Monday 16 September 2019
Crude oil prices surged on Monday following the drone strikes on Saudi's oil key processing facilities at the weekend. The kingdoms’ output was cut by around
5.7 million barrels per day but with no firm indications as to how long production would be curtailed and fears of further strikes, crude oil prices settled over $8.00 a barrel higher. The spike in crude oil prices fed into the gas and power markets in the UK and NBP futures averaged gains of around 3.00p. Prompt prices were little moved save for the balance of month product which eased by 1.20p, stretching the gap to the October contract by almost 7.00p.