Meanwhile Russia has extended its ban on diesel exports...hmmm. Not saying it's coordinated but...
From CNDC, October 1:
- Oil prices reversed earlier losses to jump more than 2% on Thursday, with Brent topping $100 a barrel.
- It comes after a report that Chinese refiners suspended October fuel exports to protect domestic supplies.
- Global energy markets remain constrained by the U.S.-Iran war and Russia’s war in Ukraine.
Oil prices rose on Thursday, reversing earlier losses, following a report that Chinese refiners have suspended October fuel exports, further squeezing war-constrained energy markets.
International benchmark Brent crude with December expiry was last seen trading 2.4% higher at $100.36 per barrel, having earlier traded 1% lower, while U.S. West Texas Intermediate futures with November expiry rose 2.5% to $92.70.
Reuters reported that China’s state oil major PetroChina canceled a handful of gasoline and jet fuel shipments that were planned for October, citing multiple unnamed sources, as Beijing looks to safeguard domestic supplies. CNBC could not independently verify the report.
Global energy markets have been grappling with supply disruptions from the U.S.-Iran war in the Middle East and Russia’s full-scale invasion of Ukraine.
Oil prices had moved higher earlier in the session as investors parsed a recovery in Middle East crude exports.
UOB in a note Thursday said that crude flows from Middle East were reportedly nearing pre-war levels, but fuel supplies, particularly gasoline, were lagging behind....
....MUCH MORE
*And at OilPrice, September 30: