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03:54:02

Brent crude futures settled up 12 cents, or 0.19%, at $64.89 a barrel.

03:31:46

U.S. crude oil futures rose 7 cents, or 0.11%, to settle at $61.05 a barrel.

03:14:46

The United States became the first country to export more than 10 million tons of liquefied natural gas (LNG) in a single month.

03:05:18

The Mexican state-owned oil company PEMEX's Deer Park, Texas plant reported no impact on the community or surrounding industrial businesses.

01:05:31

Ukrainian President Zelensky: Ukraine still needs $750 million in funding to import natural gas.

01:05:06

Ukrainian President Zelensky: The EU will provide Ukraine with additional funds for natural gas imports.

22:43:56

Petronas CEO: Conservative estimates suggest that the joint venture will reach a daily oil equivalent of 500,000 barrels by the end of this decade, but we are working to accelerate that process.

21:27:31

Russia's Tuapse refinery suspends crude oil reception after attack on port.

21:13:36

【WTI Crude Oil (CONC) 1-Hour Price Analysis】 The current WTI crude oil price trend is weak and volatile, with the latest price at 60.87, and intraday highs and lows at 61.50 and 60.59 respectively. Resistance is at 61.20-61.30 (the recent high testing area), and support is at 60.60-60.70 (the intraday low and multiple touches). Based on time series analysis, the recent price decline from the November 3rd high indicates a short-term downward trend; it is expected to maintain volatility or a slight downward movement in the future, with attention focused on fluctuations around 60.80.

20:52:23

[Caixin Futures: Energy and Chemical Sector Shows Divergent Trends] ⑴ In the crude oil market, after OPEC+ decided to increase production by 137,000 barrels per day in December, it will suspend the production increase plan in the first quarter of next year. Given the unclear impact of Russian sanctions, the organization is adopting a strategic wait-and-see approach. With positive macroeconomic support, a short-term bullish strategy is recommended. ⑵ Fuel oil rebounded following crude oil, with expectations of reduced high-sulfur fuel oil supply due to continued sanctions against Russia by the US and Europe. With positive macroeconomic expectations, the downside is limited, and a short-term bullish strategy is maintained. ⑶ The glass market was driven by the "coal-to-gas" policy in the Shahe region. Four coal-fired production lines stopped feeding from November 2nd, affecting daily capacity by 2,400 tons. Supply contraction coupled with improved production and sales in the Shahe region, coupled with a double decline in supply and demand, showed resilience in the market. A slightly bullish oscillating strategy is recommended. ⑷ The soda ash market remained stable, with total manufacturer inventory at 1.6923 million tons, a decrease of 9,700 tons month-on-month. The commissioning of the Alashan Phase II project may be delayed, and coal cost support is relatively strong. A slightly bullish oscillating strategy is recommended. (5) The caustic soda market remained weak, with prices in Shandong and Jiangsu provinces showing a slight downward trend. Supply remained ample, with no peak season restocking demand observed in non-aluminum industries. Coupled with expectations of alumina production cuts and high inventory pressure, the fundamentals showed no signs of improvement, and a short-selling strategy was maintained. (6) The methanol market broke down, with spot prices in Taicang falling by 55 yuan to 2102 yuan, and prices in Inner Mongolia North Line falling by 25 yuan to 1980 yuan. Port inventories remained high, with ample supply and weak downstream demand. Prices are expected to remain low, and a short-selling strategy was recommended.

20:51:02

[Turkish Refiners Accelerate "De-Russian" Transformation, Changing the Global Crude Oil Trade Landscape] ⑴ Following US sanctions against Rosneft and Lukoil, Turkish refiners have initiated plans to reduce their purchases of Russian crude oil, impacting December's supply arrangements. ⑵ Turkish listed refiners Tupras and Azerbaijan's state-owned oil company Socar are actively seeking alternative sources, having already purchased multiple shipments of non-Russian crude oil from Iraq, Libya, Saudi Arabia, and Kazakhstan. ⑶ As Russia's third-largest buyer of crude oil, Turkey, under pressure from US sanctions, has decided to join the Western camp, using purchase restrictions to pressure Russia. However, sources emphasize that the country currently has neither the ability nor the intention to completely stop importing Russian oil. ⑷ This adjustment will reshape the flow of crude oil trade in the Black Sea region, potentially pushing up Middle Eastern and Caspian crude oil premiums in the short term, while Russia will need to find new buyers for its existing export share.

