Oil prices rose 16% after the attack on the plant in Saudi Arabia

2019-09-17 12:03:00
Machine translation
Oil prices rose 16% after the attack on the plant in Saudi Arabia

Friday, oil prices rose 16% to 69,43 $/bbl after the drone attacks on the refinery in Saudi Arabia, which led to the fire.

 

on Saturday September 14, 20 drones and 12 missiles were fired at gazonefteprovodnyh installed in Abeiku where to deliver crude oil from different production areas, to clear it from associated gas and hydrogen sulfide, that is, to lead in the presentation.

 

the assassination of naftogazmerezhi plant in Akiko was before, but the last attack was planned and carried out very professionally, and this suggests that it is directly involved in Iran. The United States accused in the attack on the Iranian government and promised to submit evidence and to take measures in response.

 

the Loss of supply of oil to the world market became the largest in history and has led to speculative price spikes. Saudi Arabia promises soon to restore supply, especially because the physical oil market is enough to compensate for the break in the supply. However, in the case of a confrontation between the US and Iran, oil prices will continue to rise, which will increase the likelihood of a new global crisis.

 

the Increase in oil prices will support the markets "energy" crops, which produce biofuels, especially maize and oilseeds.

 

November futures on rape yesterday in Paris increased by 4.5 €/t to 388 €/t or 427,3 $/t

 

quotation of soybean oil in Chicago yesterday rose 1% to 666 $/t

 

corn Market awaits the promised trump actions to support the main consumer of U.S. corn - manolovo industry that will increase demand and prevent a drop in profitability. In recent months in the US, 20 companies were mothballed due to falling margins corn processing. Soon, however, the situation can improve the growth of oil prices and the increase in the proportion of ethanol used in biofuels.

 

Domestic prices of corn in the U.S. already exceeds supply of exports at the ports, and the promised support will allow them to climb even higher.