- Oil prices are up more than $1.50 after Saudi Arabia raises official selling price
- Prices have continued to trade in a range between $76 and $80 this week, as the market shows some signs of tightness based on strengthening prompt time spreads
- Saudi Arabia raises selling price to Asia (BBG)
- Saudi Arabia has raised its official selling price to Asia in an unexpected move that was higher than many analysts anticipated
- Saudi Arabia’s Arab Light crude will now sell for $1.70/Bbl higher than the regional benchmark
- This comes after OPEC extended their production cuts earlier in the week
- Valero’s Corpus Christi refinery disrupted (BBG)
- Valero’s Corpus Christi West Plant, which processes sweet and sour crude, suffered a power outage on Tuesday morning, disrupting operations at the facility
- Details of how much capacity is affected were not given, but the refinery has a total capacity of 268 MBbl/d
