Oil Stocks in U.S. Strategic Petroleum Reserve Fall to Lowest Level Since 1982
Goldman Sachs says $27 of each barrel price reflects geopolitical risk as Houthi attacks and Middle East tensions strain shipping and refinery operations.
- On Thursday, US oil prices fell as investors gauged Middle East supply risks, with West Texas Intermediate futures dropping $1.04, or 1.0%, to $101.74 and Brent crude declining 0.7% to $114.50 a barrel.
- Regional hostilities escalated after the Houthis reported missile strikes on Saudi Arabia's largest refinery on Tuesday and attacked Aden airport on Wednesday, though Saudi authorities did not immediately confirm the 550,000-barrel-per-day facility strike.
- US Vice President Vance sought to revive negotiations by sending a letter to Iranian Security Council chief Mohsen Rezaei, but a senior Iranian official dismissed a new Qatari-backed draft deal even as Tehran continues to give diplomacy a chance.
- The Energy Information Administration reported energy firms pulled 1.9 million barrels of crude from storage during the week ended October 23, while gasoline stockpiles rose by 3.9 million barrels, exceeding analysts' expectations for a draw of 0.9 million barrels.
- "Selling pressure is prevailing amid expectations that peace talks may resume," said Yuki Takashima, an economist at Nomura Securities, though the decline remains limited due to fears the US may launch an attack on Iran after its November 3 elections.
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The value of the Brent oil futures delivered in January 2027 on the London ICE stock market fell below $105 per barrel for the first time since October 16th, and the bid figures show that, according to 19:37 msk, Brent's value fell by 7.51%, to $104.91 per barrel, gave TASS. By 19:42 msk, Brent's value accelerated to $104.64 per barrel (7.75 per cent). At the same time, the value of the WTI oil futures delivered in December declined by 7.25 per …
US strategic oil reserves fell to 282.2 million barrels. Reserves continue to update their minimum values since October 1982, according to data from the US Department of Energy
US strategic oil reserves fell to 282.2 million barrels. Reserves continue to update their minimum values since October 1982, according to data from the US Department of Energy.Oil reserves in the US strategic reserve began to update the lows of...
The Gulf states fear a more violent reaction from Iran if the US and Israel strike again. Fuel prices set a record under Trump in the US ahead of crucial midterm elections.
Oil prices surged 56% to over $113 following US and Israeli operations against Iran. It is suggested that record-breaking fuel prices in the US could exact a heavy political toll on Donald Trump and the Republican Party in the November 3rd midterm elections.
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