In mid-morning trading today, WTI futures fell below $80, down 2.6% at $79.54/bbl, Brent was down 2.6% at $87.48/bbl, and U.S. natural gas was down 0.2% at $6.36/MMBtu.
The U.S. price gap between diesel and gasoline hit $1.61 per gallon Thursday, an all-time high as diesel prices soar.
Global oil demand surpassed pre-pandemic levels by 1 million bpd in September, driven by diesel consumption in China and gasoline demand in the U.S.
Saudi Arabian oil exports are down 6%, or 430,000 bpd, over the past month as the nation delivers on an OPEC agreement to shore up global crude markets.
U.S. producer Hess Corp. expects U.S. oil production to hit 13 million bpd in the next few years and then plateau amid widespread investor pressure to focus on returns over growth.
The idled St. Croix refinery, one of the largest in the Western Hemisphere, once expected to boost overall supply in the Caribbean, could take years to return to operation due to stricter rules under the U.S. Clean Air Act.
China posted 23,276 new COVID-19 cases Wednesday, about 3,000 more than a day earlier, and over 24,000 yesterday as the government tries to navigate a path between its COVID-zero policy and growing lockdown fatigue among the population.
Britain’s $66 billion in announced spending cuts and tax increases over the next five years make it the first major Western economy to try to limit debt growth after two years of pandemic-fueled spending. Government forecasters say the nation’s economy will contract 2% next year.
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