(Bloomberg) -- Saudi Arabia’s oil facilities were targeted with drones and missiles for the second time in a week, with Yemen’s Houthi rebels claiming an attack on the south-western refinery town of Jazan.The Houthis launched missiles at a Saudi Aramco facility and other targets including a site housing Patriot air-defense missiles, the group’s Al-Masirah TV reported. The Houthis said they used explosive-laded drones and 11 missiles.The state-run Saudi Press Agency said the kingdom’s military intercepted five ballistic missiles and four drones aimed at Jazan, which sits on the Red Sea. It added that fragments fell on a university campus and caused a fire, though there were no injuries reported.Brent crude was little changed at $66.61 a barrel at 12:30 p.m. in Singapore. Jazan’s main oil facility is a new refinery designed to process 400,000 barrels of crude a day.Aramco’s media office didn’t have an immediate comment.Attacks on Saudi cities and energy installations have increased this year, though they rarely claim lives or cause extensive damage.Yemen WarThe Houthis claimed similar attacks on Sunday night on the eastern oil terminal of Jubail and the western city of Jeddah.The group has been fighting Yemen’s United Nations-recognized government since 2014. A Saudi-led coalition intervened the following year on the side of the government. The UN has called the conflict -- in which tens of thousands of people have died -- the world’s worst humanitarian crisis.Saudi Arabia, which proposed a ceasefire in Yemen’s war last month, is seeking more help from the U.S. to defend its oil facilities, Bloomberg has reported.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
(Bloomberg) -- Oil was steady in Asia after jumping almost 5% on Wednesday as U.S. stockpiles data added to signs the demand outlook is improving.Futures in New York traded near $63 a barrel after closing higher for a third day, the longest run of gains in more than a month. U.S. crude inventories dropped the most in almost two months last week, while a gauge of gasoline demand ticked higher for a seventh straight week. The bullish data followed upbeat assessments by OPEC and the International Energy Agency.See also: In Pandemic-Era First, Driving on U.S. Highways Tops 2019 LevelsOil had been stuck near $60 a barrel after a rally faltered in mid-March amid a resurgence in virus cases in some regions. While the IEA sees a temporary lull in the market due to the renewed outbreaks, it followed OPEC in boosting its demand estimates for this year as the economy rebounds from the pandemic.The market will soon have to deal with more supply, however. OPEC+ and U.S. producers are set to start adding extra barrels from May. Another wildcard is Iran, which is seeking to revive a 2015 nuclear deal and have U.S. sanctions removed to lift crude exports, but progress on that remains uncertain.“Consolidation is likely on the cards as crude may have overshot yesterday,” said Vandana Hari, founder of Vanda Insights in Singapore. “The spike appears to reflect a selective view of a multi-speed world. Europe is still in the throes of Covid’s constraints and India is plunging into a deadlier second wave.”The prompt timespread for Brent was 44 cents a barrel in backwardation -- where near-dated contracts are more expensive than later-dated ones. That compares with 49 cents a week earlier.See also: Oil Agencies Bet on Vaccine Win for Second-Half Demand OptimismU.S. crude stockpiles declined by 5.89 million barrels last week, according to Energy Information Administration data. Gasoline inventories increased for a second week, while distillate supplies -- a category that includes diesel -- dropped for the first time since early March.The global recovery from the pandemic is looking uneven, however. The U.S. and China are seeing higher rates of fuel consumption, but India is renewing partial lockdowns amid record virus cases and a shortage of vaccines. South Korea and Japan are also seeing rising infections.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
Three years ago, the Permian Basin faced a major pipeline shortage, but following a flood of new projects and the pandemic, the largest basin in the U.S. now has far too many pipelines