20:39:06

[US Crude Oil Technical Analysis] From the 240-minute candlestick chart, US crude oil is exhibiting a range-bound trading pattern. After hitting a low of $55.96, the price rebounded, subsequently rising to a high of $62.59, marking the completion of a substantial technical rebound. This rebound established the upper and lower boundaries of the current trading range, providing an important technical reference framework for subsequent price movements. Currently, the price is trading near the $61 level. Observing the candlestick pattern, the price has repeatedly encountered resistance and fallen back in this area, indicating strong bearish sentiment at this level, making a significant breakout difficult in the short term. On the downside, the $59.50 to $59.25 area forms a significant support zone; this range has accumulated a large amount of bullish defensive positions, constituting a crucial bottom line for the current market. If the price breaks below this support zone, it could open up further downside potential towards the previous low of $55.96. The MACD indicator is fluctuating around the zero line, with the DIFF line at 0.16, the DEA line at 0.10, and the MACD histogram value at 0.12. From an indicator perspective, the MACD line and signal line are running above the zero axis, but the two lines are relatively close together, indicating that the bullish momentum is somewhat limited. The histogram, after a period of contraction in the green bars, has turned to expansion in the red bars, but the strength is not significant, indicating that while the bulls have the intention to counterattack, the upward momentum is still insufficient. The Relative Strength Index (RSI) is at a neutral level of 50.27, neither entering the overbought zone nor touching the oversold zone; this value is precisely near the dividing line between bullish and bearish sentiment. Looking at the RSI's trajectory, after falling back from the overbought zone, the indicator is currently consolidating in the middle range, reflecting a temporary balance between bullish and bearish forces in the market.

19:56:06

[Iran to Launch First Nuclear-Powered Desalination Plant Next Year] On November 2nd local time, Iranian Vice President and Head of the Atomic Energy Organization of Iran, Eslami, announced that Iran will launch its first nuclear-powered desalination plant next year. Eslami stated that the project will begin in the southern Iranian city of Bushehr, with a planned initial capacity of 70,000 cubic meters of seawater per day. The construction of desalination facilities was planned alongside Iran's plans to build nuclear power plants. The nuclear-powered desalination project aligns with Iran's goal of integrating its nuclear industry with the daily lives and real-world challenges of its people. The nuclear-powered desalination plant utilizes the heat or electricity generated by a nuclear reactor to remove salt and other minerals from seawater. (CCTV)

19:48:40

[WTI Crude Oil (CONC) 2-Hour Price Analysis] The current price trend is oscillating downwards, with the latest price at 60.63, close to the intraday low of 60.59. Resistance is at 61.50 (intraday high), and support is at 60.60 (intraday low). Based on time series trend analysis, the price has retreated from recent highs and is expected to maintain oscillations or a slight decline in the short term. Watch whether the support level can hold.

19:43:32

Petrobras, Brazil's state-owned oil company, said its board of directors approved a new voluntary redundancy program, with 1,100 employees eligible for the redundancy.

19:39:40

[ADNOC and Schlumberger Launch AI Solution, Ushering in an Efficiency Revolution for the Upstream Oil Industry] ⑴ Abu Dhabi National Oil Company (ADNOC) and Schlumberger jointly announced on Monday the official launch of a transformative AI-driven solution designed to significantly improve the efficiency of upstream operations. ⑵ The AI solution is currently deployed in eight ADNOC oil fields, with plans to complete full deployment in all 25 onshore and offshore oil fields by 2027. ⑶ This collaboration marks an acceleration of digital transformation in the traditional energy industry, using AI technology to optimize exploration and development processes and address increasingly complex production environments. ⑷ Upon full implementation, the technology is expected to significantly reduce operating costs and improve oil recovery, setting a new technological benchmark for oil production in the Middle East. ⑸ Against the backdrop of global energy transition, major oil-producing countries are maintaining competitiveness through technological innovation, and AI empowerment may become a key path for cost reduction and efficiency improvement in the oil and gas industry in the future.

19:34:15

[Russian Direct Investment Fund CEO: Reduced Russian Gas Supply is a Major Cause of Germany's Deindustrialization] Kirill Dmitriev, CEO of the Russian Direct Investment Fund and Special Representative of the Russian President for Foreign Investment and Economic Cooperation, commented on a survey by the German Institute for Economic Research, stating that reduced Russian gas supplies to Germany are a key factor contributing to Germany's deindustrialization. The survey by the German Institute for Economic Research indicates that by 2026, approximately half (41%) of German industrial companies plan to lay off workers, while only 15% plan to increase employment. Dmitriev wrote on his social media account X: "The reduction in low-priced Russian gas supplies is a key factor causing Germany's ongoing deindustrialization."

