WorldOil Oil shock lashes trend-following traders as ‘all trades backfire’ Systematic investors known as commodity trading advisors (CTAs), whose strategies track price trends across assets, held record short positions in oil and gas futures before a drone strike in Saudi Arabia sent shockwaves through global markets, according to JPMorgan Chase and Co. Shale producers’ stocks surge as crude oil spikes American shale producers, one of the worst-performing segments on the stock market this year, jumped Monday morning after an attack on a Saudi Arabia oil production facility over the weekend sent crude prices soaring. Oil jumps the most ever after attack cuts Saudi supplies "There is but one rational takeaway from this weekend’s drone attacks on the Kingdom’s infrastructure – that infrastructure is highly vulnerable to attack, and the market has been persistently mispricing oil,” Citigroup Inc.’s Ed Morse wrote in a research note. U.S. exported more oil than Saudi Arabia in June The U.S. briefly became the world’s No. 1 oil exporter as record shale production found its way to global customers, and there are prospects for more. First oil Another mixed outlook awaits the EandP sector OPEC+ meets in Abu Dhabi, with deeper cuts off the agenda for now Ministers from OPEC+ are gathering in Abu Dhabi with deeper production cuts off the agenda for now, but with a backdrop of growing concern about the strength of oil demand as the global economy slows. Aramco lining up banks as IPO is coming “very soon”, per the CEO Banks will be chosen “soon,” Chief Executive Officer Amin Nasser said at an industry conference in Abu Dhabi. Confirmation of the underwriters will signal that the share sale -- set to be the world’s largest -- is finally in the offing after plans were put on hold last year. OPEC’s Equatorial Guinea banking on a $700 million IMF deal by 2020 Equatorial Guinea wants to secure $700 million in support from the International Monetary Fund by January as the country seeks to help shore up central Africa’s common currency. Equinor launches $5 billion share buy-back program “The upcoming start-up of the world-class Johan Sverdrup field, combined with several other new fields in production, provides additional confidence in our outlook for production growth and increased cash generation capacity. We are therefore in a good position to increase capital distribution, while continuing to invest in our high-quality project portfolio”, says Eldar Sætre, president and CEO of Equinor ASA. Big Oil gathers Permian riches as shale stocks collapse A bloodbath in energy stocks is creating a rich opportunity for Big Oil to dominate America’s hottest shale play. Exxon Mobil’s chief said Wednesday his company is keeping a “watchful eye” on the Permian for potential deals.