Oil Falls to Lowest Level Since August

Résumé détaillé

Brent crude briefly falls below $90 as hopes of diplomatic breakthroughs in Iran and Ukraine accelerate the oil market selloff. Crude Says Peace, Tanker Rates Say Not So Fast -…

Tom majored in International Business at Amsterdam’s Higher School of Economics and later completed an Executive MBA in Energy Transition at the University of Groningen.…

Brent crude briefly falls below $90 as hopes of diplomatic breakthroughs in Iran and Ukraine accelerate the oil market selloff.

- Crude oil prices have plunged by almost $30 per barrel since the US midterm elections, however, stubbornly high freight rates in the Gulf suggest not every segment of the oil markets deems the US-Iran war to be ‘effectively over’.

- The cost of chartering a VLCC for a voyage from the Persian Gulf to China has dipped only marginally over the past two weeks, with current fixtures coming in around $72-74 million ($36-37 per barrel).

- The gap between freight rates from the Gulf and other regional routes has become so substantial that VLCC rates just outside Hormuz – in the US-controlled Gulf of Oman – are now $20 per barrel cheaper.

- Whilst freight from the Gulf remains exorbitant, VLCC rates from other trading regions have been on the decline, with a US-to-China voyage now costing $35 million less than a month ago, at $45 million ($22.5 per barrel).

- Iranian drones and missiles have struck at least 16 tankers in the Strait of Hormuz this month to date, of which only 11 were reported by UKMTO.

- Canadian oil producer Strathcona Resources (TSO:SCR) has agreed to buy heavy oil producer Greenfire Resources for $2 billion, adding 34,000 b/d of steam assisted gravity drainage production in northern Alberta to its portfolio.

- Qatar's state energy firm QatarEnergy announced that it had entered into a deal with US major Chevron (NYSE:CVX) to acquire a 25% stake in the Walvis Basin PEL 82 block offshore Namibia, marking its entry to the African country.

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