18:41:02

OPEC Secretary General: Oil and gas supplies are ample and secure. Demand for oil and gas will persist in the long term.

18:14:40

OPEC Secretary General: OPEC has been continuously and regularly releasing crude oil into the market.

18:11:05

[Turkish Refiners "Shift," Global Crude Oil Trade Undercurrents] ⑴ Turkish listed refiner Tupras has increased its purchases of non-Russian crude oil, a fact revealed by sources on Tuesday. ⑵ Turkish refiners plan to reduce imports of Russian crude oil for December deliveries, while Azerbaijan's state-owned oil company Socar purchased four shipments of non-Russian crude oil during the same period. ⑶ These developments indicate that some market participants are actively adjusting their supply chains, potentially raising concerns about changes in the crude oil supply landscape in specific regions.

17:59:57

[Middle East Crude Oil Prices Diverge: Murban and Oman Crude Oil Rally] ⑴ Murban and Oman crude oil spot premiums rose in tandem on Monday, while Dubai crude ended its strong rebound of two consecutive trading days at the end of October. ⑵ India's Bharat Petroleum Corporation (BNPB) purchased 2 million barrels of Upper Zakum crude oil through a spot tender, with plans to ship in December to replace sanctioned Russian crude. ⑶ The UAE National Oil Company's (UAE) trading department confirmed as the supplier for this transaction, indicating that Middle Eastern crude oil is gradually filling the gap left by Russian crude. ⑷ OPEC+ decided to maintain its production policy for the first quarter of next year, effectively alleviating market concerns about oversupply and driving overall oil prices higher. ⑸ Weak factory data in Asia limited the upside potential for crude oil prices to some extent. ⑹ Traders continue to focus on India's spot purchases of Russian substitute crude oil, which has become a key factor supporting demand in the Middle East market.

17:44:22

The CEO of Qatar Energy stated that the company will begin producing its first liquefied natural gas (LNG) from the Northern Field expansion project in the second half of 2026.

17:42:06

Total Energy CEO: If the shale oil industry begins to plateau, we will need to increase investment in conventional oil. Our current hydrocarbon levels are appropriate, and more may be needed in the future. We can currently meet oil demand; in fact, we are not seeing any underinvestment.

17:37:03

[WTI Crude Oil (CONC) 15-Minute Price Analysis] WTI crude oil is currently priced at 60.81, having fallen from a high of 61.50 to a low of 60.70 during the day, exhibiting a downward trend. Support is at 60.70 (intraday low), and resistance is at 61.00 (recent high). Based on time series trend analysis (closing price fluctuations converging), a sideways or slightly downward trend is expected in the short term.

17:16:38

[WTI Crude Oil (CONC) 15-Minute Price Analysis] WTI crude oil prices are currently trending downwards, having fallen from the intraday high of 61.50 to 60.79. Resistance is at 61.50, and support is at 60.74. Based on time series analysis, the price continues to decline and is expected to continue testing support levels in the short term.

15:59:54

[Jordan's Producer Price Index Declines for Eight Consecutive Months] ⑴ Jordan's producer price index (PPI) fell 1.8% year-on-year in September, a further widening of the decline from 0.75% in August, marking the largest drop since October 2024 and the eighth consecutive month of decline. ⑵ Continued declines in manufacturing costs were the main drag, with a 1.77% drop in September, widening from 1.43% in August. Paper and paper product prices fell sharply by 10.35%. ⑶ Mining prices plummeted 5.32% year-on-year, a stark contrast to the 9.60% increase in August, mainly due to a 0.27% decrease in crude oil and natural gas extraction costs and a 5.40% decrease in other mining prices. ⑷ After seasonal adjustment, the PPI fell 0.94% month-on-month in September, a significantly larger decline than the 0.46% drop in August.

15:28:20

Petronas, Malaysia's national oil company, set the price of Malaysian crude oil at US$70.95 per barrel for October.

