EU Commission Spokesperson says EU sees no immediate oil security of supply concerns due to the Iran disruption; will notify IEA of their intention of oil reserve releases by 16:00GMT/12:00EDT
Newsquawk Staff ·
EU Commission Spokesperson says EU sees no immediate oil security of supply concerns due to the Iran disruption; will notify IEA of their intention of oil reserve releases by 16:00GMT/12:00EDT.
What it means
The EU's statement indicates no immediate concerns over oil supply security despite disruptions from Iran, which may stabilize oil prices in the short term. Their intention to notify the IEA about potential reserve releases suggests proactive measures to manage market conditions, and could impact WTI prices depending on the scale of reserves released and market sentiment.
- US Weekly Private Energy Inventory Data (bbls): Crude -2.0mln (exp. +0.5mln), Gasoline +2.4mln (exp. -1.3mln), Distillate +0.4mln (exp. -0.9mln), Cushing -0.5mln
- CRUDE WRAP: WTI (Z6) SETTLES USD 1.86 LOWER AT 99.90/BBL; BRENT (F7) SETTLES USD 1.33 LOWER AT 109.41/BBL
- Russian refineries’ crude processing up 25% since drone attacks stopped in mid-October, according to reports, citing sources
- US President Trump says believes I will visit tanker in Texas with Venezuela oil; thinks Secretary of State Rubio will be with him; we are going to accept 1mln bbls of Venezuelan oil
- Russian Deputy PM Novak says domestic refineries are bringing units back online very quickly following maintenance. Russia and the US could begin cooperating on Arctic LNG projects
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