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Brent slipped below $105 this morning following a flurry of headlines suggesting growing momentum in U.S.-Iran peace talks, only for Tehran to subsequently dismiss the reports. US Midterms Give Oil Markets a Brief Diplomatic Reprieve - The steep backwardation seen across global crude oil benchmarks has started to flatten as markets sought to digest news of Qatar-mediated talks between the US and…
The global gas market could remain tight well into next year as Europe enters the heating season with the lowest levels of gas in storage in over a decade, the International Energy Agency (IEA) said in a new report on Tuesday. Despite the strengthened interconnectivity of the various regional gas markets in recent years, thanks to expanded spot trading and a higher number of destination-flexible…
Gulf oil flows dip in October from post-Iran war high, data shows
Brent crude plunged more than $6 per barrel Tuesday morning, falling from $107.24 to $100.80 before recovering to around $104 shortly after 10 a.m. Eastern, as traders reacted to a succession of conflicting reports about U.S.-Iran peace negotiations. The selloff followed Monday's 7.6% decline, which left Brent at $104.77. Prices initially rebounded overnight after reports of U.S. strikes on…
The curve of the Dubai benchmark is showing signs that rising oil flows from the Middle East are exceeding demand for the first time since early July, when the three-week U.S.-Iran ceasefire allowed millions of barrels to leave unhindered the Strait of Hormuz. Physical flows have been gradually rising for the past two months as Gulf producers accelerated shuttle-shipping through Hormuz with…
The United States struck Iran's strategic Qeshm Island on November 2, US officials confirmed, in the latest in a series of previously undisclosed military operations against Iran that have continued even as President Donald Trump plays down the prospect of renewed large-scale fighting. The strikes come just hours before the November 3 US midterm elections and follow a shift in Trump’s public…
Trump says US is close to making a trade deal with Canada
Morning Bid: Midterms and mediation
Goldman lifts natural gas price forecasts on supply, weather uncertainty
Saudi Aramco beat analyst estimates of its third-quarter profit as higher crude oil and fuel prices offset the impact of oil supply disruptions due to attacks on its assets. The Saudi state oil giant on Tuesday reported an adjusted net income of $31.2 billion for the third quarter, up from $28.6 billion for the same period last year, and easily beating a $28.7-billion analyst consensus estimate…
Marathon Petroleum is nearing a deal for the sale of several refineries to CVR Energy, with the sale expected to be worth $4 billion, the Wall Street Journal has reported, citing unnamed sources. The deal could be announced later today. The refining sector has become the star of the oil industry this year as the wars in the Persian Gulf and Russia-Ukraine have severely crippled global fuel…
Exports of liquefied natural gas from the United States hit their second-highest level in history thanks to an uptick in demand from Europe ahead of the start of the winter season, which drove LNG prices higher. According to LSEG data cited by Reuters, U.S. exports of liquefied gas to Europe rose by 1 million tons last month, to a total of 6.89 million tons. Exports to Asia, meanwhile, remained…
After shedding 7% yesterday, crude oil prices inched up earlier today following a Wall Street Journal report about a U.S. strike on Iran’s Qeshm Island. Brent crude traded at $105.26 per barrel at the time of writing, and West Texas Intermediate traded at $97.07 per barrel, after the WSJ cited unnamed U.S. officials as saying Iran’s Qeshm Island became a target in what they said was the latest in…
Oil rises after reported U.S. strike on Iran’s Qeshm Island
Oil rises after report of US strike on Iran’s Qeshm Island
Gold holds near $3,950 as Iran peace hopes ease oil, U.S. vote in focus
“The biggest oil deal in world history” between the Trump Administration and North American Blue Energy Partners may not live up to the hype as the privately held and previously little-known company could face steep challenges in developing Venezuela’s huge oil resources, Reuters reported, citing more than a dozen oil workers, contractors, and experts from the industry. Following the capture of…
Germany has missed its gas storage target for the start of winter. Now, the EU’s largest economy faces a difficult heating season as the European gas benchmark topped 100 euros per MWh last week and has stayed there since. Higher prices may turn out to be the smaller problem. A supply crunch would be worse. Every European Union member state has an obligation to secure enough natural gas ahead of…
Africa now has a bank built to finance the oil and gas projects Western banks and development lenders have dropped under their climate commitments. Afreximbank and the African Petroleum Producers’ Organization (APPO) formally established the Africa Energy Bank (AEB) at its inaugural general meeting in Abuja on October 31. That was more than four years after the two institutions began work on it…
Polls open Tuesday with prediction markets already leaning one way, as Polymarket traders were pricing a Democratic sweep of both chambers at about 71 percent, a Democratic House with a Republican Senate at 24 percent and a Republican sweep at 5 percent. It is a long way from February, when Republicans had about a 60 percent chance of keeping the Senate on both major markets, and the slide since…
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