LONDON: Saudi state oil company Aramco has started trading a US crude oil grade that underpins the global Brent benchmark in a process run by S&P Global Commodity Insights, the publisher said on Monday, according to Reuters.
Oil prices advanced after missiles launched by Iran-backed militants killed U.S. troops in Jordan and struck a fuel tanker in the Red Sea.
Three U.S. service members were killed and many injured in an unmanned aerial drone attack on forces stationed in a northeast Jordan outpost.
Commodity analysts at Standard Chartered have reported that silver and distillates are the only commodities whose investor positioning has changed significantly from a year ago.
Standard Chartered: oil could be undervalued by at least $10 per barrel.
Supply and demand balances are significantly more bullish compared to a year ago, when an outsized January surplus of 3.5 mb/d led to a large 1.6 mb/d Q1-2023 surplus.
Editor OilPrice.com
Tue, December 19, 2023 at 7:30 PM GMT·2 min read
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NG=F
+1.1637%
The benchmark U.S. natural gas prices fell by 3% early on Tuesday after the latest models overnight showed that most of the U.S. will see warmer than normal temperatures over the next week.
Crude oil prices began the new week with a loss earlier today, with a renewed focus on demand in China and the United States weighing on benchmarks.
West Texas Intermediate Midland crude is about to be added to the Brent benchmark contract this June. This would be the first time a non-North Sea crude has been added to the benchmark basket. And it will change the oil market forever.
about 400,000 barrels per day, bpd, shortfall against the 1.88 mbpd, output benchmark in the 2022 budget.