Saudi Aramco said it would cut crude prices to all regions - biggest cut in 13 months

N

Nighthawk

Saudi Aramco says it'll cut its crude oil prices to all regions

  • February prices for various grades of Saudi crude, including its flagship Arab light, in Asia would fall $2 a barrel versus the Oman/Dubai regional benchmark from their January levels. The price cut is the biggest in 13 months.
  • Prices in northwest Europe and the Mediterranean will be down $1.50 to $2 a barrel versus the ICE Brent crude benchmark versus January prices.

More economic weakness ahead....
 
Nighthawk said:
Saudi Aramco says it'll cut its crude oil prices to all regions

  • February prices for various grades of Saudi crude, including its flagship Arab light, in Asia would fall $2 a barrel versus the Oman/Dubai regional benchmark from their January levels. The price cut is the biggest in 13 months.
  • Prices in northwest Europe and the Mediterranean will be down $1.50 to $2 a barrel versus the ICE Brent crude benchmark versus January prices.

More economic weakness ahead....
More...


Probably trivial news as crude oil futures price hardly move.

If the news is mega news, you'd see a massive price reaction
even though the Europeans and the Americans are still sleeping.
 
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Well WTI was in a small uptrend prior 3 trading days and now is -0.45%

Once rest of the trading world gets to their desks will decide if it is a nothingburger or not.

Frack baby frack (and Putey Poo's discount) is hurting their margins bigtime.
 
SunTrader said:
Well WTI was in a small uptrend prior 3 trading days and now is -0.45%

Once rest of the trading world gets to their desks will decide if it is a nothingburger or not.

Frack baby frack (and Putey Poo's discount) is hurting their margins bigtime.
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4% red so it is a burger of sort.

bought july contracts at 71.18 this moring, expect at least 2% bounce this week.
 
mervyn said:
4% red so it is a burger of sort.

bought july contracts at 71.18 this moring, expect at least 2% bounce this week.
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Looks to me it has bounced and likely to turn back down $71.50-$72.00 zone, if it makes up there at all.
 
Nighthawk said:
Saudi Aramco says it'll cut its crude oil prices to all regions

  • February prices for various grades of Saudi crude, including its flagship Arab light, in Asia would fall $2 a barrel versus the Oman/Dubai regional benchmark from their January levels. The price cut is the biggest in 13 months.
  • Prices in northwest Europe and the Mediterranean will be down $1.50 to $2 a barrel versus the ICE Brent crude benchmark versus January prices.

More economic weakness ahead....
More...
%%
State Farm Insurance + Mutual Fund sheet noted lower gasoline prices may help power stock market up/strong stock seasonals also........
 
Nighthawk said:
Saudi Aramco says it'll cut its crude oil prices to all regions

  • February prices for various grades of Saudi crude, including its flagship Arab light, in Asia would fall $2 a barrel versus the Oman/Dubai regional benchmark from their January levels. The price cut is the biggest in 13 months.
  • Prices in northwest Europe and the Mediterranean will be down $1.50 to $2 a barrel versus the ICE Brent crude benchmark versus January prices.

More economic weakness ahead....
More...
Just the opposite. The Saudis are propping up prices for some time and don't ever cut prices unless they get much higher and they fear it will spark recession. I've worked in the oil industry all my life and trade it in retirement (very carefully). Nobody in the industry ever cuts prices. Check you news source or read the Oil and Gas Journal, they are pretty legit overall.
 
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