Oil Prices Are Stuck at $105 as Geopolitical Risks Mount
Equatorial Guinea Rewrites Oil Law After Production Collapses 85% Speculative positioning is already extremely… 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 holds near $105 as Iranian tanker attacks and multiple geopolitical conflicts keep oil markets on edge.
Oil prices have been relatively rangebound this week as the current modus operandi of frequent Hormuz transits and frequent Iranian drone attacks found an equilibrium point around $105 per barrel for ICE Brent.
Production shut-ins triggered by Hurricane Isaias no longer provide bullish support as total offline capacity in the US Gulf of Mexico dipped to 200,000 b/d by Friday, with offshore production returned to its pre-Isaias state at some point next week.
Hence, oil markets are back to watching and analyzing wars – be it US vs Iran, Russia vs Ukraine or Saudi Arabia vs Yemen’s Houthis.
Houthi Strikes Move Closer to Saudi Oil’s Nerve Centre.Houthi drone strikes causedextensivedamage to Saudi Aramco’s Dhahran headquarters, as the Yemeni militia vowed further attacks on airports and oil facilities, widening risks to critical energy infrastructure amidst recovering Saudi oil export flows.
The Diesel Squeeze Is Becoming a 2027 Problem.The International Energy Agencywarnedthat global diesel tightness would extend into 2027, with persistent supply shortages making it unlikely that stocks will be rebuilt before Q3 2027 as diesel production fell 1.7 million b/d year-on-year to 27.2 million b/d.China Flooded Fuel Markets Before Policy Tightened.Chinese exports of refined productssurgedto a 4-year high of 1.88 million b/d in September, up 39% year-on-year, as refiners maximized exports of middle distillates amidst looser controls, only to see October exports halve to 933,000 b/d so far.
Trump Hypes Up a Greenland Resource Boom.US President Donald Trumpstatedthat massive oil, gas and mineral exploration would begin in Greenland soon, even though the island’s 2021 ban on new oil exploration remains in force and the US-Denmark security deal granted Washington no drilling rights.
Russia-Ukraine Energy Truce Collapses Again.Ukraine resumed attacks on Russian refineries after an awkward 4-day energy truce allegedly negotiated by US President Trump,strikingRosneft’s 340,000 b/d Ryazan plant as the public rift of Ukraine President Zelenskiy with the White House escalates further.
Taiwan Raises Alaska LNG Hopes, Trump Declares Victory.Taiwanstatedthat it was making progress in talks to buy LNG from the $54 billion Alaska LNG project and would invest $4.4 billion in the project, only for US President Trump to claim that Taipei would buy 30% of the liquefaction plant’s entire output.
Washington Seeks to Ease Sanctions on the Shadow Fleet.The Trump administration isconsideringremoving sanctions from selected vessels, believed to be part of Russia’s so-called shadow fleet or previou.
| 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