Oil buyers grapple with month-high premiums as US inventory nears lows last seen in 2014.
Depleting reserves in Cushing, the major US oil storage hub, send ripples across global markets, impacting Asia, the Middle East, and Europe.
At the center of the story is Cushing, Oklahoma, the delivery point for benchmark US crude futures, which helps to set the price of oil across the Americas and beyond. “We’re running out of oil – you can see how low storage is at Cushing,” said Gary Ross, a veteran oil consultant turned hedge fund manager at Black Gold Investors LLC. “If we’re running out at Cushing, then we’re running out in Europe, because it relies on US exports. If the US exports less, then where is Europe going to get its oil from?”
Abu Dhabi’s Murban crude also surged against Dubai on the ICE Futures Abu Dhabi exchange. Although spot cargoes of Middle Eastern crude will only begin trading in the coming weeks, the premium of the grade — often compared with WTI Midland — increased to the highest since February on Thursday. “Waterborne exports in October are still likely to come in close to 4 million barrels a day,” said Matt Smith, oil analyst at Kpler. “The lagged impact of the tightening Brent-WTI spread means we may not see the full impact until November’s loadings.”
Italia Ultime Notizie, Italia Notizie
Similar News:Puoi anche leggere notizie simili a questa che abbiamo raccolto da altre fonti di notizie.
Asian stocks dip as oil extend rally on supply, inflation fearsThe US benchmark tops a one-year high of US$95 a barrel as major storage hub inventories decline.
Leggi di più »
MPOB says Malaysia’s 2024 palm oil output to rise despite El NinoMUMBAI, Sept 28 — Malaysia’s palm oil production is likely to rise next year as more plentiful labour and the maturation of plantations for harvesting offset the impact of the...
Leggi di più »
Malaysia’s 2024 palm oil output to rise despite El Nino, says MPOBThe projection is based on better labour availability, and yields from new areas.
Leggi di più »
Bond markets brace as oil climbs toward US$100 a barrelGlobal stocks are on track for their longest losing run in two years as US crude supply plummets.
Leggi di più »
Stocks flirt with longest losing run in two years as US$100 oil loomsLONDON, Sept 28 — World stocks were on track for their longest losing streak in two years today as the sight of oil prices nearing US$100 (RM470.8) a barrel compounded concerns...
Leggi di più »
Oil eases 1% on profit taking, interest rate worriesNEW YORK: Oil futures eased about 1% on Thursday (Sept 28), as traders took profits after prices soared to 10-month highs, and some worried that high ...
Leggi di più »