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Brent Rebounds 3.9% to $98.29 as UKMTO Reports Tanker Struck by Two Projectiles Off Qatar
ICE Brent January settled at $98.29 on Nov. 5, up 3.9% after three losses, as UKMTO reported a tanker struck by two projectiles north of Qatar.
Brent Settles 8.7% Lower at $94.62 Even as EIA Reports Draws in U.S. Crude and Distillate Stocks
ICE Brent January settled at $94.62 on Nov. 4, down 8.7%, as EIA data showed U.S. crude stocks down 865,000 barrels and distillates down 3.6 million.
Brent Falls for a Third Straight Session Even as UKMTO Logs Nine Attacks on Vessels Near Hormuz in Six Days
UKMTO logged nine attacks on vessels near Hormuz from Oct. 29 to Nov. 3, yet Brent fell three straight sessions as EIA data showed Gulf shut-ins easing.
Brent Settles at $103.60, Lowest Since Oct. 15, as WTI Spot Falls Below $100 Despite Tanker Attacks Off Oman
ICE Brent January settled at $103.60 on Nov. 3, its lowest since Oct. 15, and EIA's WTI spot fell to $99.64 even as UKMTO logged new attacks off Oman.
Brent Settles 7.6% Lower at $104.77, Below the EIA's $105 Forecast, as U.S. Gasoline Falls to $4.15
ICE Brent January settled at $104.77 on Nov. 2, down 7.6%, its first close below the EIA's $105 Q4 forecast since Oct. 15; U.S. gasoline fell to $4.15.
Saudi Crude Output Ran About 1.7 Million BPD Below Pre-War Levels in September, EIA Estimates, as OPEC+ Holds Targets
EIA estimates put Saudi crude output near 8.8 million bpd in September, 1.7 million below pre-war levels, as the East-West pipeline carried exports.
Brent December Contract Expires at $117.64, $4.21 Above January, After a 20% October Gain
ICE Brent December expired at $117.64, $4.21 over January, after rising 20% in October; WCS gained about 3.4% as its discount to WTI widened to US$30.50.
Brent's $113.43 Settle Sits $8.43 Above the EIA's $105 Fourth-Quarter Forecast as Shut-Ins Ease
ICE Brent January settled at $113.43 on Oct. 30, $8.43 above the EIA's $105 Q4 forecast, while the WTI-WCS discount widened to US$30.50.
OPEC+ Holds December Required Production at 31.01 Million BPD as Gulf Output Runs Below Target
Seven OPEC+ producers kept December targets at 31.01 million bpd, while EIA estimates put Saudi, Kuwaiti and Iraqi output 3.5 million bpd below those levels.
Canadian Heavy Oil Discount Widens to US$30.50, About Twice Alberta's Forecast, as WTI Closes at US$102
The WTI-WCS differential reached US$30.50 on Oct. 29, about twice Alberta's US$14.80 forecast, as Canadian heavy crude lagged October's rally.
U.S. Oil Rigs Reach 462 in Baker Hughes Count of 603 as Canada Runs 226 Rigs and Brent Ends October at $113.43
Baker Hughes counted 462 U.S. oil rigs and 603 in total on Oct. 30, with 226 in Canada, as Brent January futures settled at $113.43.
Brent Settles 4% Higher at $113.17 as DOE Offers 315,000 Barrels From Northeast Heating Oil Reserve
ICE Brent December settled at a contract-high $113.17 on Oct. 22 as DOE offered to exchange up to 315,000 barrels of heating oil for New England and New York.
Trans Mountain Heavy Crude Exports Rise 39% to 441,000 Bpd as the System Runs at 96% and the WCS Discount Widens
CER data show Trans Mountain ran at 96.2% of capacity in June, with Westridge heavy exports up 39%, as Alberta put the WCS discount at US$24.96.
Brent-WTI Spot Spread Widens to $13.42 as UKMTO Logs Two Tanker Strikes in Seven Hours
EIA spot data put Brent $13.42 above WTI on Oct. 21, up from $7.33, after UKMTO reported tankers struck off Al Faw, Iraq, and Bukha, Oman.
Saudi Energy Ministry Says Shaybah Operations Unaffected After Intercepted Drone's Debris Kills Two
Saudi Arabia's Energy Ministry said debris from a drone intercepted near Aramco's 1 million bpd Shaybah field killed two people but did not affect operations.
Brent-WTI Spot Gap Collapses From $30.39 to $7.33 as Cushing Crude Climbs to $107.89 Per Barrel
Brent's spot premium over WTI collapsed from $30.39 to $7.33 per barrel in five sessions. See what the EIA data means for a 2 million barrel cargo.
EIA Reports 3.06 Million Barrel U.S. Crude Draw as Exports Fall 1.13 Million Bpd and Output Drops 410,000 Bpd
EIA said U.S. crude stocks fell 3.06 million barrels to 412.5 million in the week to Oct. 16, a third straight draw, as exports and output both fell.
