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Asia midday crude futures: Ice Brent extends losses
Ice Brent crude futures extended losses in early Asian trading on expectations that a Democrats' win could pave the way for legislation aimed at lowering consumer prices for energy and other goods.
The Ice front-month January Brent contract was at $93.74/bl at 04:00 GMT, down by 88¢/bl from its settlement on 4 November when it ended $8.98/bl lower.
The Nymex front-month December crude contract was at $86.83/bl, lower by $1.29/bl from its settlement on 4 November when it ended $7.97/bl lower.
US Democratic congressional leaders are promising to use their victories in the midterm elections on 3 November to seek new restraints against president Donald Trump, while leaving an opening for legislative deals that would lower consumer prices for energy and other goods.
Newly elected Democrats said they want to look at areas of compromise that could give relief to consumers struggling with high fuel prices. US senator-elect James Talarico (D-Texas) said he supported Trump's proposal to suspend federal excise taxes on gasoline and diesel.
"If we suspend the federal gas tax, we could drop the price of gas by 18¢/USG immediately," Talarico told Fox News on 4 November.
Republicans are blaming the crushing midterm losses partly on the war in Iran, which angered voters who trusted Trump's anti-war campaign promises and ended up paying more for gasoline, diesel and fertilizer. US vice president JD Vance, who is considering a presidential run in 2028, said Republicans lost because of the war.
Crude output nationwide averaged 14mn b/d in the week ended 30 October, up from 13.99mn b/d in the week prior for a new record, the Energy Information Administration (EIA) reported on 4 November.
US commercial crude inventories fell by 865,000 b/d last week as rising refinery runs outpaced record production, the Energy Information Administration (EIA) reported on 4 November.
Crude stocks fell to 409.8mn bl in the week ended 30 October, down from 410.6mn bl in the previous week. Inventories also were down by 11.4mn bl from a year earlier.
"The prolonged continuation of a waiver meant to serve as a short-term emergency measure threatens to stymie your administration's maritime dominance agenda," the American Maritime Partnership (AMP), a coalition of US maritime interest groups, said in a letter to Trump on 3 November.
Ice Brent crude futures extended losses in early Asian trading on expectations that a Democrats' win could pave the way for legislation aimed at lowering consumer prices for energy and other goods.
The Ice front-month January Brent contract was at $93.74/bl at 04:00 GMT, down by 88¢/bl from its settlement on 4 November when it ended $8.98/bl lower.
The Nymex front-month December crude contract was at $86.83/bl, lower by $1.29/bl from its settlement on 4 November when it ended $7.97/bl lower.
US Democratic congressional leaders are promising to use their victories in the midterm elections on 3 November to seek new restraints against president Donald Trump, while leaving an opening for legislative deals that would lower consumer prices for energy and other goods.
Newly elected Democrats said they want to look at areas of compromise that could give relief to consumers struggling with high fuel prices. US senator-elect James Talarico (D-Texas) said he supported Trump's proposal to suspend federal excise taxes on gasoline and diesel.
"If we suspend the federal gas tax, we could drop the price of gas by 18¢/USG immediately," Talarico told Fox News on 4 November.
Republicans are blaming the crushing midterm losses partly on the war in Iran, which angered voters who trusted Trump's anti-war campaign promises and ended up paying more for gasoline, diesel and fertilizer. US vice president JD Vance, who is considering a presidential run in 2028, said Republicans lost because of the war.
US oil production hit the 14mn b/d mark for the first time last week, but the pace at which operators added the most recent 1mn b/d was slower than in the past.
Crude output nationwide averaged 14mn b/d in the week ended 30 October, up from 13.99mn b/d in the week prior for a new record, the Energy Information Administration (EIA) reported on 4 November.
US commercial crude inventories fell by 865,000 b/d last week as rising refinery runs outpaced record production, the Energy Information Administration (EIA) reported on 4 November.
Crude stocks fell to 409.8mn bl in the week ended 30 October, down from 410.6mn bl in the previous week. Inventories also were down by 11.4mn bl from a year earlier.
Meanwhile, US maritime interest groups are urging Trump to let his Jones Act waiver lapse as scheduled on 15 November.
"The prolonged continuation of a waiver meant to serve as a short-term emergency measure threatens to stymie your administration's maritime dominance agenda," the American Maritime Partnership (AMP), a coalition of US maritime interest groups, said in a letter to Trump on 3 November.
By Rhalain Reyes