Market Movers

–    Freeport LNG says it has raised more than $1 billion to add a fourth production unit to its LNG export facility along the Texas Gulf Coast.prices.

Tuesday September 10, 2019

Oil prices rose again on Tuesday, adding to the latest bout of bullish sentiment. Traders grew more confident about the trajectory of the OPEC+ cuts after the shakeup in Saudi Arabia. Meanwhile, some recent economic data soothed some of the more acute concerns about a slowdown, although it should be noted that economic cracks have not gone away. Trump’s surprise firing of Bolton on Tuesday morning hurt bullish sentiment, driving fears that Washington may ease off on its hard stance against Iran.

Saudi oil minister replaced. Saudi Arabia replaced its energy minister with King Salman’s son, Prince Abdulaziz bin Salman, now at the top of the ministry. On its face, the move does not immediately change oil policy for the kingdom. But it is the first time that a royal family member will run the powerful ministry, bringing more control to crown prince Mohammed bin Salman. The immediate priority is the IPO of Saudi Aramco, which underscores the Kingdom’s need for higher oil prices.

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