Commodities
Saudi Pipeline Shutdown Sends Oil Prices Soaring on Supply Concerns
Oil prices are higher this morning following last week's developments, with ICE Brent up around 3%. This surge in price is not surprising given recent events. Saudi Arabia's East-West pipeline shutdown has exacerbated supply concerns, coming on the heels of last week's attacks.
The latest positioning data from speculators shows they increased their net long by 4,318 lots over the last reporting week to 265,753 lots. This indicates a significant increase in bullish sentiment among market participants.
The USDA's WASDE report also played a role in driving up oil prices. The agency trimmed US corn ending stocks for 2026/27 by 86m bushels to 1.57 bn, citing weaker production and lower beginning inventories.