Markets

The Trans Mountain Expansion (TMX) pipeline is poised to significantly enhance Canada’s crude oil export capabilities, with Gibson Energy announcing an increase in storage capacity by 870K bbl. in the fourth quarter.

Prices took a sharp dive after Israeli attacks on Iran avoided energy assets but a resurgence of tension related to the Middle East conflict later in the week was not able to bring about a week-on-week increase.

The recent expansion of the Trans Mountain pipeline (TMX) has significantly changed the dynamics of crude oil imports to the US West Coast.

India and China have dramatically increased their imports of Russian crude oil, effectively circumventing Western sanctions and enhancing their refining capacities.

The OPEC kingpin is poised to lower the official selling prices for its oil grades targeting Asian buyers, with anticipated reductions ranging from $0.30 to $0.50/b for Dec. shipments.

OPEC+ is navigating a complex landscape of uncertainty regarding its production strategy for Dec., with traders divided on whether the organization will proceed with planned increases.

US crude exports have surged, reaching 3.9MM b/d in the week to Oct. 25, up 434K b/d from the previous week and just 13K b/d below year-to-date levels.

After two weeks of having been unimpressed with economic stimuli announced by China, the bulls took heart from an increase in crude-import quotas issued by Beijing.

The global oil supply landscape is marked by a complex interplay of forecasts that highlight both potential surpluses and looming crises.

The market remained in the grip of the opposing forces of a weak demand outlook and concerns of potential supply disruptions.