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Drone strikes on Saudi Arabian oil refineries causes oil spike, markets waiting to see what happens next

By MoneyWay | Sep 16, 2019

The Iran-aligned Houthi group that controls Yemen’s capital claimed responsibility for the attack, which knocked out more than half of Saudi Arabia’s oil production and damaged the world’s biggest crude processing plant. Iran denied U.S. accusations it was to blame and said it was ready for “full-fledged war”. Two sources briefed on state oil company Saudi Aramco’s operations told Reuters it might take months for Saudi oil production to return to normal. Earlier estimates had suggested it could take weeks. President Donald Trump said Washington was “locked and loaded” to hit back.

Oil prices jumped as much as 19%, the largest since the Gulf war of 1990, prices fell back after Washington said it would release U.S. emergency supplies and producers said there were enough stocks stored up worldwide to make up for the shortfall. But traders still spoke of a long-term price increase as markets absorb the proof that global supply can be so sharply hit.

The Canadian dollar is stronger but off it s highs as oil prices eased, markets were originally focused on tomorrow’s start of the FOMC meetings but in light of what is going on Saudi Arabia, don’t expect much.

                                Currently             Close                     Range

USDCAD               1.3240                   1.3288                   1.3207-1.3271

EURCAD               1.4567                   1.4714                   1.4566-1.4693

GBPCAD               1.6441                   1.6496                   1.6440-1.6555

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