Markets

Futures closing prices for European benchmark ICE Brent sank by 23.4% from the end of July to the end of Sept., US benchmark NYMEX WTI tumbled by 24.8%, ..

Saudi Arabia set the Official Selling Price (OSP) for its heavy grade for buyers in the Far East at $2.45/bbl above the Middle-Eastern benchmark for Nov.—25¢/bbl higher than the $2.20/bbl premium that had been in place for Oct.

The steepest month-on-month spike among the grades and blends covered in the charts below was seen for the coking margin on a 70/30 blend of Bakken and WCS in the Midcontinent.

Before the OPEC+ meeting on Oct. 5, traders were already anticipating a reduction in output from the OPEC+ coalition, albeit a smaller cut than the one agreed to at mid-week.

US GoM production outages related to Hurricane Ian offered some support to futures prices for crudes and refined products, but the week's biggest day-on-day jumps came after bullish statistics from the US EIA at mid-week showed shrinking stocks and rising implied demand.

NYMEX RBOB joined the crude futures contracts in a bearish slide after the US Federal Reserve announced another sharp hike to interest rates, reigniting concerns that an economic recession will bite into oil demand.

DME Oman was the only petroleum futures contract covered here that saw a week-on-week price increase over the week ending Sept. 16, though ethanol futures moved higher as well.

NYMEX ULSD was the only futures contract covered here that registered a week-on-week price increase over the week ending Sept. 9.

Saudi Arabia set the Official Selling Price (OSP) for its heavy grade for buyers in the Far East at $6.00/bbl above the Middle-Eastern benchmark for Sept. ..

The steepest month-on-month spike among the grades and blends covered in the charts below was seen for the coking margin on WTI in the Midcontinent.