After another “risk-off” session dragged energy and equity prices sharply lower on Friday, both asset classes are climbing higher this morning as the Trade War Teeter Totter continues to control the action.
The new Saudi Crown prince is wrapping up his 3 week tour of the US with a visit to the US Gulf Coast, and floating the potential to expand the country’s largest refinery.
A cyberattack impacted several of the country’s largest pipeline operators last week as it forced a 3rd party provider to shut down temporarily. While it does not appear that there were any notable impacts to energy supplies, it did create new concerns over the security of the country’s infrastructure, and caused at least 1 company to have delays in filing a new tariff with the FERC.
11 more oil rigs were put to work last week according to Baker Hughes, bringing the total count to a fresh 3 year high at 808.
Money managers trimmed back on their net-long holdings in Brent, WTI and RBOB last week, while adding a small amount to ULSD.