IIR says Saudi Arabia's Ras Tanura refinery (550k BPD) restarted on March 13th after shutting down due to a drone strike
Newsquawk Staff ·
IIR says Saudi Arabia's Ras Tanura refinery (550k BPD) restarted on March 13th after shutting down due to a drone strike.
What it means
The restart of Saudi Arabia's Ras Tanura refinery after a drone strike is significant for the oil market, given its substantial capacity of 550k BPD. This development could alleviate concerns about supply disruptions, potentially exerting downward pressure on WTI prices while also contributing to stability in the broader commodities sector. Traders should monitor how this impacts sentiment and supply dynamics moving forward.
- US Weekly Private Energy Inventory Data (bbls): Crude -2.0mln (exp. +0.5mln), Gasoline +2.4mln (exp. -1.3mln), Distillate +0.4mln (exp. -0.9mln), Cushing -0.5mln
- CRUDE WRAP: WTI (Z6) SETTLES USD 1.86 LOWER AT 99.90/BBL; BRENT (F7) SETTLES USD 1.33 LOWER AT 109.41/BBL
- Russian refineries’ crude processing up 25% since drone attacks stopped in mid-October, according to reports, citing sources
- US President Trump says believes I will visit tanker in Texas with Venezuela oil; thinks Secretary of State Rubio will be with him; we are going to accept 1mln bbls of Venezuelan oil
- Russian Deputy PM Novak says domestic refineries are bringing units back online very quickly following maintenance. Russia and the US could begin cooperating on Arctic LNG projects
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