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Asia midday crude futures: Ice Brent pares gains
Ice Brent crude futures retreated in early Asian trading, after US commercial crude inventories fell.
The Ice front-month December Brent contract was at $113.98/bl at 04:00 GMT, down by $1.34/bl from its settlement on 28 October when it ended $1.44/bl higher.
The Nymex front-month December crude contract was at $101.40/bl, lower by $1.38/bl from its settlement on 28 October when it ended $2.88/bl higher.
US commercial crude inventories fell by 1.9mn bl, down to 410.6mn bl in the week ended 23 October given that higher exports outpaced a rise in imports, the Energy Information Administration (EIA) said on 28 October.
Crude inventories at the US Strategic Petroleum Reserve (SPR) fell during the week by 100,000 bl to 282.6mn bl. SPR stocks are not included in the overall EIA commercial crude inventory figures.
The US Federal Reserve on 28 October held its target interest rate steady at 3.75-4pc, pausing after last month's hike as policymakers weighed renewed inflation pressures against signs of a softer US labor market.
The Federal Open Market Committee (FOMC) voted to keep the federal funds target range unchanged, saying the "accumulation of more information will help the Committee determine the policy stance appropriate to ensure a timely return of inflation to the Committee's 2 percent goal".
The decision by the FOMC was broadly expected even as policymakers said in September that they expected at least one more hike by the end of the year.
The Fed raised rates by 25 basis points in September to 3.75-4pc, its first increase since July 2023.
Saudi Arabian tanker owner Bahri's third-quarter profit rose nearly tenfold from a year earlier, mainly driven by sharply higher freight rates and an expansion of its long-term chartered fleet.
Bahri has continued operating on heavily disrupted Mideast Gulf and Red Sea routes this year. Four of its vessels have been involved in conflict-related incidents. All four underwent repairs and two have returned to service, the company said.
Bahri expects tanker markets to remain volatile for the rest of 2026 as geopolitical developments in the Mideast Gulf and Red Sea continue to drive freight rates. It expects a rebound in Mideast Gulf crude exports to support vessel demand.
Ice Brent crude futures retreated in early Asian trading, after US commercial crude inventories fell.
The Ice front-month December Brent contract was at $113.98/bl at 04:00 GMT, down by $1.34/bl from its settlement on 28 October when it ended $1.44/bl higher.
The Nymex front-month December crude contract was at $101.40/bl, lower by $1.38/bl from its settlement on 28 October when it ended $2.88/bl higher.
US commercial crude inventories fell by 1.9mn bl, down to 410.6mn bl in the week ended 23 October given that higher exports outpaced a rise in imports, the Energy Information Administration (EIA) said on 28 October.
Crude inventories at the US Strategic Petroleum Reserve (SPR) fell during the week by 100,000 bl to 282.6mn bl. SPR stocks are not included in the overall EIA commercial crude inventory figures.
The US Federal Reserve on 28 October held its target interest rate steady at 3.75-4pc, pausing after last month's hike as policymakers weighed renewed inflation pressures against signs of a softer US labor market.
The Federal Open Market Committee (FOMC) voted to keep the federal funds target range unchanged, saying the "accumulation of more information will help the Committee determine the policy stance appropriate to ensure a timely return of inflation to the Committee's 2 percent goal".
The decision by the FOMC was broadly expected even as policymakers said in September that they expected at least one more hike by the end of the year.
The Fed raised rates by 25 basis points in September to 3.75-4pc, its first increase since July 2023.
Saudi Arabian tanker owner Bahri's third-quarter profit rose nearly tenfold from a year earlier, mainly driven by sharply higher freight rates and an expansion of its long-term chartered fleet.
Bahri has continued operating on heavily disrupted Mideast Gulf and Red Sea routes this year. Four of its vessels have been involved in conflict-related incidents. All four underwent repairs and two have returned to service, the company said.
Bahri expects tanker markets to remain volatile for the rest of 2026 as geopolitical developments in the Mideast Gulf and Red Sea continue to drive freight rates. It expects a rebound in Mideast Gulf crude exports to support vessel demand.
By YouLiang Chay