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BRENTHITS114TRADE FLOW INSIGHT
Oil & Fuel OilAggregated

Brent Hits $114 as Houthi Attacks Threaten Saudi Energy Infrastructure

Crude oil prices were on course to book a sharp weekly gain, with Brent crude on track for gains of about $6 per barrel and WTI registering a much more modest tick higher, from around $99 per barrel on Monday to over $100 earlier today. At the time of writing, Brent crude was trading at $114.00 per barrel, and West Texas Intermediate was changing hands for $100.40 per barrel, as hostilities in the Middle East remain front-page news for oil traders. The focus, however, seems to be on Houthi attacks on Saudi infrastructure, including Aramco facilities.…

Helena Marsh

Europe Braces for a Winter Energy Crisis as Gas Reserves Run Low
Energy MarketsAggregated

Europe Braces for a Winter Energy Crisis as Gas Reserves Run Low

After months of elevated energy prices, Europe can expect fuel costs to continue rising through the winter months as demand grows. Ongoing energy trade constraints and threats to energy infrastructure across the Middle East are expected to limit global energy supplies and continue to drive up prices, hitting consumers hard unless governments intervene. The European Union (EU) is thought to have paid an additional €100 billion on oil and gas so far this year, prompting EU ministers to seek ways to manage the impact of high fuel prices. Since…

Helena Marsh

Brent Back Above $100 as Houthis Hit Saudi Infrastructure
Oil & Fuel OilAggregated

Brent Back Above $100 as Houthis Hit Saudi Infrastructure

Crude oil prices, which dipped on Tuesday, reversed their direction, with Brent ticking above $100 again earlier today following reports of fresh Houthi attacks on Saudi energy infrastructure. At the time of writing, Brent crude was trading at $101.49 per barrel and West Texas Intermediate was changing hands for $90.14 per barrel, despite a statement from Saudi Arabia’s energy minister, Prince Abdulaziz bin Salman, who said Tuesday the kingdom’s oil flows via the Rast-West pipeline had rebounded to 5.8 million barrels daily. The statement…

Helena Marsh