🚨 BRENT HITS 100 USD — SAUDI SUPPLY SOURCE COOLING DOWN
Brent crude oil prices have fallen below 100 USD per barrel for the first time since the beginning of September, as the market shows signs that supply from Saudi Arabia is recovering.
After the September 13 attack caused the East-West Pipeline to be stalled, Saudi Arabia is increasing the amount of oil it exports from its eastern ports.
On September 20 alone, Saudi Aramco loaded around 14 million barrels of oil onto 7 supertankers at Ras Tanura. The flow of oil through the Strait of Hormuz has also risen significantly compared with the previous month.
Personal view:
The key point is that the shortage pressure is gradually easing even though the East-West Pipeline has not yet been confirmed as fully restored.
Saudi Arabia’s shift in exports to eastern ports is providing the market with additional supply, thereby cooling down oil prices.
If supply continues to recover, this could be a positive factor for risk appetite, as inflation pressure from energy prices may ease.
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Brent crude oil prices have fallen below 100 USD per barrel for the first time since the beginning of September, as the market shows signs that supply from Saudi Arabia is recovering.
After the September 13 attack caused the East-West Pipeline to be stalled, Saudi Arabia is increasing the amount of oil it exports from its eastern ports.
On September 20 alone, Saudi Aramco loaded around 14 million barrels of oil onto 7 supertankers at Ras Tanura. The flow of oil through the Strait of Hormuz has also risen significantly compared with the previous month.
Personal view:
The key point is that the shortage pressure is gradually easing even though the East-West Pipeline has not yet been confirmed as fully restored.
Saudi Arabia’s shift in exports to eastern ports is providing the market with additional supply, thereby cooling down oil prices.
If supply continues to recover, this could be a positive factor for risk appetite, as inflation pressure from energy prices may ease.
👇 HOT COINS TRADES HERE 👇
$KERNEL
$FORM
$PHA
