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Monday 23 September 2019

Oil Slips on Saudi Output Restoration Plan


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NEW YORK (Nasdaq) — WTI crude oil futures were flat to lower in early trading, in line with Brent, reversing earlier gains on rising prospects of a faster-than-expected full restoration of Saudi oil output and by fresh signs of European economic weakness.

Saudi Arabia has restored around 75% of crude output lost after attacks on its facilities and return to full volumes by early next week, a source briefed on the latest developments told Reuters on Monday. Saudi’s oil production from Khurais is now at more than 1.3 mln bpd, while current production from Abqaiq is at about 3 mln bpd, the source said. Investors are still monitoring the geo-political risks from the attack after the Pentagon ordered additional U.S. troops to be deployed in the Gulf region to strengthen Saudi Arabia’s air and missile defences.

Natural gas futures were down nearly 0.75% this morning, pressured by extended cooler weather forecasts that should limit demand.

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