Oil prices likely to surge at Sunday’s opening after a drones attack on Saudi Arabia refinery
After months of overall stability in the market for oil, prices are almost surely going to go on a roller-coaster when global markets open at 6 p.m. Eastern time on Sunday, September 15.According to the article from the freightwaves.com and its author John Kingston
A drone attack on numerous Saudi oil facilities–including a possible attack on the Shabya field, one of the country’s largest, and the key processing facility at Abqaiq–was possibly carried out by Houthi rebels who are in a battle with Saudi-backed forces for control of Yemen. Kingston also wrote in his article.
The Houthis have claimed credit but the conspiracy mills are mulling whether the attack was undertaken by Iran, which has backed the Houthis, or even forces inside Iraq loyal to Tehran. According to Kingston
That is secondary to consumers of oil like truckers, railroads, or other forms of transport. What is primary is that as what could best be described as “oil twitter” reviewed the attack, and the news that about half of Saudi production is shut down as a result of it, debate swirled about how much prices will rise when markets resume trading and how long they are likely to stay there.
For trucking companies, the timing is particularly bad. Trucking companies that handle fuel surcharges would be looking to adjust those charges after the Department of Energy/Energy Information Administration retail diesel price gets published late Monday.You can read in Kingston’s article
That price at $2.971/gallon effective last week was likely to move up at least a cent based on retail trends seen in the DTS retail price data from SONAR
Story continues HERE
Source and credits: freightwaves.com / John Kingston / iTrucker / Mario Pawlowski