EIA and IEA Flag Record Tanker Rates as Brent's Spot Premium to Futures Narrows to $6.43
EIA said tanker rates hit records in September and the IEA said freight squeezed refiners, as Brent's spot premium to futures narrowed to $6.43 on Oct. 20.
EIA's 4.77 Million Bpd Gulf Shut-In Estimate Equals $523 Million a Day at $109.55 Brent
EIA put September Middle East shut-ins at 4.77 million bpd, about $523 million a day at Brent's Oct. 19 settle, as the IEA said product exports lag crude.
Brent December Settles at $109.55 as Its Premium to January Widens to $3.48 Before WTI Expiry
ICE Brent December settled at $109.55 on Oct. 19 while January fell 75 cents, widening the prompt spread to $3.48 as Cushing spot WTI reached $110.01.
WCS Discount Widens to US$24.96, 2.2 Times the AER's 2025 Average, as Trans Mountain Runs Near Capacity
Alberta put the WTI-WCS differential at US$24.96 on Oct. 15, against an AER 2025 average of US$11.14, with Trans Mountain at 96.2% of capacity in June.
Brent Settles at $109.86 as U.S. Waives Graham Act Sanctions and Treasury Licenses Russian Diesel Imports
Brent rose 4.9% on the week to $109.86 as Executive Order 14436 waived Graham Act sanctions and OFAC's General License 135 allowed Russian diesel imports.
Brent Spot Premium to ICE Futures Narrows to $9.47 After Holding Above $20 for Four Sessions
EIA's Europe Brent spot price ran more than $20 above ICE December futures from Oct. 12 to Oct. 15, then narrowed to $9.47 on Oct. 16.
Brent Settles at $109.86, $4.86 Above the EIA's $105 Fourth-Quarter Forecast
ICE Brent December settled at $109.86 on Oct. 16, up 4.9% on the week and $4.86 above the EIA's $105 fourth-quarter forecast, after an 8.56 million barrel draw.
IEA Governing Board Agrees to Speed Remaining 100 Million Barrels of Emergency Oil, Including 20 Million of Diesel
The IEA Governing Board agreed Oct. 15 to accelerate about 100 million barrels of remaining emergency oil, including more than 20 million barrels of diesel.
UKMTO Logs Seven Strait of Hormuz Attacks in Three Days as ICE Brent Settles at $106.06
UK Maritime Trade Operations logged seven Strait of Hormuz attack reports from Oct. 11 to Oct. 13. ICE Brent December settled at $106.06 on Oct. 14.
BP Expects Third-Quarter Net Debt of $13.5 Billion to $14.5 Billion, Down From $22.3 Billion
BP expects net debt of $13.5 billion to $14.5 billion at the end of the third quarter, down from $22.3 billion, and a significantly higher gas trading result.
OPEC Trims 2026 Oil Demand Growth Forecast to 0.2 Million Bpd as ICE Brent Settles at $106.65
OPEC forecasts 2026 oil demand growth of 0.2 million bpd, down from 0.4 million, and 2.6 million in 2027. ICE Brent December settled at $106.65 on Oct. 12.
Baker Hughes U.S. Rig Count Rises Five to 603 as Oil Rigs Reach 462 and the Permian Adds Four
Baker Hughes counted 603 U.S. rigs in the week ended Oct. 9, up five, with oil rigs at 462, the Permian at 274 and Canada up six to 222.
ICE Brent Settles at $104.28 as Hurricane Isaias Shuts In 62.89% of Gulf of America Oil Output
ICE Brent December rose $4.08 to settle at $104.28 on Oct. 8, as operators shut in 62.89% of Gulf of America oil output ahead of Hurricane Isaias.
G7 Leaders Commit to a 100 Million Barrel Coordinated Oil Release Through the IEA Over Four Months
G7 leaders committed on Oct. 2 to a coordinated release of 100 million barrels through the IEA over four months, with diesel frontloaded in the first 20 days.
UKMTO Reports Three Tankers Struck in the Strait of Hormuz as ICE Brent December Settles at $102.31
UK Maritime Trade Operations reported three tankers struck in the Strait of Hormuz on Sept. 30. ICE Brent December settled at $102.31 on Oct. 1.
Standard Chartered Says Oil Risk Premium Is Structural as US SPR Reaches 44-Year Low, Brent at $102.59
Standard Chartered says Brent's $17.59 risk premium over Goldman's $85 target is now structural. US SPR hits a 44-year low at 283.8 million barrels.
WTI Settles at $92.44 as Brent-WTI Spread Hits $11.93, Squeezing Alberta Oil Sands Netbacks
WTI crude settled at $92.44 Friday, down 7.4% on the week, while the Brent-WTI spread hit $11.93, compressing netbacks for Alberta oil sands producers.
