Oil Indicators Upended After Attacks on Saudi Output Facilities
- Options market flips to a bullish bias, previously bearish
- Time-spreads suddenly pointing to potential supply shortages
This article is for subscribers only.
It’s not just oil futures that are surging on the back of unprecedented attacks on Saudi Arabian production facilities at the weekend: indicators of market tightness, sentiment and refined fuel markets were also upended.
The attacks knocked out about half Saudi Arabia’s current production.