• 4 minutes Oil Price Editorial: Beware Of Saudi Oil Tanker Sabotage Stories
  • 6 minutes UAE says four vessels subjected to 'sabotage' near Fujairah port
  • 13 minutes Mueller Report Brings Into Focus Obama's Attempted Coup Against Trump
  • 15 minutes Magic of Shale: EXPORTS!! Crude Exporters Navigate Gulf Coast Terminal Constraints
  • 9 hours Wonders of Shale- Gas,bringing investments and jobs to the US
  • 7 mins Trump bogged down in Mideast quagmire. US spent $Trillions, lost Thousands of lives, and lost goodwill. FOR WHAT? US interests ? WHAT INTEREST ? . . . . China greatest threat next 50 years.
  • 6 hours Why is Strait of Hormuz the World's Most Important Oil Artery
  • 5 hours California's Oil Industry Collapses Despite Shale Boom
  • 3 hours North Dakota oil output totals 1.39 million b/d in March, up 4% on month: state
  • 59 mins Misunderstanding between USA and Iran the cause of current stand off, I call BS
  • 2 hours Rural and Conservative: Polish Towns Go 'LGBT free' Ahead Of Bitter European Election Campaign
  • 2 hours Global Warming Making The Rich Richer
  • 8 hours IMO2020 To scrub or not to scrub
  • 10 hours Knock-Knock: Aircraft Carrier Seen As Barometer Of Tensions With Iran
  • 14 hours Crude oil?
  • 7 hours Iceland Reducing Gas Stations By Half By 2025
  • 2 hours Compensation For A Trade War: Argentina’s Financial Crisis Creates An Opportunity For China
  • 9 hours "We cannot be relying on fossil fuels to burn as an energy source at all in our country" - Canadian NDP Political Leader

Oil Markets Ignore Growing Geopolitical Risk

refin

The disappearance and alleged dismembering of Saudi dissident Jamal Khashoggi by people connected to Crown Prince Mohammad bin Salman has generated a lot of media buzz throughout the week, however markets were quite reluctant to react palpably. U.S. crude inventories, however, have put crude prices under significant pressure, having increased by a total of 20 million barrels within the past six weeks due to the autumn refinery maintenance season.

(Click to enlarge)

Overall, crude fell to a one-month low after market sentiment cooled over Iranian supply loss fears but remained cautious about trade wars potentially limiting economic activity in 2019. There were some positive signs, such as China increasing its refinery throughput in September to a record-high 12.5 mbpd, but downward pressures hit the market harder as WTI ended the week trading around $69 per barrel, whilst Brent hovered around $79 per barrel.

1. US Crude Stockpiles Surge for Fourth Week in a Row

(Click to enlarge)

- This week’s 6.5 million-barrel U.S. stock surge to 416.4 million barrels was all the more noteworthy for happening against the background of US Gulf of Mexico production shut-ins.
- Crude exports fell back to 1.8 mbpd, to a four-week rolling average of 2.2 mbpd, whilst net imports bounced back from last week’s lowpoint to 7.6 mbpd.
- U.S. gasoline stocks finally drew this week by 2 MMbbl to 234.2 MMbbl, but remain roughly 12 million…




Oilprice - The No. 1 Source for Oil & Energy News