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Brent oil price is close to 94 USD/barrel, WTI exceeds 90 USD/barrel, is the global energy market entering a new period of hot growth?
1. Oil futures prices increased sharply
The oil and gas market today recorded a prominent increase in crude oil and energy products. WTI Crude reached 90.37 USD/barrel, up 3.01 USD, equivalent to 3.45%. Brent Crude reached 93.92 USD/barrel, up 2.80 USD, equivalent to 3.07%. Natural gas reached $3,391, up 3.07%. Gasoline reached 3,123 USD, up 2.92%. Heating oil reached 3,593 USD, up 3%.
2. Main energy price list
Commodity Type Latest Price Variation Rate
WTI Crude 90.37 USD/barrel +3.01 +3.45%
Brent Crude 93.92 USD/barrel +2.80 +3.07%
Murban Crude 90.05 USD/barrel -0.03 -0.03%
Natural Gas 3,391 USD +0.101 +3.07%
Gasoline 3,123 USD +0.089 +2.92%
Heating Oil 3,593 USD +0.105 +3.00%
OPEC Basket 105.77 USD/barrel +0.95 +0.91%
DME Oman 103.50 USD/barrel +14.71 +16.57%
Dubai 102.55 USD/barrel +0.42 +0.41%
LNG Japan/Korea Marker 18.34 USD +0.10 +0.55%
3. OPEC oil and the Middle East are strongly differentiated
The Middle East oil group had mixed fluctuations. Arab Light reached 102.10 USD/barrel, Arab Extra Light reached 102.60 USD/barrel, Arab Heavy reached 99.00 USD/barrel, Arab Medium reached 100.35 USD/barrel. Dubai reached 102.55 USD/barrel. Upper Zakum and Al Shaheen both reached 103.65 USD/barrel, an increase of 8.85%.
Notably, Basrah Heavy dropped sharply to 66.07 USD/barrel, Basrah Medium is now 68.17 USD/barrel, down over 30%. This is a point to watch because Iraqi oil plays an important role in Asian supply.
4. Outstanding international oil prices
Region Oil Type Latest Price Volatility
UAE Upper Zakum 103.65 USD +8.85%
Qatar Al Shaheen 103.65 USD +8.85%
Azerbaijan Azeri Light 117.02 USD -2.51%
Kazakhstan CPC Blend 113.02 USD -2.59%
Brazil Lula 96.32 USD -2.72%
Russia Sokol 89.94 USD -3.56%
Nigerian Brass River 96.57 USD -3.02%
Angola Cabinda 92.72 USD -3.14%
Iran Iran Light 93.05 USD -0.79%
Mexico Maya Far East 96.62 USD +8.50%
5. Gas and LNG continue to gain attention
Natural gas rose to $3,391, reflecting the need to hedge energy amid a hot oil market. AECO C natural gas reached 1,360 USD, up 5.43%. LNG Japan/Korea Marker reached 18.34 USD, up 0.55%, showing that the Asian region is still under pressure from high energy costs.
6. Notable news of the day
Indian Refiners Freeze Domestic Jet Fuel Prices is hot news as Indian refiners keep domestic jet fuel prices unchanged. This move could help stabilize airline costs in the short term, but also put pressure on profit margins if crude oil prices continue to climb.
7. Quick judgment
The energy market today is tilted to the upside, especially in WTI, Brent, natural gas, gasoline and heating oil. Brent price approaching 94 USD/barrel and WTI exceeding 90 USD/barrel are signals that supply risks, speculative psychology and energy demand are still pushing the market into a state of uncertainty.I feel sorry. If the Middle East oil group continues to fluctuate strongly, transportation, refining, gas power and LNG costs in Asia may remain under pressure in the coming sessions.
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