From S&P Global Platts:
Oil markets turn to US SPR talks, while European gas markets are focused on the flow of Gazprom's supply to Germany and Austria. Meanwhile, surging power prices in Europe equate to higher costs of green steel production.
1. White House hints at ongoing SPR talks with other oil consumers
What's happening? The White House said it continues to talk with other oil-consuming nations about options to ease high oil prices after OPEC and its allies ignored its requests for more supply. OPEC+ maintained Nov. 4 boosting crude output quotas by a 400,000 b/d for December.
What's next? S&P Global Platts Analytics forecasts looser balances in early 2022 that would alleviate the need for such a drawdown. The US Strategic Petroleum Reserve currently stands at 612.5 million barrels. While a coordinated international release of strategic oil reserves remains a possibility, Platts Analytics expects it to have only modest price impact. US Department of Energy's Energy Information Administration expects US retail prices for regular-grade gasoline to stay above $3/gal for the rest of the year. EIA releases its next short-term price outlooks Nov. 9....
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