$120 Oil Is Almost Here, and Trump Has Few Good Options
6 Million Barrels in Two Minutes Draws CFTC Scrutiny Tom majored in International Business at Amsterdam’s Higher School of Economics and later completed an Executive MBA in Energy Transition at the University of Groningen.… Brent crude nears $120 as escalating Saudi-Houthi tensions fuel another weekly oil price rally, putting fresh pressure on Trump.
The slow creep of oil prices towards the $120 per barrel mark is a nightmarish scenario for US President Trump, even though there has been little fundamental change in the crude oil markets.
A slight drop in freight rates and a ubiquitous flattening of backwardated curves lowered differentials of most grades globally, offsetting some of the pressures coming from higher crude benchmarks.
Be that as it may, an escalating Saudi-Houthi conflict paved the way for another 4% weekly gain, with ICE Brent trading around $117 per barrel.
First Russian Diesel Cargo Heads for New York.A non-sanctioned tanker, the Maltese-flagged Agioi Fanendes, left Russia’s Baltic Sea port of Primorsk with New York listed as itsdestination, marking the first diesel cargo under Trump’s deal with Moscow with final delivery expected on November 7.
Libya Oil Output Falls After Protests Reemerge.Libya's NOC saidunauthorizedindividuals shut a pipeline valve serving the Hamada and Tahara fields, cutting output by 50,000 and 40,000 b/d respectively, as recurring protests jeopardize crude production that provides 90% of state revenues.
Europe Enters Winter with Gas at Four-Year Highs.Europe’s TTF gas benchmark rose above €93/MWh ($30 per MMBtu), thehighestsince December 2022, as restricted Qatari LNG supply coincided with colder weather and storage peaking below 75%, leaving Europe highly exposed ahead of winter.
Aramco Evacuates HQ After Houthi Attacks.Saudi Aramco (TADAWUL:2222)orderedstaff to evacuate its Dhahran headquarters and temporarily work from home after the HQ was attacked by the Houthis, the first such move since the Iran war began, with drone strikes also killing two at the Shaybah oilfield.
Qatar Looks to Rebuild Its LNG Supply Base.QatarEnergy isseekingadditional long-term cargoes from the US and potentially Asia after securing its first agreement with US developer Cheniere (NYSE:LNG), locking in 4 million tonnes of LNG per year until 2054, as domestic LNG outflows remain constrained.
Trump Taps Emergency Diesel Stockpiles.The US Energy Department isoffering315,000 barrels of diesel, one-third of its Northeast reserve, to ease regional disruptions as global diesel exports decline, while portraying the loan as temporary relief, with first Russian cargoes arriving in early November.
Japan Weighs Phasing Out Gasoline Subsidies.The Japanese government isconsideringphasing down gasoline subsidies from December as the program costs billions monthly, rapidly depleting a $20 billion budget, with average prices potentially rising from $4.1 per gallon now to $4.35 per gallon in January.
Trump Sees Wind Turbines as a Security Threa.
| 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% |
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