News Oil prices surge after Saudi air strikes in Yemen

Discussion in 'The Howard Stern Show' started by dawg, Mar 25, 2015.

  1. dawg

    dawg In The Dog House Staff Member

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    (Reuters) - Brent crude oil prices shot up nearly 6 percent on Thursday after Saudi Arabia and its Gulf Arab allies began a military operation in Yemen, although Asian importers said they were not immediately worried about supply disruptions.

    The strike against Iran-backed Houthi rebels who have driven the president from the country's capital could stoke concerns about the security of oil shipments from the Middle East.

    Oil prices jumped as traders saw the attacks as the latest incident in a conflict that is spiraling out of control in the world's richest oil region.

    Brent crude oil futures LCOc1 rose as high as $59.71 a barrel, up almost 6 percent since their last settlement, before dipping back to $58.84 a barrel at 0310 GMT, still up $2.36. U.S. crude CLc1 was up $2.19 at $51.40 a barrel.

    "There is a big confrontation between Iran and Saudi (Arabia), between Sunnis and Shi'ites, in Syria and Iraq. This is more evidence that the geopolitical risk in the Middle East has become chronic," said Tony Nunan, risk manager at Japan's Mitsubishi Corp.

    Despite the price jump, importers of Middle East oil were not immediately concerned about disruptions.

    "Just because Saudi and others conducted air strikes doesn't mean the oil market becomes suddenly tight," said Masaki Suematsu, manager of the energy team at brokerage Newedge Japan in Tokyo.

    He cautioned, though, that the conflict could spiral further beyond the airstrikes.

    In South Korea, another big Asian importer, officials said the current troubles occurred near the Red Sea, waters that Arab Gulf supplies do not pass through on their way to Asia.

    But Arab producers like Saudi Arabia, the United Arab Emirates, Kuwait and Iraq have to pass Yemen's coastlines via the tight Gulf of Aden in order to get through the Red Sea and Suez Canal to Europe.

    The narrow waters between Yemen and Djibouti, at less than 40 kms (25 miles) wide, are considered a "chokepoint" to global oil supplies by the U.S. Energy Information Administration and the region is heavily militarized by western navies.

    Despite Thursday's price jumps, oil prices still remain around 50 percent lower than in June 2014, when prices began to fall as surging global production was met with slowing demand and lower economic growth, especially in Asia.
     
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  2. Rockside7

    Rockside7 VIP Extreme Gold

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    There's no real proof yet that this will affect supply but, gas will now shoot up .50 cents per gallon in the next few days.
     
  3. dawg

    dawg In The Dog House Staff Member

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    Any excuse to gouge us at the pump, any excuse. But you knew that was coming right?
     
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  4. Shortwave98

    Shortwave98 A-Number 1 Banned User

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    It already started. The station by me is up 60 cents already.
     
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  5. dawg

    dawg In The Dog House Staff Member

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    60 cents? Those fucking bastards :cuss:
     
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  6. Rockside7

    Rockside7 VIP Extreme Gold

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    Oh, of course.

    I'm in SoCal so, we're already .80 cents above the national average due to refinery shenanigans.

    Stuff like, manipulating reserve levels of summer gas which is a special blend so, we can't buy any from other states.
     
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  7. Droog

    Droog Well-Known Member VIP

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    And it will be slow to fall again.
     
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  8. Shortwave98

    Shortwave98 A-Number 1 Banned User

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    That was before any of this shit started.
     
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  9. dawg

    dawg In The Dog House Staff Member

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    With summer coming it's going to be a very long time to suffer high gas prices.
     
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  10. Droog

    Droog Well-Known Member VIP

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    States have their own designer blends. It's a total sham. Just like Enron starting those rolling blackouts.
     
  11. Limo Wreck

    Limo Wreck Aboard the great mothership Staff Member

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    Went up .10 cents here today.
     
  12. Rip mcdivvit

    Rip mcdivvit Well-Known Member

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    You are not touched by the 40 thousand jobs losted as a direct result, per cnn. And constantly repeated every news round.
     
  13. Rockside7

    Rockside7 VIP Extreme Gold

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    One of my favorite documentaries is Enron:The Smartest Guys In The Room.

    That lays it all out there.
     
  14. dawg

    dawg In The Dog House Staff Member

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    Um, huh?
     
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  15. Droog

    Droog Well-Known Member VIP

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    Yep. It was very telling. Shows the greed and anti-American attitude of people these days. They were laughing it up when they caused those blackouts.
     
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  16. Apple the cat

    Apple the cat Moral conscience of the Shed

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    WEBSITE: Google

    SEARCH TERM: losted
     
  17. Black Sabbath

    Black Sabbath Nothing to prove

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    South Dakota and Texas are happy.....
     
  18. Rockside7

    Rockside7 VIP Extreme Gold

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    Jeffrey Skilling: Oh I can't help myself. You know what the difference between the state of California and Titanic? And this is being webcast, and I know I'm going to regret this - at least when the Titanic went down, the lights were on.
     
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  19. crazypreacher

    crazypreacher Hey yo

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    Imagine that.
     
  20. Rip mcdivvit

    Rip mcdivvit Well-Known Member

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    What?