While the Saudis have announced an end the air campaign aimed at eliminating the threat of heavy weaponry in neighboring Yemen, the nation is preparing for a ground invasion to restore the government. Operation “New Hope” is set to begin imminently with Saudi King Salman primed to send in the National Guard. Coupled with the latest American Petroleum Institute Crude Stocks figure, oil prices fell on the Saudi declaration. API beat expectations by a wide margin, more than doubling expectations of a 2.600 million barrel build, printing at 5.500 million barrels. This marks 15-straight weeks of growth as EIA data due later today should confirm that US inventory growth rebounded after last week’s more moderated increase in stockpiles. West Texas Intermediate crude oil prices slipped below $56 per barrel this morning in heavy trading.
Gulf Coalition Airstrikes Shift to Ground Action
Daily Analysis - 22/04/2015