Higher, Biggest Jump On Record

    Oil Explodes 20% Higher, Biggest Jump On Record

    by Tyler Durden
    Sun, 09/15/2019

    With traders in a state of near-frenzy, with a subset of fintwit scrambling (and failing) to calculate what the limit move in oil would be (hint: there is none for Brent), moments ago brent reopened for trading in the aftermath of Saturday's attack on the "world's most important oil processing plant", and exploded some 20% higher, to a high of $71.95 from the Friday $60.22 close, its biggest jump since futures started trading in 1988.

    As Bloomberg notes, "for oil markets, it’s the single worst sudden disruption ever, surpassing the loss of Kuwaiti and Iraqi petroleum supply in August 1990, when Saddam Hussein invaded his neighbor. It also exceeds the loss of Iranian oil output in 1979 during the Islamic Revolution, according to data from the U.S. Department of Energy."

    Furthermore, in light of news that the Saudi outage could last for months, this could be just the start. As a reminder, according to Morningstar research director, Sandy Fielden, “Brent could go to $80 tomorrow, while WTI could go to $75... But that would depend on Aramco’s 48-hour update. The supply problem won’t be clear right away since the Saudis can still deliver from inventory."

    Of course, should Aramco confirm that the outage - which has taken some 5.7mmb/d in Saudi output after 10 drones struck the world’s biggest crude-processing facility in Abqaiq and the kingdom’s second-biggest oil field in Khurais - will last for weeks, expect the crude juggernaut to continue until the price hits $80, and keeps moving higher.


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  3. #2
    Good that I have already wrapped up my yearly vacations
    Do something Danke

  4. #3
    Good for the potholes , they'll get a rest.

  5. #4
    "Foreign aid is taking money from the poor people of a rich country, and giving it to the rich people of a poor country." - Ron Paul
    "Beware the Military-Industrial-Financial-Corporate-Internet-Media-Government Complex." - B4L update of General Dwight D. Eisenhower
    "Debt is the drug, Wall St. Banksters are the dealers, and politicians are the addicts." - B4L
    "Totally free immigration? I've never taken that position. I believe in national sovereignty." - Ron Paul
    They are what they hate.” - B4L

    The views and opinions expressed here are solely my own, and do not represent this forum or any other entities or persons.

  6. #5
    This will shake out the weak players, after hours trading, (?) who knows, this could
    go on a week or two , with some wild fluctuations, and some really broke players.
    Panic and Greed, panic is stronger and empties the pockets of the weak.

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