Houthi Missiles Strike Saudi Oil Infrastructure, Brent Settles at $106.60 as $12 Brent-WTI Gap Shields Permian Producers
Brent surged $3.52 to a $106.60 ICE settlement after Houthi missiles hit Saudi oil infrastructure. WTI at $94.35 widens the Brent-WTI gap to $12.25 per barrel.
Hormuz Commodity Traffic Falls 80% in 24 Hours as Brent Settles at $103.10, Reversing Monday's Diplomatic Rally
Strait of Hormuz recorded just 3 commodity transits Wednesday, driving Brent to $103.10 and widening the WCS-Brent discount to $24.93 per barrel.
Iran Diplomacy Sends Crude Lower as Goldman's New $85 Brent Target Trails a $102 Market by $17 Per Barrel
WTI plunged $5 to $95 and Brent slid to $102 Monday as Trump signaled Iran talks at UNGA. Goldman's new $85 Q4 target still trails the market by $17.
OPEC+ Completes 1.65 Million bpd Voluntary Cut Rollback as IEA Counts 10 Million Barrels Per Day of Gulf Output Still Offline
OPEC+ added a final 188,000 bpd in September, yet IEA counts more than 10 million bpd of Gulf output still shut in. Brent settled at $103.19 Friday.
Baker Hughes Friday: US Rigs Hit 595, Highest Since May 2024, as Gas Drilling Reaches 3-Year High and WTI Settles at $99.53
US rigs climbed to 595 this week, highest since May 2024, as gas drilling hit a 3-year high at 134 rigs. WTI settled at $99.53 per barrel Friday, down 2.3%.
Brent Settles at $104.82 as Saudi Aramco Targets Partial East-West Pipeline Repair and $19 Risk Premium Holds
Brent settled at $104.82 on Thursday's ICE close as Saudi Aramco targets partial pipeline restoration; full repair could take weeks to months.
Brent Retreats to $105.50 From $109.44 Peak as Saudi Aramco Doubles Ras Tanura Loadings and Opens Sohar Route
Brent fell to $105.50 Wednesday as Saudi Aramco rerouted 4 million barrels through Oman's Sohar port, easing fears that drove crude to $109.44 Tuesday.
Saudi Aramco East-West Pipeline Shutdown Drives Brent to $109.44 as Saudi Exports Lose Their Hormuz Bypass
Saudi Aramco's 7 million bpd East-West pipeline is offline after drone attacks, driving Brent to $109.44 and trapping Saudi exports behind Hormuz.
Goldman Sachs Raises Year-End Brent Target to $85 as Bank of America and HSBC Also Upgrade; ICE Friday Settlement of $104.61 Sits $14 to $21 Above Consensus
Goldman Sachs, BofA and HSBC raised Brent year-end forecasts Sunday, but all three targets trail Friday's $104.61 ICE settlement by up to $21 per barrel.
China Crude Restocking Lifts WCS to $89.40 as WTI Settles at $104.20; Goldman's $85 Q4 Target Now $22.63 Below Brent Settlement
China's crude restocking push lifts WCS to $89.40 as WTI settles at $104.20, netting Alberta oil sands operators $13.53 per barrel more than September 1.
Brent Crosses $102 as US Sinks Five Iranian Tankers and Goldman's Q4 Forecast Falls $17 Below Spot
Brent crude hit $102.14 Wednesday as the US-Iran tanker war escalated, pushing Goldman's just-raised $85 Q4 target $17 below current spot prices.
Houthis Strike Saudi Arabia Energy Sites in 2026's Heaviest Attack, Goldman Raises Brent Target to $85
Goldman raises Brent target to $85 as Houthis strike Saudi energy sites in heaviest 2026 attack, wounding 73 and halting Jazan refinery operations.
Brent Crude Settles at $95.24, 19% Above Goldman's $80 Q4 Target, as US-Iran Clashes Cut Strait of Hormuz Tankers to 5 per Day
Brent settled at $95.24 Wednesday as US-Iran clashes cut Hormuz to 5 tankers, putting Goldman Sachs' $80 Q4 oil price target 19% behind spot.
WTI Tops $90 Per Barrel on Larak Island Strikes as WCS Climbs to $75.87 for Canadian Oil Sands
WTI topped $90 per barrel Tuesday as US strikes on Larak Island reversed a three-session slide, lifting WCS to $76 for Canadian oil sands producers.
Brent Crude Rebounds to $90.69 Settlement as Hormuz Flows Hit 15 Million bpd; Goldman Sachs Q4 Cap at $80 Would Cost Alberta Producers $15 CAD Per Barrel
Brent settled at $90.69 on Monday's ICE close. Goldman Sachs caps Q4 at $80, threatening a $15 CAD/bbl revenue drop for Alberta crude producers.
Brent Crude Falls More Than 5% to $89.31 as Persian Gulf Exports Triple to 15 Million Barrels Per Day, WTI Closes at $83.40
Brent crude fell more than 5% to $89.31 per barrel Friday as Persian Gulf oil exports tripled from March lows, stripping out the Iran conflict premium.