Yemen's Houthis say attacked Saudi border frontline, no immediate Saudi confirmation - Reuters:
Yemen’s Houthi movement said on Saturday it had carried out a major attack near the border with the southern Saudi region of Najran and captured many troops and vehicles, but there was no immediate confirmation from Saudi Arabian authorities.
The Houthis’ military spokesman said in a statement that three “enemy military brigades had fallen” in the attack, which he said was launched 72 hours ago and supported by the group’s drone, missile and air defense units.
Houthi-run Al Masirah TV quoted the spokesman as saying the Iran-aligned movement had captured “thousands” of enemy troops, including many officers and soldiers of the Saudi army, as well as hundreds of armored vehicles.
Saturday, 28 September 2019
#Saudi strikes and spiking oil price raise spectre of ‘black swan’ | Financial Times
Saudi strikes and spiking oil price raise spectre of ‘black swan’ | Financial Times:
The twists and turns of the US-China trade war and Britain’s torturous departure from the EU have consumed asset managers in recent years as they fretted over the possible impact on their portfolios.
But investors this month were jolted by an unexpected threat in the form of volatile oil prices after Saudi Arabia’s oil processing facilities were damaged by drone and missile strikes, knocking out around half of Saudi oil production.
A 20 per cent surge in the price of Brent crude ensued, the largest intraday percentage rise since Saddam Hussein invaded Kuwait in 1990.
The twists and turns of the US-China trade war and Britain’s torturous departure from the EU have consumed asset managers in recent years as they fretted over the possible impact on their portfolios.
But investors this month were jolted by an unexpected threat in the form of volatile oil prices after Saudi Arabia’s oil processing facilities were damaged by drone and missile strikes, knocking out around half of Saudi oil production.
A 20 per cent surge in the price of Brent crude ensued, the largest intraday percentage rise since Saddam Hussein invaded Kuwait in 1990.
Oil Shorts Soar as Market Shakes Off #Saudi Arabian Disruption - Bloomberg
Oil Shorts Soar as Market Shakes Off Saudi Arabian Disruption - Bloomberg:
Oil investors piled into short positions as oil markets shook off the disruption from attacks on Saudi Arabian oil facilities.
Bets that West Texas Intermediate crude prices would decline surged 33%, just before prices briefly dipped below pre-attack levels. Money managers are still net long, according to data released Sept. 27 by the U.S. Commodity Futures Trading Commission, but wagers on a rally shrank to below where they were before the Sept. 14 strikes that halted half of Saudi oil output.
“The initial up-swell in long positions in part was a function of worries that the damage to Saudi facilities was going to take long to fix,” said Stewart Glickman, an energy analyst at CFRA Research Inc. “Now it seems like, by all indications, the Saudis, the majority of their processing capacity, is back.”
Oil investors piled into short positions as oil markets shook off the disruption from attacks on Saudi Arabian oil facilities.
Bets that West Texas Intermediate crude prices would decline surged 33%, just before prices briefly dipped below pre-attack levels. Money managers are still net long, according to data released Sept. 27 by the U.S. Commodity Futures Trading Commission, but wagers on a rally shrank to below where they were before the Sept. 14 strikes that halted half of Saudi oil output.
“The initial up-swell in long positions in part was a function of worries that the damage to Saudi facilities was going to take long to fix,” said Stewart Glickman, an energy analyst at CFRA Research Inc. “Now it seems like, by all indications, the Saudis, the majority of their processing capacity, is back.”
#Saudi Recovery From Aramco Abqaiq Oil Attack Isn’t All It Seems - Bloomberg
Saudi Recovery From Aramco Abqaiq Oil Attack Isn’t All It Seems - Bloomberg:
A blizzard of data on Saudi Arabia’s oil production, production capacity and exports has painted a picture of an industry that is almost back to normal after the Sept. 14 attacks. That view may be too simplistic, though. Here’s my take on how the numbers might be reconciled and what that means for Saudi oil flows.
The Numbers We’ve Been Given
Production:
A blizzard of data on Saudi Arabia’s oil production, production capacity and exports has painted a picture of an industry that is almost back to normal after the Sept. 14 attacks. That view may be too simplistic, though. Here’s my take on how the numbers might be reconciled and what that means for Saudi oil flows.
The Numbers We’ve Been Given
Production:
- Immediately before the attack, Aramco was pumping 9.8 million barrels a day, in line with its average production level in August.
- Saudi Arabia lost 5.7 million barrels a day of production, with 4.5 million coming from the Abqaiq processing plant and 1.2 million from the Khurais field, taking output down to 4.1 million barrels a day immediately after the attack.
- Crude production has been restored to more than 8 million barrels a day.
Tidal wave of emerging market debt setting new records - Reuters
Tidal wave of emerging market debt setting new records - Reuters:
What a difference a few weeks make. Developing countries were all but shut out of borrowing markets last month as global recession fears started to bite, but fast forward and September is challenging issuance records.
September tends to be a busy time of year anyway as borrowers look to lock in any funding they still need for the year, but this time a real tidal wave seems to have been unleashed.
On the sovereign side alone, Abu Dhabi has sold a $10 billion bond, Armenia a $500 million one, South Africa $5 billion, Ecuador $2 billion, Bahrain $2 billion, Uruguay $750 million, Kazakhstan 1.15 billion euros. Even troubled Lebanon says it has $2 billion in the works.
What a difference a few weeks make. Developing countries were all but shut out of borrowing markets last month as global recession fears started to bite, but fast forward and September is challenging issuance records.
September tends to be a busy time of year anyway as borrowers look to lock in any funding they still need for the year, but this time a real tidal wave seems to have been unleashed.
On the sovereign side alone, Abu Dhabi has sold a $10 billion bond, Armenia a $500 million one, South Africa $5 billion, Ecuador $2 billion, Bahrain $2 billion, Uruguay $750 million, Kazakhstan 1.15 billion euros. Even troubled Lebanon says it has $2 billion in the works.
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