US Energy Secretary Wright says US is getting a 30% higher price for Venezuelan oil than three weeks ago; Venezuela's oil production will drive the price of oil down
Newsquawk Staff ·
US Energy Secretary Wright says US is getting a 30% higher price for Venezuelan oil than three weeks ago; Venezuela's oil production will drive the price of oil down.
What it means
The comments from US Energy Secretary Wright suggest a notable price increase for Venezuelan oil, indicating strong demand or a tightening market for this specific supply. However, the expectation that Venezuela's increased oil production will subsequently drive prices down points to a potential shift in supply dynamics that could pressure WTI prices if realized. Traders should watch for how these developments might influence broader market sentiment and valuations in the energy sector.
- US Midterms Cheat Sheet for Traders
- CRUDE WRAP: WTI (Z6) SETTLES USD 0.37 LOWER AT 96.09/BBL
- Eight tankers carrying 300,800 tonnes of Russian diesel are being monitored on potential voyages to the US, with seven declaring the US as their destination and arrivals expected from November 7th, according to Ukrainian sources cited by an RFE journalist
- Venezuela's October oil exports 1.08mln bpd, almost unchanged, according to shipping data
- [MARKET UPDATE] Crude benchmarks sink on reports that the US and Tehran have made concessions related to the Iranian nuclear program and frozen funds; Brent Jan'27 has slipped beneath USD 102/bbl
Related headlines
- Newsquawk US Market Wrap - Stocks mixed on AI rebound ahead of US midterms5 days ago
- US FX WRAP: Dollar sees two-way trade on geopols as US midterms await 5 days ago
- TREASURY WRAP: T-NOTE FUTURES (Z6) SETTLE 11+ TICKS LOWER AT 106-165 days ago
- The Yemeni Armed Forces reportedly attack vital facilities in the southern region of Saudi Arabia, reports Sabereen News5 days ago
- ECB’s Sleijpen says the Iran shock is more persistent than earlier thought but we don’t really see second-round effects yet5 days ago
- Israel has shared intelligence with the US asserting that Iran is considering the use of chemical weapons against its adversaries, information met with alarm by some American officials and deep skepticism by others, NYT reports citing sources5 days ago
- Sources close to the White House report a divisiveness in the Trump administration's approach to Iran, reports ILNA5 days ago
- US military threats against Iran are hindering progress in the conflict resolution process, according to an Iranian political source cited by RIA Novosti5 days ago
- Iranian Foreign Ministry Spokesperson says "Past experiences preclude any optimism regarding Washington's seriousness in diplomacy"5 days ago
- Israeli PM Netanyahu was reportedly the one who proposed to US President Trump the ending of financial aid to Israel, N13 reports citing sources5 days ago
- Spokesperson for the Iranian negotiating delegation says that "we continue to exchange messages through intermediaries", Al Hadath reports5 days ago
- US EQUITY OPEN: Tech pares back some recent losses as US/Iran negotiations and US midterms are in focus5 days ago
- i24 journalist Stein says "Iran rejects the American proposal"5 days ago
- Axios' Ravid on Iran's Secretary of the Supreme State Razaei comments, says he rejects the latest US position on the deal to resume the ceasefire and launch negotiations5 days ago
- A senior source tells Al Arabiya that the US has informed the Qatari mediator of its approval of the submitted proposal; the mediators are awaiting Iran's response to the proposal after receiving it yesterday.5 days ago