Register with us today

and in less than 60 seconds continue your access to:Latest news headlinesAnalytical topics and featuresCommodities videos, podcast & blogsSample market prices & dataSpecial reportsSubscriber notes & daily commodity email alerts

Already have an account?

Log in to register

Forgot Password

Please Note: Platts Market Center subscribers can only reset passwords via the Platts Market Center

Enter your Email ID below and we will send you an email with your password.

  • Email Address* Please enter email address.

If you are a premium subscriber, we are unable to send you your password for security reasons. Please contact the Client Services team.

If you are a Platts Market Center subscriber, to reset your password go to the Platts Market Center to reset your password.

In this list

Crude oil futures rocket higher as Saudi exports plunge; ICE Brent up at $55.56/b, NYMEX WTI $46.84/b

Natural Gas | Oil | Crude Oil | Gasoline | Jet Fuel | Steel | Raw Materials | Petrochemicals | Shipping

Market Movers Europe, July 22-26: Middle East tensions keep oil markets on edge


Platts Rigs and Drilling Analytical Report (RADAR)

Oil | Refined Products | Fuel Oil | Shipping | Dry Freight | Marine Fuels | Tankers

Mediterranean Bunker Fuel Conference, 8th Annual


Análisis: El trigo argentino sigue adentrándose en el mercado del sudeste de Asia

Crude oil futures rocket higher as Saudi exports plunge; ICE Brent up at $55.56/b, NYMEX WTI $46.84/b

New York — Crude futures moved sharply higher in midmorning trading Wednesday following news that Saudi Arabian oil exports plunged in December.

Not registered?

Receive daily email alerts, subscriber notes & personalize your experience.

Register Now

ICE March Brent was up $1.76 at $55.56/b and NYMEX February WTI was $1.43 higher at $46.84/b.

Saudi Arabian crude export loadings fell to 7.253 million b/d in December, according to media reports.

"Reports that Saudi oil exports were falling dramatically changed the mood of the market," Price Futures Group senior market analyst Phil Flynn said. "Saudi Arabia is very serious about lowering the supply situation. ... It really shows that cuts are going into effect today and will have an impact."

Data from cFlow, S&P Global Platts trade-flow software, estimated Saudi crude exports at 7.523 million b/d in December, down from 8.162 million b/d in November.

OPEC, Russia and nine other non-OPEC allies agreed in early December to a combined 1.2 million b/d supply reduction for the first six months of 2019, to shore up what many expect to be weakening market fundamentals ahead.

On Tuesday, UAE's energy minister, Suhail al-Mazrouei, said that the cuts should balance the oil market in first quarter of 2019, and suggested that OPEC and its allies may consider "deeper cuts" if the market fails to respond.

"As we start a new year, I remain optimistic toward achieving the market balance during the first quarter after [the] OPEC and Non-OPEC production cut. At this time last year we remember the same pessimistic views which we disagreed with and as we expected 2018 was a good year," Mazrouei said in a tweet Tuesday.

Products futures traced crude higher. NYMEX February ULSD was up 4.65 cents at $1.7259/gal and NYMEX February RBOB was 5.42 cents higher at $1.3563/gal.

--Chris van Moessner,

--Edited by Annie Siebert,