Saudi replies to the increase of the U.S. oil prices
Oil climbed, approaching $50 a barrel in New York, after government data showed that U.S. crude stockpiles dropped last week. Stockpiles of distillate fuel, a category that includes diesel and heating oil, dropped 2.36 million barrels, the biggest decline since May. Gasoline supplies rose 222,000 barrels to 227.4 million. (Bloomberg, 05/10/2016)
Saudi Arabia has responded accordingly, adjusting most of its official selling prices (OSP) lower for its various grades to various geographies for November.
Saudi exports to the U.S. in September have clambered to a 5-month high, back above the 1 million barrel-per-day mark for the first time since April. A rebound in gasoline throughput and lower runs encouraged just a minor build to gasoline stocks, while a draw to distillates makes sense from a seasonal perspective.
A fairly supportive report on the whole. (http://oilprice.com/Energy/Energy-General/Saudis-Cut-Oil-Prices-To-Asia-Europe.html)
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