Market Currents: Saudi targets Asian oil exports

After selling off strongly so far this week, oil prices are mustering a bounce into the holiday weekend, encouraged higher by an underwhelming employment report and an (initial) strong sell-off in the dollar. Even though the dollar has reversed course, oil is holding onto gains. Hark, here are four things to consider in oil markets today:
1) Saudi Arabia’s Deputy Crown Prince Muhammed bin Salman met with Japanese Prime Minister Shinzo Abe yesterday to discuss how to boost cooperation between the two nations.
2) We were just discussing here earlier in the week how the latest update we had on the Chinese SPR was from last December, which stated its strategic reserves were up to 191 million barrels by mid-last year.
3) We highlighted earlier in the week how loadings of Nigeria’s Qua Iboe have dried up in the last couple of months due to a renewed force majeure. Another troubled grade is Forcados; a pipeline explosion six months ago has crimped crude loadings of this key Nigerian crude stream.
4) Finally, as we head into the Labor Day weekend, retail gasoline prices are at $2.22/gallon on the national average, the lowest level for the time of year since 2004.