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Crude Falls on Global Growth Concerns

COMMODITIES

OIL

  • Crude falling as concerns for global growth outweigh the risks to already tight supplies and limited spare capacity. The market remains driven by concerns for the impact of central bank tightening on global demand growth.
  • OPEC have not ruled out further cuts with Nigeria’s Oil Minister saying the group may need to reduced production if the crude price falls below current levels.
  • Risks to Russian supplies come from the introduction of the EU ban on Russian seaborne crude from December and from the G7 oil price cap plan. Russia has previously warned they will stop supplies to any nation implementing a price cap.
    • Brent NOV 22 down -1.4% at 89.21$/bbl
    • WTI NOV 22 down -1.5% at 82.24$/bbl
    • Gasoil OCT 22 down -3.1% at 974.75$/mt

GAS

  • European gas continues to drift lower as storage stocks rise and EU reduce consumption before the winter heating season.
  • EC yesterday warned against complacency despite the series of measures they have introduced to ensure winter supply security.
  • The main risks to winter come from cold weather, further cuts to Russian supplies and unexpected supply disruptions.
    • TTF OCT 22 down -0.8% at 185.95€/MWh
    • US Natgas OCT 22 up 1% at 7.16$/mmbtu
Energy BulletsCommodities
Energy BulletsCommodities

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