Current Oil Price

PS_RalphW · Post by **PS_RalphW** » 13 May 2019, 12:14

Oil price rises on apparent attacks on Saudi oil tankers in the straits of Hormuz.

But Intertanko, an association of independent tanker owners and operators, said it had seen pictures showing that "at least two ships have holes in their sides due to the impact of a weapon", Reuters news agency reported.

https://www.bbc.co.uk/news/world-middle-east-48245204

I am surprised this is not getting more attention. It could be a low level attack by Iran backed militants or a false flag to give Trump an excuse at escalation?

The truth will be impossible to find, and to some extent is secondary to the politics.

woodburner · Post by **woodburner** » 13 May 2019, 12:41

My goodness, are you suggesting the US could be implicated? Would they do such a thing?

Shock! Horror!

Post by **adam2** » 13 May 2019, 13:01

I too am surprised at the lack of attention.
The oil price has indeed increased, but only modestly.

Are there any good quality and publicly viewable photographs of the damaged ships ? I wonder if in fact this might be minor accidents rather than an attack.

Or even fake news to drive up the oil price, to the profit of those who hold oil futures, or physical oil stocks.

PS_RalphW · Post by **PS_RalphW** » 13 May 2019, 13:33

The US was warning of exactly this type of attack 3 days ago. So it might be real, false flag, opportunist or fake news . Take your pick.

No pictures I can find yet. Happened in port so securely locked down.

PS_RalphW · Post by **PS_RalphW** » 13 May 2019, 16:17

BBC now showing a Norwegian tanker with a hole in the stern at the waterline.

Hard to tell if it was caused a rocket or rammed by a smaller vessel. The hole is uneven.

Post by **adam2** » 13 May 2019, 23:56

I will try to find out more, had no idea that a Norwegian ship was said to be involved.
I happen to know the son of a senior Norwegian diplomat.

Meanwhile the markets seem to have declared this to be a non event, oil prices have declined to below Friday's close.

PS_RalphW · Post by **PS_RalphW** » 24 May 2019, 15:38

One of the Saudi tankers which were holed sprung a leak, although not admitted at the time.

https://www.bbc.co.uk/news/science-environment-48387033

Post by **adam2** » 13 Jun 2019, 09:09

It would appear that another two somewhat similar incidents have occurred.
US navy are assisting the stricken vessels having received distress calls.

https://www.bbc.co.uk/news/world-middle-east-48619771

PS_RalphW · Post by **PS_RalphW** » 07 Aug 2019, 19:43

Oil prices down 5% to $56 Brent.

PS_RalphW · Post by **PS_RalphW** » 11 Oct 2019, 10:10

Brent jumps a dollar to $60 on news that an Iranian tanker has exploded in the gulf, reports of it being hit by two missiles.

I guess this is SA saying to Iran "We know you blew up our processing plant, so here's a little thank you message"

I wonder how the SA repairs are going. They can't keep supplying their customers from storage indefinitely.

Little John · Post by **Little John** » 11 Oct 2019, 11:47

PS_RalphW wrote:Brent jumps a dollar to $60 on news that an Iranian tanker has exploded in the gulf, reports of it being hit by two missiles.

I guess this is SA saying to Iran "We know you blew up our processing plant, so here's a little thank you message"

I wonder how the SA repairs are going. They can't keep supplying their customers from storage indefinitely.

Are you implying you know that Iran blew up the SA plant?

PS_RalphW · Post by **PS_RalphW** » 11 Oct 2019, 13:34

I do not know that Iran blew up the plant. I am saying that is the widely held belief in the international world - either directly, or by supplying the hardware to the nominally independent actors. False flag operations do occur, but blowing up 50% of the source of your own GDP is not credible.

raspberry-blower · Post by **raspberry-blower** » 11 Oct 2019, 14:41

The Houthis claimed the attack on Abqiaq - and, contrary to hubristic, Western colonialist thinking - the Houthis do have the means and capability to make low cost, suicide drones. They also have a reason to do so - to stop the genocidal war that KSA and its allies are waging against them.

WRT the tanker attack - it appears that Iran have not fallen for the bait:
Elijah Magnier tweeted this

PS_RalphW · Post by **PS_RalphW** » 04 Feb 2020, 00:31

WTI now down to $54. This will hurt the fracking companies in the US, who are already facing problems raising ever more debt. More airlines will go broke. My next heating oil bill will be a lot cheaper, although the mild winter has meant we burnt less oil.

vtsnowedin · Post by **vtsnowedin** » 04 Feb 2020, 10:34

PS_RalphW wrote:WTI now down to $54. This will hurt the fracking companies in the US, who are already facing problems raising ever more debt. More airlines will go broke. My next heating oil bill will be a lot cheaper, although the mild winter has meant we burnt less oil.

Low oil prices would be good for an airline unless it was heavily cross invested as a hedge.