WorldOil Oil plunges on report Saudi Arabia may soon restore most of lost output Oil plunged nearly 7% in London after Reuters reported Saudi Arabia is close to restoring 70% of the oil production it lost after this weekend’s attack on a key crude facility in the kingdom. 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. As oil gets volatile, Alberta goes on offensive to draw investors Alberta Premier Jason Kenney, whose province produces more oil than most OPEC nations, has a message for environmentalists, investors and anyone else who will listen: The world needs more Canadian crude, and standing in the way is foolish. Gasoline prices in the U.S. set to jump after Saudi attack The impact at the pump should start to become more pronounced late Tuesday or Wednesday, according to Patrick DeHaan, senior petroleum analyst at GasBuddy. That’s after gasoline distributors adjust prices to match gains in futures and regional spot markets. Saudis face lengthy oil halt, with few options to replace losses Officials at state oil company Saudi Aramco have become less optimistic on the pace of output recovery, telling a senior foreign diplomat they face a “severe” disruption measured in weeks and months and informing some customers that October shipments will be delayed. 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. U.S. oil companies set to benefit from Saudi supply disruption The biggest moves could come from U.S. oil companies with a sizable short interest, including Apache, Continental Resources, Concho Resources, Devon Energy and Noble Energy, according to analysts at Houston-based Tudor Pickering Holt and Co. 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. Saudi supply disruption puts the 630-MMbbl U.S. oil reserve in play Energy Secretary Rick Perry is ready to draw down stocks from the Strategic Petroleum Reserve “to offset any disruptions to oil markets as a result of this act of aggression,” his spokeswoman said. Perry also ordered officials to work with the International Energy Agency on possible options for coordinated action. Saudi prince’s oil diplomacy makes an impression at OPEC+ meeting Since the launch of its strategy to revive global oil markets three years ago, one of the biggest challenges faced by OPEC and its allies is that not all the producers have pulled their weight.