Before the attacks on Saudi Arabia's oil installations on Sept. 14, hedge f...
FILE PHOTO: Smoke is seen following a fire at Aramco facility in the eastern city of Abqaiq, Saudi Arabia, September 14, 2019. REUTERS/STRINGERLONDON - Before the attacks on Saudi Arabia’s oil installations on Sept. 14, hedge fund managers had started to become more bullish, or at least less bearish, about the prospects for oil prices amid hope for a trade truce between the United States and China.
Portfolio managers were buyers of Brent , NYMEX and ICE WTI , U.S. gasoline , U.S. diesel and European gasoil . Both governments announced confidence-building measures, including the postponement of some scheduled tariff increases, ahead of a planned resumption of trade talks in October.The attack on Saudi Arabia’s oil processing facilities at Abqaiq and its Khurais super-giant oilfield has completely transformed the market situation .
The extended production shortfall will have to be met from a combination of commercial inventory drawdowns, releases from government-controlled emergency stocks, and price-driven demand restraint.
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