Market drill-down · 6 stories · 30 days
Crude oil, natural gas, LNG, power and OPEC+.
Energy on Markets+ ↗Exports of liquefied natural gas via the Strait of Hormuz last month reached the highest total since February, at 31 tankers, compared with 27 in September, according to data from Kpler, as cited by Reuters. What is perhaps more impressive is that most of these cargoes were loaded from Qatar’s Ras Laffan hub, despite it still being under force majeure.
Saudi forces intercept two missiles fired towards Riyadh, hours after reporting damage to key East-West pipeline.
Oil prices fell due to President Trump's announcement regarding US military action against Iran, easing supply concerns. Brent crude futures dropped to $92.33 per barrel while WTI futures reached $86.50.
Another round of unconfirmed reports about a potential U.S.-Iran diplomatic breakthrough sent fresh optimism rippling through oil markets on Monday, after Al Arabiya claimed that a Qatari-Pakistani mediation proposal had revived serious negotiations over Tehran's nuclear program. Citing unnamed sources, Al Arabiya reported that Washington was prepared to allow Iran to continue enriching uranium to 3.67%, with Tehran supposedly agreeing to the proposed limit.
Saudi Arabia’s East-West pipeline, the kingdom’s main route for moving crude around the Strait of Hormuz, came under attack on Monday, the same day a Reuters survey showed OPEC output had recovered to 90% of its pre-war rate. An Energy Ministry official said the pipeline was targeted in the Medina region, causing a limited fire that emergency crews put out with no casualties and no disruption to operations.
OPEC's crude production rose toward pre-war levels last month as Saudi Arabia led a further recovery in Persian Gulf supplies, according to a Bloomberg survey.
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