29 October (Argus) — Ice Brent crude futures were largely steady in early Asian trading hours, as the US emerged to refill the country's Strategic Petroleum Reserve (SPR).
At 04:00 GMT, the Ice front-month December Brent contract was at $71.45/bl, up by 3¢/bl from its settlement on 28 October when the contract ended $4.63/bl lower.
The Nymex front-month December crude contract was at $67.41/bl, higher by 3¢/bl from its settlement on 28 October when the contract ended $4.40/bl lower.
US President Joe Biden's administration is trying to take advantage of another drop in crude prices to buy up to 3mn bl of crude that would be delivered to the US SPR Bryan Mound storage facility in April and May.
The US Department of Energy (DOE) said the solicitation announced on 28 October was part of its plan to "make consistent solicitations when oil prices are favorable for taxpayers." For the last year, the agency aimed to buy crude to partially refill the SPR at a price of no more than $79/bl to achieve a goal of securing a "good deal for taxpayers."
The US Bureau of Labor Statistics will publish its employment report for the month of October at the end of this week, the last such report before the closely fought 5 November presidential election, in which the health of the economy is a major issue. The 1 November job data is unlikely to move current bets that the US Federal Reserve will lower its target rate by a quarter point the following week and in December.
Oil prices fell by more than $4/bl on 28 October in the largest daily move this year, after retaliatory Israeli air strikes on Iran over the weekend avoided energy infrastructure. The Russian central bank has increased its key interest rate by two percentage points to 21pc, citing greater than expected inflationary pressures. "Additional spending, and a resulting expanded budget deficit in 2024, has inflationary effects," the bank said on 25 October. "A further tightening of monetary policy is needed to ensure the inflation rate returns to target and to reduce inflation expectations."
Libyan crude exports are scheduled to exceed 1mn b/d in November, following the lifting of force majeure on oil fields and terminals early this month.
November loading schedules for all 12 of the country's crude grades have surfaced, totalling 1.05mn b/d, up from the 888,000 b/d scheduled to load in October. If cargoes load as planned, November would mark the highest monthly volume exported since April this year when 1.07mn b/d was shipped, according to Argus tracking data.
29 October (Argus) — Ice Brent crude futures were largely steady in early Asian trading hours, as the US emerged to refill the country's Strategic Petroleum Reserve (SPR).
At 04:00 GMT, the Ice front-month December Brent contract was at $71.45/bl, up by 3¢/bl from its settlement on 28 October when the contract ended $4.63/bl lower.
The Nymex front-month December crude contract was at $67.41/bl, higher by 3¢/bl from its settlement on 28 October when the contract ended $4.40/bl lower.
US President Joe Biden's administration is trying to take advantage of another drop in crude prices to buy up to 3mn bl of crude that would be delivered to the US SPR Bryan Mound storage facility in April and May.
The US Department of Energy (DOE) said the solicitation announced on 28 October was part of its plan to "make consistent solicitations when oil prices are favorable for taxpayers." For the last year, the agency aimed to buy crude to partially refill the SPR at a price of no more than $79/bl to achieve a goal of securing a "good deal for taxpayers."
The US Bureau of Labor Statistics will publish its employment report for the month of October at the end of this week, the last such report before the closely fought 5 November presidential election, in which the health of the economy is a major issue. The 1 November job data is unlikely to move current bets that the US Federal Reserve will lower its target rate by a quarter point the following week and in December.
Oil prices fell by more than $4/bl on 28 October in the largest daily move this year, after retaliatory Israeli air strikes on Iran over the weekend avoided energy infrastructure. The Russian central bank has increased its key interest rate by two percentage points to 21pc, citing greater than expected inflationary pressures. "Additional spending, and a resulting expanded budget deficit in 2024, has inflationary effects," the bank said on 25 October. "A further tightening of monetary policy is needed to ensure the inflation rate returns to target and to reduce inflation expectations."
Libyan crude exports are scheduled to exceed 1mn b/d in November, following the lifting of force majeure on oil fields and terminals early this month.
November loading schedules for all 12 of the country's crude grades have surfaced, totalling 1.05mn b/d, up from the 888,000 b/d scheduled to load in October. If cargoes load as planned, November would mark the highest monthly volume exported since April this year when 1.07mn b/d was shipped, according to Argus tracking data.
By Rhalain Reyes