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Friday, October 23, 2026
The slow creep of oil prices towards the $120 per barrel mark is a nightmarish scenario for US President Trump, even though there has been little fundamental change in the crude oil markets. A slight drop in freight rates and a ubiquitous flattening of backwardated curves lowered differentials of most grades globally, offsetting some of the pressures coming from higher crude benchmarks. Be that as it may, an escalating Saudi-Houthi conflict paved the way for another 4% weekly gain, with ICE Brent trading around $117 per barrel.
First Russian Diesel Cargo Heads for New York.
A non-sanctioned tanker, the Maltese-flagged Agioi Fanendes, left Russia’s Baltic Sea port of Primorsk with New York listed as its destination, marking the first diesel cargo under Trump’s deal with Moscow with final delivery expected on November 7.
Libya Oil Output Falls After Protests Reemerge.
Libya’s NOC said unauthorized individuals shut a pipeline valve serving the Hamada and Tahara fields, cutting output by 50,000 and 40,000 b/d respectively, as recurring protests jeopardize crude production that provides 90% of state revenues.
Europe Enters Winter with Gas at Four-Year Highs.
Europe’s TTF gas benchmark rose above €93/MWh ($30 per MMBtu), the highest since December 2022, as restricted Qatari LNG supply coincided with colder weather and storage peaking below 75%, leaving Europe highly exposed ahead of winter.
Aramco Evacuates HQ After Houthi Attacks.
Saudi Aramco (TADAWUL:2222) ordered staff to evacuate its Dhahran headquarters and temporarily work from home after the HQ was attacked by the Houthis, the first such move since the Iran war began, with drone strikes also killing two at the Shaybah oilfield.
Qatar Looks to Rebuild Its LNG Supply Base.
QatarEnergy is seeking additional long-term cargoes from the US and potentially Asia after securing its first agreement with US developer Cheniere (NYSE:LNG), locking in 4 million tonnes of LNG per year until 2054, as domestic LNG outflows remain constrained.
Trump Taps Emergency Diesel Stockpiles.
The US Energy Department is offering 315,000 barrels of diesel, one-third of its Northeast reserve, to ease regional disruptions as global diesel exports decline, while portraying the loan as temporary relief, with first Russian cargoes arriving in early November.
Japan Weighs Phasing Out Gasoline Subsidies.
The Japanese government is considering phasing down gasoline subsidies from December as the program costs billions monthly, rapidly depleting a $20 billion budget, with average prices potentially rising from $4.1 per gallon now to $4.35 per gallon in January.
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