Oil Prices Jump On Bullish Inventory Data, Saudi Export Cuts

11 May 2017   Prices

After yesterday’s monthly EIA report, and tomorrow’s monthly OPEC report, the weekly EIA inventory report acts as the filling in this energy data sandwich. While have to wait until next Tuesday (16th) to get the IEA’s monthly offering, hark, here are five things to consider in oil markets today: 1) Saudi Arabia’s oil minister, Khalid Al-Falih is having his Mario Draghi moment, committing to do ‘whatever it takes’ to rebalance the crude market, and this effort is being reflected through in Saudi’s exports for April, which have dropped considerably versus March. But as one producer cuts exports, another is boosting them, such is the undulating nature of the global oil market – and of OPEC itself. Hence, Nigeria is preparing to restart the Trans Forcados export pipeline, after it being out of commission for much of the last year. The pipeline was initially attacked by militants last February, and […]

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