ING: Supply-Side Risks Stay Elevated Even as Oil Prices Pull Back
ING: Supply-Side Risks Stay Elevated Even as Oil Prices Pull Back What I Cover Tsvetana Paraskova is an energy and commodities journalist who has contributed to Oilprice.com for nearly a decade, covering global energy markets, commodities,… Despite the recent decline in crude oil prices due to lower-than-feared disruption of Saudi exports, supply-side risks remain elevated, and not only in the Middle East, analysts at ING Bank also said on Tuesday.
Oil prices dropped on Friday and Monday, withBrent Crudefalling to $100 per barrel from $108 a barrel hit early last week after Saudi Arabia shut down its key pipeline that bypasses the Strait of Hormuz.
Higher-than-expectedSaudi shipmentsthrough Hormuz, however, have eased concerns about supply, while the never-ending hope of a diplomatic breakthrough also weighed on prices at the end of last week and early this week.
SetOilPrice.comas a preferred source in Googlehere.
On Tuesday morning, however, oil pricesreversed course and made gainsahead of a UN General Assembly session that many hope will yield some progress on peace talks between the U.S.
Treasury Secretary Scott Bessentthreatened Iranian airlineswith a “shut-down” from Wednesday, by means of airports refusing to refuel them and sell tickets, in the latest verbal escalation in the U.S.-Iran war.
“How do we do that? That if they land, you cannot provide them with fuel.
You cannot provide them with landing services, you cannot sell them tickets, or you will be knocked out of the dollar system,” BessenttoldCNBC in the latest U.S.
The market clearly continues to weigh hopes of peace talks against ongoing disruptions to supply, ING’s commodities strategists Warren Patterson and Ewa Manthey said in anoteearly on Tuesday.
“Supply-side risks remain elevated,” the strategists said, noting the fresh supply concern coming from Libya, where an armed group on Mondayshut down a valveat the pipeline linking the biggest oilfield, Sharara, with the Zawiya export terminal.
As a result, the output at the field was slashed to around 127,000 barrels per day (bpd), from roughly 340,000 bpd prior to the incident.
Saudi Oil Lifeline May Reopen as Aramco Eyes Yanbu Restart What I Cover Tsvetana Paraskova is an energy and commodities journalist who has contributed to Oilprice.com for nearly a decade, covering global energy markets, commodities,… Saudi Arabia Cuts Europe Off From October Crude as Gulf Exports Surge Bessent Says Strait of Hormuz Obsolete Within Two Years White House Weighs Defense Production Act as U.S.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
Comments
Post a Comment