oil wti

Aramco Defends Its Market Share (WTI)

After setting out half of Saudi Aramco’s production capacity missiles, the Kingdom is seeking to tackle the damage caused by missile and missile attacks that Washington and Riyadh blamed Iran. As it stands, the Kingdom believes that the Abqaiq processing plant will be damaged within two weeks. But between now and then, expect that it will continue with global supply chains, WSJ reports.

oil wti

Although these circumstances will not last much longer, an importer of refined petroleum products is now Saudi Arabia, at least now.

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The portion of what is exported in Saudi Arabia raw raw. It usually keeps some of the raw produce it produces, filtering it in gasoline, diesel and anything else the country needs.

Shortly after Saturday’s attack, Aramco was reported to be in the market seeking to purchase refined petroleum products including diesel, gasoline and fuel oil for home use, which would enable it to reinforce its untapped crude oil exports. The Kingdom sometimes orders extra diesel during the hot summer season when demand for air conditioning interferes with the power grid. However, the most recent orders were far greater than the usual orders for imports of energy products in Saudi.

According to Bloomberg, Saudi called a national Iraqi oil company, the State Organization of Oil Marketing, or SOMO, to give as many as 20 million raw barrels to their domestic refineries. While Aramco rejected reports that he had made this request to Iraq, higher oil prices shifted Thursday morning after WSJ’s report.

The attack on Aramco’s oil processing plant on Abqaiq is likely to affect domestic refineries for the coming weeks. Initially, it took half of the offline production capacity of Saudi Arabia. Now the Kingdom hopes that it will be fully restored within two weeks.

Meanwhile, to continue serving its customers, Saudi Arabia had to make adjustments to some orders. Aramco recently told one oil refinery in India that it could not deliver the high grade Arab crude oil ordered by the refinery. Instead, lower grade crude oil needed to be accepted instead. Adjustments to raw grades were quite common in the past week. Aramco changed crude oil even from Tanura Race. Two of these were destined for China.

However, due to the intense competition for market share in the modern oil market, it is sensible that Saudi Arabia would not seek to risk its customers shopping elsewhere.

Due to reduced supplies of Arab Arab light in KSA inspired Qatar and the UAE something like international buyers. The United States could fill any market gaps for crude oil thanks to two new pipelines linking the rich Permian basin to ports that have recently arrived online, adding to the country’s export capacity.

The United States does not rely heavily on Arabic Arabian oil and made it once. Middle East oil represents only 3% of refinery orders in the United States.

Crude Oil Price Movements

Brent Crude Oil, D1

On the daily chart, the instrument is trading in the upper Bollinger band. The price remains on the level with its moving averages that are horizontal. The RSI is falling, having failed the border of the overbought zone. The Composite is testing from above its longer MA.

Brent Crude Oil, H4

On the 4-hour chart, the instrument is trading in the lower Bollinger band. The price remains above the EMA65, EMA130 and SMA200 that are directed up. The RSI is falling, having broken down its longer MA. The Composite is testing from below its longer MA.

 

Scenario
TimeframeWeekly
RecommendationSELL STOP
Entry Point63.50
Take Profit61.60, 60.40
Stop Loss64.40
Key Levels60.40, 61.60, 63.50, 68.00, 69.50, 73.50
Alternative scenario
RecommendationBUY STOP
Entry Point65.70
Take Profit68.00, 69.50
Stop Loss64.30
Key Levels60.40, 61.60, 63.50, 68.00, 69.50, 73.50