Saudi Arabia Has 5 to 7 Days of Export Crude Left
Oil is above $100 a barrel. The 10-year Treasury is at its highest level since 2007. And markets are pricing a 90% chance the Fed raises rates on Wednesday.Cory Klippsten explains what's actually going on. The Strait of Hormuz has been almost completely shut down by the war with Iran, so Saudi Arabia has been sending millions of barrels of oil a day the other way, across the country through its east-west pipeline to the Red Sea. Last week, drones launched from Iraq hit pumping stations along the route and the pipeline shut down. It had been moving about 4 million barrels a day, around 4% of the world's oil supply.
The Associated Press is reporting that repairs could take three to five weeks. Reuters reports that Saudi Arabia has only five to seven days of export-ready crude stored at Yanbu, the Red Sea port where the pipeline ends. If part of the pipeline is running before that inventory runs down, the situation would get easier. If not, Saudi Arabia may have to cut production even further. That's why Brent crude is around $107 a barrel.
Energy isn't the only thing pushing yields higher. Markets expect the Fed to hike on Wednesday, investors are worried about enormous government borrowing, and the energy shock is adding more inflation pressure.
Chapters
0:00 Oil above $100, yields at 2007 highs, a Fed hike priced
0:20 Outside Money
0:35 Hormuz shut, and the pipeline the other way
0:51 Drones from Iraq
1:12 Three to five weeks to repair, five to seven days at Yanbu
1:29 What happens if the inventory runs down
1:47 Energy isn't the only thing pushing yields higher Receive SMS online on sms24.me
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