Oil Traders Brace for a Wild Week as Brent Approaches $120
ExxonMobil Profits Double to $15.4 Billion 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.… Fears of renewed U.S.-Iran hostilities are intensifying, with rising Hormuz attacks, reported explosions at Iran's Jask port and military repositioning overshadowing diplomatic efforts.
With only several days left until the US midterm elections, oil prices are set for a hefty 13-14% month-on-month increase as ICE Brent trends around $118 per barrel.
Qatari and Pakistani mediation notwithstanding, everything is pointing towards a resumption in US-Iran hostilities in the upcoming weeks – rising numbers of Hormuz attacks, reported explosions at Iran’s Jask port, reports of military repositioning as well as extremely bullish CTA positioning.
The markets should brace for a set of extremely volatile trading sessions next week… War Turns Refining into Big Oil’s Profit Engine.US oil majors ExxonMobil (NYSE:XOM) and Chevron (NYSE:CVX) both beat analystexpectationsfor Q3 profits, cashing in $15.4 billion and $9.9 billion respectively, with Exxon earning more from downstream than upstream for the first time in six years.
Iran Claims Three Tankers Struck Hormuz Mines.Iran’s IRGC said threeunidentifiedvessels struck naval mines, caught fire and were abandoned after using an “unauthorised” route and ignoring Tehran’s warnings, whilst the US Centcom disputes claims that the strait’s main shipping lane has been mined.
Europe Taps SPRs to Cool Diesel Prices.EU governments willrelease42 million barrels of strategic oil and product reserves over the next three months—half of it diesel—with France expecting pump-price relief of €0.12-0.18 per litre ($0.51-0.76 per gallon) within days after its 10-million-barrel release.
Saudi Oil Pitches Discounted Crude to Europe.Saudi national oil firm Saudi Aramco (TADAWUL:2222) reportedlystartedoffering discounted spot cargoes for October and November arrival to European buyers, seeking to maximize loadings through the Red Sea coast, in avoidance of the Houthis.
ADNOC Pushes Toward Zero Reliance on Hormuz.Abu Dhabi’s national oil company ADNOC has told its clients that thesecond1.5 million b/d pipeline to Fujairah, bypassing the Strait of Hormuz, would see first deliveries in early 2027, seeking to reduce transits of its offshore grades to a bare minimum.
Compressor Failure Disrupts US Butane Exports.US refining giant Phillips 66 (NYSE:PSX) declared force majeure on butane loadings from its 260,000 b/d Freeport LPG terminal after a power outage and compressor failure, risking supply as US facilities operate at high rates to meet strong export demand.
Buoyed by Record Margins, Valero Revives Houston Capacity.US refiner Valero Energy (NYSE:VLO) hasagreedto buy LyondellBasell’s idled Houston refinery for $320 million and restart its 165,000 b/d distillation column by end-2027, defying calls to restart its 145,000 b/d Beni.
| 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