Ice Brent crude futures fell in early Asian trading, even as vessel traffic through the strait of Hormuz remained below its pre-war baseline.
The Ice front-month October Brent contract was at $87.42/bl at 04:00 GMT, down by 42¢/bl from its settlement on 26 August when it ended 74¢/bl lower.
The Nymex front-month October crude contract was at $81.84/bl, lower by 39¢/bl from its settlement on 26 August, when it ended 13¢/bl lower.
The US Navy is helping escort tankers through the US-supported southern corridor of the strait of Hormuz, but the amount of vessel traffic there has come under increased scrutiny in recent weeks, with US claims difficult to corroborate independently.
A total of 17 vessels transited through the strait of Hormuz on 25 August, data from maritime security firm Windward show.
US crude inventories ticked up by 100,000 bl to 428.9mn bl in the week ended 21 August, as production held steady, according to Energy Information Administration (EIA) data. US exports fell on the week by 274,000 b/d to about 3.8mn b/d, while imports fell by 435,000 b/d to 6.2mn b/d.
Crude inventories at the US Strategic Petroleum Reserve (SPR) fell by 3.7mn bl to 289.7mn bl as part of a targeted 172mn bl drawdown announced in March in response to Middle East supply disruptions.
Oil producers and refiners are pushing back against efforts to allow WTI crude futures to trade over the weekends and on holidays, which they say could undercut confidence in the US oil benchmark and raise fuel prices for consumers.
The US Commodity Futures Trading Commission (CFTC) is considering a request by exchange operator CME Group to list what would be the first-ever continuously traded energy futures contract in the US. The agency has been seeking feedback on the proposed contract — which it temporarily stayed last month — as part of a broader probe into whether to allow exchanges it regulates to list other around-the-clock future contracts, including "perpetual" energy futures that never expire.
But oil interests say continuous crude futures trading would be detrimental for refiners, oil producers and other commercial energy companies. They are urging the CFTC to refuse to authorize the new WTI contract, or any other 24/7 energy futures contract, until sufficient data are available to demonstrate that such listings would not undermine existing liquidity, price discovery, and hedging activity.
Ice Brent crude futures fell in early Asian trading, even as vessel traffic through the strait of Hormuz remained below its pre-war baseline.
The Ice front-month October Brent contract was at $87.42/bl at 04:00 GMT, down by 42¢/bl from its settlement on 26 August when it ended 74¢/bl lower.
The Nymex front-month October crude contract was at $81.84/bl, lower by 39¢/bl from its settlement on 26 August, when it ended 13¢/bl lower.
The US Navy is helping escort tankers through the US-supported southern corridor of the strait of Hormuz, but the amount of vessel traffic there has come under increased scrutiny in recent weeks, with US claims difficult to corroborate independently.
A total of 17 vessels transited through the strait of Hormuz on 25 August, data from maritime security firm Windward show.
US crude inventories ticked up by 100,000 bl to 428.9mn bl in the week ended 21 August, as production held steady, according to Energy Information Administration (EIA) data. US exports fell on the week by 274,000 b/d to about 3.8mn b/d, while imports fell by 435,000 b/d to 6.2mn b/d.
Crude inventories at the US Strategic Petroleum Reserve (SPR) fell by 3.7mn bl to 289.7mn bl as part of a targeted 172mn bl drawdown announced in March in response to Middle East supply disruptions.
Oil producers and refiners are pushing back against efforts to allow WTI crude futures to trade over the weekends and on holidays, which they say could undercut confidence in the US oil benchmark and raise fuel prices for consumers.
The US Commodity Futures Trading Commission (CFTC) is considering a request by exchange operator CME Group to list what would be the first-ever continuously traded energy futures contract in the US. The agency has been seeking feedback on the proposed contract — which it temporarily stayed last month — as part of a broader probe into whether to allow exchanges it regulates to list other around-the-clock future contracts, including "perpetual" energy futures that never expire.
But oil interests say continuous crude futures trading would be detrimental for refiners, oil producers and other commercial energy companies. They are urging the CFTC to refuse to authorize the new WTI contract, or any other 24/7 energy futures contract, until sufficient data are available to demonstrate that such listings would not undermine existing liquidity, price discovery, and hedging activity.
By YouLiang Chay