The Market Forgot Abqaiq in 14 Days [BpZRA8xNT0h]
September 2019: drones and missiles hit Abqaiq — the largest crude oil processing plant on earth. 5.7 million barrels a day offline overnight. About 5% of world supply. Brent spiked roughly 19% intraday, the biggest one-day jump on record at the time. Inside two weeks the price was back below where it started. That is not a market that overreacts to Saudi risk. That is a market with amnesia. #oil #crudeoil #energy #OOTT #commodities