- U.S. WTI crude oil -2.6% to $67.56/bbl and Brent -2.3% to $78.01/bbl after Saudi Arabia said it could supply more crude quickly if needed.
- Saudi Energy Minister Khalid al-Falih told a conference in Riyadh that the oil market was in a “good place” and the kingdom would "continue with the mindset we have now, which is to meet any demand that materializes to ensure customers are satisfied."
- "Saudi Arabia's energy minister has dealt a fresh heap of bearish fodder onto the energy complex," quipped PVM Oil analyst Stephen Brennock.
- Falih said he would not rule out the possibility that Saudi Arabia would produce 1M-2M bbl/day more than current levels in future, and Saudi Aramco head Amin Nasser said it would take only three months to reach maximum production capacity of 12M bbl/day if needed.
- Oil and gas names are broadly and sharply lower: XOM -2.5%, CVX -3%, RDS.A -2.8%, BP -2.8%, COP -4%, PSX -4.6%, VLO -5%, PXD -3.9%, EOG -4.3%, DVN -3.7%, APA -4.5%, APC -3.8%, MRO -6.2%, MPC -6.8%, HES -4.2%, SWN -3.3%, SLB -3.2%, HAL -4.1%, BHGE -3.4%, KMI -3.6%, EPD -3.2%, CHK -2.8%.
- ETFs: USO, XLE, OIL, UWT, UCO, VDE, XOP, DWT, ERX, OIH, SCO, BNO, DBO, ERY, DIG, BGR, GUSH, DTO, FENY, USL, IYE, DUG, DRIP, IEO, FIF, DNO, NDP, PXE, OLO, RYE, PXJ, SZO, CRAK, FXN, OLEM, WTIU, DDG, OILK, NANR, OILX, WTID, USOI, USOU, USOD, FTXN, JHME, ERYY, ERGF, OILD, OILU, USAI
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Original article