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Crude closes higher as Saudi Arabia said to plan U.S. oil export cut

Published 12/13/2018, 04:11 PM
Updated 12/13/2018, 04:11 PM
© Reuters.  Crude closes higher as Saudi Arabia said to plan U.S. oil export cut

© Reuters. Crude closes higher as Saudi Arabia said to plan U.S. oil export cut

  • Crude oil futures settle sharply higher after a late run-up, with WTI ending +2.8% to $52.58/bbl, after a news report said Saudi Arabia plans to cut shipments to U.S. refiners to avoid an expansion of U.S. stockpiles; also, Brent +2.2% to $61.45/bbl.
  • Crude prices already were higher following a Genscape report that U.S. crude inventories at Cushing, Okla., fell by 822K barrels in the week through Dec. 11, then reports said Saudi Aramco has warned U.S. refiners to brace for a steep drop in cargoes next month.
  • “The headlines regarding Saudi Arabia reducing exports…were a key fundamental catalyst behind today’s rally,” Tyler Richey of the Sevens Report, tells MarketWatch. “If exports were reduced, the global supply and demand imbalance may swing further in favor of the bulls than currently expected, and futures responded accordingly.”
  • ETFs: USO, XLE, OIL, UWT, UCO, VDE, XOP, DWT, ERX, OIH, SCO, BNO, DBO, ERY, DIG, BGR, GUSH, DTO, FENY, USL, IYE, DUG, DRIP, IEO, FIF, DNO, NDP, PXE, OLO, RYE, PXJ, SZO, CRAK, FXN, OLEM, WTIU, DDG, OILK, NANR, OILX, WTID, USOI, USOU, USOD, FTXN, JHME, ERYY, ERGF, OILD, OILU, USAI
  • Now read: Crude Oil Sits At Lows As Sanctions Begin This Week


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