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Wednesday, 19 July 2017

Collapse in Saudi Oil Shipments Puts Upward Pressure on Prices - Bloomberg

Collapse in Saudi Oil Shipments Puts Upward Pressure on Prices - Bloomberg:

"Forget for a moment about the stock-draws in crude, gasoline and distillates. The most relevant piece of data is the collapse in Saudi shipments into the U.S., with last week’s arrivals at a seven-year low of just 524,000 barrels a day. Riyadh has promised to cut supplies this summer to the market that traders care the most (and where the data is most visible) and it seems to be delivering. If the trend holds, it could put upward pressure on prices."



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