22 October (Argus) — Ice Brent crude futures edged down in early Asian trading hours, as a stronger US dollar is expected to weigh on oil demand.
At 04:00 GMT, the Ice front-month December Brent contract was at $74.08/bl, down by 21¢/bl from its settlement on 21 October when the contract ended $1.23/bl higher.
The Nymex front-month November crude contract was at $70.43/bl, down by 13¢/bl from its settlement on 21 October when the contract ended $1.34/bl higher.
The US dollar index, which measures the currency against a basket of other currencies, rose on 21 October to its highest level since early August. A stronger dollar may dampen oil demand as dollar-denominated crude becomes more expensive for buyers to import.
Global oil demand is more likely to enter a "long plateau" stage when it eventually peaks rather than experience an abrupt decline, state-controlled Saudi Aramco's chief executive Amin Nasser said on 21 October.
This view, shared by "most analysts", means that more than 100mn b/d would "realistically still be required by 2050", Nasser said at the Singapore International Energy Week.
"This is a stark contrast with those predicting that oil will, or must, fall to just 25mn b/d by then,"he added. "Being short 75mn bl every day would be devastating for energy security and affordability."
On supply, war-torn Sudan is technically ready to restart exports of South Sudan's heavy sweet Dar Blend crude, according to Sudan's energy minister Mohi Eddeen Naeem.
Some Dar Blend has already reached Sudan's Bashayer export terminal as part of preparations aimed at fully resuming flows, a Sudanese pipeline engineer said during a 20 October visit by South Sudanese officials to the Red Sea port.
- Asia midday crude futures: Ice Brent eases
22 October (Argus) — Ice Brent crude futures edged down in early Asian trading hours, as a stronger US dollar is expected to weigh on oil demand.
At 04:00 GMT, the Ice front-month December Brent contract was at $74.08/bl, down by 21¢/bl from its settlement on 21 October when the contract ended $1.23/bl higher.
The Nymex front-month November crude contract was at $70.43/bl, down by 13¢/bl from its settlement on 21 October when the contract ended $1.34/bl higher.
The US dollar index, which measures the currency against a basket of other currencies, rose on 21 October to its highest level since early August. A stronger dollar may dampen oil demand as dollar-denominated crude becomes more expensive for buyers to import.
Global oil demand is more likely to enter a "long plateau" stage when it eventually peaks rather than experience an abrupt decline, state-controlled Saudi Aramco's chief executive Amin Nasser said on 21 October.
This view, shared by "most analysts", means that more than 100mn b/d would "realistically still be required by 2050", Nasser said at the Singapore International Energy Week.
"This is a stark contrast with those predicting that oil will, or must, fall to just 25mn b/d by then,"he added. "Being short 75mn bl every day would be devastating for energy security and affordability."
On supply, war-torn Sudan is technically ready to restart exports of South Sudan's heavy sweet Dar Blend crude, according to Sudan's energy minister Mohi Eddeen Naeem.
Some Dar Blend has already reached Sudan's Bashayer export terminal as part of preparations aimed at fully resuming flows, a Sudanese pipeline engineer said during a 20 October visit by South Sudanese officials to the Red Sea port.
By Rhalain Reyes