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Oil surges after drone strike hits Russian Novorossiysk terminal, heightening supply risks

Oil prices surged over 2% after a Ukrainian drone strike damaged an oil depot in Russia's Novorossiysk port, a key export hub. Brent rose 2.1%, WTI gained 2.4%. The attack highlights risks to Russian exports from both Ukrainian actions and Western sanctions. JPMorgan noted 1.4 million barrels of Russian crude are delayed on tankers due to sanctions, complicating future discharges.

Investinglive·
Investinglive·

W.Africa Crude-Differentials hold steady-to-higher on strong distillate market

West African crude oil differentials remained steady-to-higher due to strong distillate margins and easing freight rates. Indonesia's Pertamina purchased 5 million barrels of West African crude. Despite higher oil supply, differentials could remain high due to distillate market strength. Freight rates have slightly decreased, supporting the market.

Reuters·
Reuters·

Asia Fuel Oil-HSFO 380-cst cash differential steady

Asia's spot market differentials for key fuel oil grades remained steady amid low trading activity. HSFO traded at a discount of $6.03 per ton, while VLSFO traded at a discount of $1.43 per ton. Russian-origin fuel oil imports into Singapore are set to reach their highest level since May 2025. Fuel oil stocks rose to a 9-week high. Russia's oil revenues fell in October due to lower exports and prices. The global oil market may face a surplus next year as production increases and demand growth slows.

Reuters·
Reuters·

IEA sees global oil supply growth driving larger market glut

The International Energy Agency (IEA) has increased its global oil supply growth forecasts for 2025 and 2026, indicating a larger market surplus. The IEA expects supply to grow by 3.1 million barrels per day (bpd) in 2025 and 2.5 million bpd in 2026, with total supply exceeding demand by 4.09 million bpd in 2026. This reflects a growing imbalance in the oil market as supply continues to outpace modest demand growth.

Reuters·
Reuters·

OPEC warns combined with a significant increase in U.S. oil inventories, is the "oversupply" in the crude oil market really here?

OPEC rarely shifts to a pessimistic outlook, U.S. crude oil inventories continue to rise, and the futures curve is trapped in "contango," with multiple signals indicating a global oversupply of crude oil. Although some analysts believe the market is overreacting, the fact is that downward pressure on oil prices has increased. If the oversupply continues, falling oil prices may alleviate inflation, but it also complicates the outlook for the energy market

Wallstreetcn·
Wallstreetcn·