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Saudi Energy Minister Prince Abdulaziz bin Salman said the kingdom would restore oil supply quickly after drone attacks knocked out 5.7 million barrels per day of crude output. UBS raised its three-month Brent range to $59-$71, and Commerzbank expects Brent to fall to $60 next year as fundamentals weaken.
Expected restoration of Saudi output eases the supply premium, so analysts see prices retreating from the spike, which lowers energy and diesel input costs for feed producers.
cnbc.comSam MeredithSep 18, 2019After 255 past bearish geopolitics events, WTI moved a median -2.4% over 5 sessions (31% higher; middle half -7.0% to +1.7%), and -5.0% over 20.
After 250 past bearish geopolitics events, BRENT moved a median -3.1% over 5 sessions (36% higher; middle half -7.9% to +1.6%), and -5.5% over 20.
After 327 past geopolitics events, DIESEL moved a median +1.0% over 5 sessions (54% higher; middle half -3.9% to +7.5%), and +0.4% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
