Oil traders reassess interruption of Saudi output: Kemp - Reuters:
Brent oil futures prices have gyrated wildly as traders have tried to assess the impact of last week’s attacks on Saudi Arabia’s oil infrastructure on the actual availability of crude.
Brent’s six-month calendar spread surged to a backwardation of more than $5.50 per barrel on the first trading day after the attacks, the highest for six years, showing oil traders were anticipating severe shortages in the very short term.
Since then the six-month spread has fallen to trade around $4 per barrel, though it is still significantly higher than the $2.70 reported before the attacks.
No comments:
Post a Comment