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Four Houthi drones targeting southern region intercepted by Saudi-led coalition
Four drones launched by the Houthis towards southern Saudi Arabia were intercepted and destroyed by air defences, the Saudi-led coalition said on Tuesday, according to Reuters.
After issuing early warning alerts over a potential hostile threat in the Eastern Region and Kharj governorate, Saudi Civil Defense later confirmed that the danger had passed in both areas.
As the Houthis claimed attacks on infrastructure in Saudi Arabia and Yemen, the Saudi-led coalition fighting the Yemeni armed group said on Monday that it had conducted a military operation “aimed at neutralising sources of threat”.
WTI trades lower
West Texas Intermediate (WTI) is trading at $100.00 at the time of writing, a decline of 0.58% on the day.
WTI Oil Explained
Traded internationally, WTI oil takes its name from West Texas Intermediate and is one of three major crude oil types, alongside Brent and Dubai Crude. Its relatively low gravity earns it the description “light”, while its low sulphur content makes it “sweet”. These characteristics mean it is regarded as a high-quality oil that can be refined easily. Produced in the United States, WTI is distributed through the Cushing hub, known as “The Pipeline Crossroads of the World”. As an oil market benchmark, its price is regularly cited by the media.
Supply and demand underpin WTI oil prices, as they do those of other assets. Stronger global growth can therefore increase demand, while weaker growth can have the reverse effect. Supply disruptions caused by political instability, wars or sanctions can also affect prices. Another significant influence is the policy of OPEC, a group of major oil-producing countries. Because oil is traded predominantly in US Dollars, the currency’s value also affects WTI crude oil prices: a weaker US Dollar can make oil more affordable, while a stronger one can do the opposite.
Changes in oil stocks signal shifts in supply and demand, making the weekly inventory reports from the American Petroleum Institute (API) and the Energy Information Agency (EIA) influential for WTI oil prices. Falling inventories can point to stronger demand and lift prices; rising stocks can indicate greater supply and put prices under pressure. The API releases its report each Tuesday, followed by the EIA the next day. The two sets of figures tend to be similar, coming within 1% of one another 75% of the time. As the EIA is a government agency, its figures are regarded as more reliable.
At meetings held twice a year, the 12 oil-producing members of OPEC (Organization of the Petroleum Exporting Countries) jointly set production quotas for member countries. Those decisions frequently affect WTI oil prices. A cut in quotas can restrict supply and lift oil prices, whereas an increase in OPEC production has the reverse effect. The broader OPEC+ group brings in ten additional non-OPEC members, with Russia the most notable.
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