Long and short forces are intertwined in the energy market, with supply risks and logistics bottlenecks becoming the focus.
智通财经2026/10/23 11:36- Iran has stated that it has stopped oil tankers violating its regulations from passing through the Strait of Hormuz, following another tanker attack incident in the region. Brent crude oil prices remain above $113 per barrel and are on track for a third consecutive week of gains as ongoing geopolitical tensions continue to support oil prices.
- Shell and ExxonMobil are exploring the sale of their Infineum joint venture for around $8 billion, with both companies having engaged institutions to evaluate the sale. This move continues the trend among major oil companies to streamline asset portfolios.
- Eni has delivered outstanding performance this quarter, with its share price approaching the highest level since 2008. This comes after the company announced a special dividend and expanded its share buyback program. Record-high refining margins have driven a significant increase in performance, with results far exceeding market expectations.
- European natural gas prices are set for a fourth consecutive week of gains, with TTF prices near €93 per megawatt-hour. Disruptions to Middle East LNG supplies and below-average inventories mean the winter risk premium remains elevated.
- US crude oil exports to Asia are being severely restricted by shipping costs. The cost for tankers from the Gulf of Mexico to Asia has reached nearly $80 million per voyage, causing Asian refineries' US crude purchases for November to approach multi-year lows. Freight rates, rather than crude supply, have now become a more prominent bottleneck.
- Saudi Aramco has sold 7 million barrels of Khafji crude at a steep discount, reportedly $5 to $10 below Dubai benchmarks in ship-to-ship deals in the Gulf of Oman. This reflects that some Gulf crudes now include a freight discount.
- The European Purchasing Managers' Index is becoming an important gauge for assessing the impact of the energy shock. As Brent oil prices hover near $114, the market is closely watching whether elevated energy costs over the past months will become more evident in business activity and confidence data.
- Venezuela is increasing its drilling capacity, with US-backed Nabep reportedly deploying its sixth rig to expand production. This marks another small step in boosting incremental crude supply amid a globally tight market. Ongoing attention should be paid to the trends in freight rates and the continued impact of Middle East supply disruptions on the oil market structure.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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