The new oil markets trading week could emerge with a very volatile pattern after the attack on Saudi Arabia’s oil operations.
A drone strike on Saudi Arabian oil fields has the potential to push oil prices strongly higher, have a negative impact on global equity prices, send gold prices higher and likely push the U.S. dollar higher versus most currency pairs.
Trading of liquefied natural gas products will begin Oct. 14, provided regulatory review clears the contract.
Strength in the Japanese Yen chart suggests that crude oil weakness might mean economic softening with investors buying the Japanese Yen against the U.S. Dollar.
Category 2 Hurricane Dorian is moving north and influencing gasoline and diesel liftings and demand.
Hurricane Dorian is forecast to remain offshore as it passes Florida and Georgia approaching the Carolinas. Gasoline and diesel liftings that we are monitoring have started to decline except for Selma, N.C.
DTN expects Dorian will not make landfall in the United States at this time. Gasoline and diesel liftings of product from the terminals have started to decline except for Charleston.
The Category 4 Hurricane Dorian track is mostly in line with Sunday’s projections with the storm expected to hug the coast line putting Georgia and the Carolinas also in the cross hairs of the storm.
Hurricane Dorian continues to track off the coast of the U.S. Gasoline and diesel liftings at the terminals DTN is monitoring have started to decline (except for Savannah).
Liftings remain above normal in both Florida terminals. Prices are stabilized and only slightly higher. Wholesale prices seem to have flattened out and are now only slightly higher than where they were before the atypical lifting began.