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Stock impact report

Oil Jumps as Saudis Target American Refiners For Supply Cuts [Investor's Business Daily]

CME Group Inc. - Class A (CME) 
Last cme group inc. - class a earnings: 4/29 07:00 am Check Earnings Report
US:NASDAQ Investor Relations: investor.cmegroup.com
Oil jumped as Saudi Arabia prepared to slash shipments to U.S. refiners in an effort to prevent a price-killing buildup of American stockpiles. Futures rose 2.8% in New York on Thursday. The Saudi state-controlled oil company has warned U.S. refiners to brace for a steep drop in cargoes next month, according to people briefed on its plans. Prices also were supported by a report of a large drop in stockpiles at the U.S. storage hub in Oklahoma, as well as an International Energy Agency warning that global supplies may be more fragile than previously thought. "We should see a continued drawdown in crude supplies in the coming weeks and better demand," said Phil Flynn, senior market analyst at Price Futures Group in Chicago. "That would suggest we could be close to a floor in the market." American refiners have been told to expect much lower shipments from Saudi Arabia in January compared with recent months after last week's OPEC agreement to cut production, according to the people. Tha Show less Read more
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