Two explosive drones hit Iraq’s Southern Majnoon oilfield, according to reports
Newsquawk Staff ·
Two explosive drones hit Iraq’s Southern Majnoon oilfield, according to reports.
What it means
The reported drone strikes at Iraq's Southern Majnoon oilfield signal a potential escalation in geopolitical tensions that could disrupt oil supply. Given the importance of this field in the global oil market, the incident may lead to heightened volatility in oil prices and increase demand for safe-haven assets. Traders should monitor energy prices and broader risk sentiment closely following this development.
- 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
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- Russian refineries’ crude processing up 25% since drone attacks stopped in mid-October, according to reports, citing sources
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