Sapan Ghai, CCO at Sovereign Metals, discusses their superior graphite test results. Watch the video here.
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I'd rather this had not happened, however, it has so if AMER does not move north on Monday there is something very wrong going on, other than the shenanigans between all these nation states IMO. :)
Deffo agree going to be a spike while shorts are closed. Also agree that broader/deeper uncertainty in mid East is a concern.
On the other hand 2020 is election year and Trump will do all he can to keep a lid on petrol prices at the pumps (alternatively may go nuts and start a conflict with the Iranians).
Going to be interesting to see what happens. Hopefully nothing too major, but extra risk for mid East which making Colombia and Amer seem a more attractive is good for us
50cc - The direct impact of the drone strikes on production can be mitigated I agree. However in oil traders minds is going to be ‘what next?’ . This attack was both low tech and low cost making it highly repeatable, and is also very, very hard to defend against. The Saudi oil infrastructure has shown to be vulnerable, and in the Eastern provinces where there is considerable Shia support for Iran this type of strike could well become recurring.
For example the East-west pipeline runs for hundreds of miles on the surface across open desert from the big fields in the East to the Red Sea ports. 5m bopd flows through that, when it broke down a few years ago oil spiked double digits! These are targets which are not hardened or militarised, this could all become quite dramatic quite quickly.
I think it will help a little but....in the longer term countries that need oil will look at the geopolitical situation in the Gulf and want to write future contracts with suppliers in more stable regions. Colombia is coming out of a thirty year war all sides might be willing to put aside their differences and make some money.
I'm not so sure will have a massive impact on oil price. Will go up deffo but there's enough supply and in store that OPEC just need to relax the current restrictions. Will help clear some oversupply which is good longer term - think analysts were predicting lower demand for 2020 anyway.
All depends on how long takes to fix and the Saudi reaction.
Algos will limit impact on Amer price, but can't hurt the FSP
What do we think it will do to our sp ?
Well the drone attacks on Saudi Arabia will up the price of oil come Monday.