![]() ![]() In part due to oversupply and to defend market share, Middle East supplier Kuwait set its October Official Selling Price (OSP) for crude oil to Asia 60 cents lower compared with September at a discount of USD 1.95 per barrel versus Oman/Dubai prices. "Sales were 1.0 percent lower YoY (year-on-year), slightly more than the 0.8 percent fall seen in July 2015," the bank said, although it added that sales could pick up towards the end of the year. Outside the US, oil fundamentals appear to be slipping seasonally," Morgan Stanley said on Monday in a note to clients, adding that there was potential for some floating storage within the second half of 2015.ĪNZ said strong supply from the Middle East remained a concern on the supply side, while Macquarie bank noted that falling auto sales in August were acting as a drag on demand. "Both the supply and demand pictures look less favorable over the coming months. The outlook for oil markets outside the United States remained weak, however, as high production clashed with stalling demand, creating a market in which more oil is produced than needed. The International Energy Agency (IEA) said on Friday that a cut in production from non-OPEC suppliers, especially from the United States, would lead to a rebalancing of the market by next year. JMARKETS REUTERS COMMODITIES OIL AND GAS SINGAPORE - Oil prices nudged up on Monday, underpinned by strong demand during the summer driving season and a pause in talks to revive the Iran nuclear deal that could indicate a delay in resumption of supplies from the OPEC producer. ![]() The consecutive second decline suggests a low price environment coupled with low oil price hedge is starting to impact US supply," ANZ bank said on Monday. "Baker Hughes reported US oil rig count fell 10 to 652 last week. The global crude benchmark Brent LCOc1 was trading at USD 48.18 a barrel, up 4 cents from its last close. US crude futures CLc1 were trading at USD 44.86 per barrel at 0215 GMT, up 23 cents from their last settlement, pushed by a slight fall in drilling activity. Oil markets edged up in early Asian trading on Monday, with US crude contracts receiving support from reduced American drilling, although weakening demand weighed on international markets. ![]()
1 Comment
8/19/2023 03:10:48 am
Brilliant article! Your comprehensive analysis of the oil market dynamics provided a clear understanding of its complexities. Thanks for shedding light on a crucial topic that impacts economies worldwide
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