Crude lipid futures fell much than 4% connected Tuesday, arsenic a looming planetary lipid surplus adjacent twelvemonth overshadowed the hazard of a proviso disruption from the struggle betwixt Israel and Iran.
Oil prices spiked earlier this period aft Iran deed Israel with a ballistic rocket attack, raising fears that Israel would respond by targeting the Islamic Republic's lipid facilities.
The International Energy Agency said Tuesday that its members are prepared to instrumentality enactment if determination is simply a proviso disruption successful the Middle East.
"For now, proviso keeps flowing, and successful the lack of a large disruption, the marketplace is faced with a sizeable surplus successful the caller year," the IEA said successful its monthly report.
Here are today's vigor prices astir 5:30 americium ET:
- West Texas Intermediate November contract: $70.28 per barrel, down $3.55, oregon 4.9%. Year to date, U.S. crude lipid has fallen 2%.
- Brent December contract: $73.81 per barrel, down $3.65, oregon 4.8%. Year to date, the planetary benchmark has declined astir 4%.
- RBOB Gasoline November contract: $2.0197 per gallon, down 4.2%. Year to date, gasoline has pulled backmost astir 4%.
- Natural Gas November contract: $2.465 per 1000 cubic feet, down 1.16%. Year to date, state has fallen astir 2%.
World lipid request is expected to turn by conscionable nether 900,000 barrels per time successful 2024 and 1 cardinal bpd successful 2025, a important slowdown compared to maturation of 2 cardinal bpd successful post-pandemic period, according to the IEA.
Chinese lipid request is peculiarly weak, with depletion dropping by 500,000 bpd successful August, the 4th monthly diminution successful a row, according to the agency. Meanwhile, crude accumulation successful the Americas, led by the U.S., is poised to turn by 1.5 cardinal bpd this twelvemonth and next, the IEA said.
OPEC has cut its lipid 2024 forecast for the 3rd consecutive period successful a row.
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