15:14:43

BP: Target to complete $20 billion in asset divestitures by the end of 2027

15:13:21

[Ministry of Natural Resources: Marine GDP Reaches 7.9 Trillion Yuan in First Three Quarters, Up 5.6% Year-on-Year] The Ministry of Natural Resources announced that the marine economy showed steady progress in the first three quarters. Preliminary calculations show that the gross marine product (GDP) reached 7.9 trillion yuan, a year-on-year increase of 5.6%. The approved area for sea and island use nationwide reached 262,000 hectares, a year-on-year increase of 19.2%, with projects involving an investment of 641.9 billion yuan. Offshore crude oil and natural gas production increased by 3.0% and 17.7% year-on-year, respectively, while newly connected offshore wind power capacity increased by 42.1% year-on-year. National marine aquatic product output increased by 4.8% year-on-year. The delivery of marine engineering equipment and the order backlog increased by 13.6% and 7.0% year-on-year, respectively. An official from the Department of Marine Strategy Planning and Economy of the Ministry of Natural Resources stated that in the next stage, efforts will be made to accelerate marine science and technology innovation and industrial upgrading, vigorously cultivate new types of marine productivity, promote new achievements in the high-quality development of my country's marine economy, and contribute to the construction of a maritime power. (CCTV)

15:05:50

[A-Share Market Close: Major Indices Rise Across the Board, AI Application Sectors like Gaming and Media Continue to Surge] The three major A-share indices rose across the board today. At the close, the Shanghai Composite Index rose 0.55%, the Shenzhen Component Index rose 0.19%, the ChiNext Index rose 0.29%, and the Beijing 50 Index fell 0.98%. The total turnover of the Shanghai, Shenzhen, and Beijing stock exchanges was 2.1329 trillion yuan, a decrease of 216.9 billion yuan from the previous day. More than 3,500 stocks rose across the market. In terms of sectors and themes, Hainan Free Trade Zone, film and television, gaming, oil and gas exploration and services, coal mining and processing, and photovoltaic equipment sectors led the gains; while batteries, rare earth permanent magnets, precious metals, and insurance sectors led the declines. On the market, AI application sectors such as gaming and media continued to surge, with stocks like 37 Interactive Entertainment, Jilin TV Media, Guangdong Media, Oriental Pearl, and Huanrui Century hitting their daily limit. The Hainan Free Trade Zone sector saw a collective surge, with stocks like Hainan Development, Haima Automobile, and Luoniushan hitting their daily limit. The photovoltaic equipment sector rallied in the afternoon, with Canadian Solar, Hongyuan Green Energy, and Guosheng Technology leading the gains. Meanwhile, oil and gas, coal, and airport/shipping sectors saw rotation throughout the day. On the other hand, solid-state batteries and energy metals sectors mostly declined, with Haike New Energy falling over 10%, and other stocks like Lead Intelligent Equipment, Liyuanheng, and Tengyuan Cobalt also falling. The precious metals sector also underperformed, with Chao Hongji hitting its daily limit down, and Pengxin Resources, Chow Tai Fook, and Northern Copper among the many declining stocks.

15:02:46

Italian oil company Eni and Malaysia's Petronas have signed an investment agreement to establish a new joint venture satellite company in Indonesia and Malaysia.

14:37:23

Brent crude oil futures for the most active contract rose 1.01% to $65.29 per barrel on the day.

14:17:13

Egypt's Oil Minister: We are working to create an energy mix that makes full use of renewable energy sources as well as oil and gas.

14:15:48

Qatar's energy minister stated that if Europe does not consider how to relax or abolish sustainability-related laws, Qatar will not supply liquefied natural gas to Europe.

14:10:01

UAE Energy Minister: Demand for energy is increasing, including for oil and gas.

13:58:32

ExxonMobil CEO: ExxonMobil will be unable to continue operating in Europe unless EU sustainable development laws change. EU lawmakers are listening to objections to the sustainable development bill, but there are currently no major amendments to the bill. Negotiations are underway regarding a profit-sharing contract for the development of oil fields in Iraq.

13:47:08

[Abu Dhabi National Oil CEO: Oil Demand Will Remain High After 2040] Abu Dhabi National Oil Company (ADNOC) CEO Sultan Al Jaber said on Monday that oil demand will remain above 100 million barrels per day after 2040, while also warning of near-term challenges. Speaking to industry leaders at the opening of the Abu Dhabi International Oil Expo, he said, “Geopolitics continues to shape trade flows and news dynamics. Complexity is the norm, market sentiment influences the market, and volatility, in my view, is no longer a variable, but the norm.”

13:44:16

ExxonMobil CEO: We have not seen an increase in global inventories, which indicates that the oil supply in the market can meet demand, and the demand situation for oil, gas and chemical products is good.

13:43:07

UAE National Oil Company: Gas turbine shortages are turning supply constraints into a key bottleneck.

13:42:23

UAE National Oil Company: Oil demand will remain above 100 million barrels per day after 2040.

13:42:12

Emirates National Oil Company: Short-term uncertainties do exist, but long-term demand remains strong. We may face headwinds in the coming months, but in the long run, demand for all forms of energy will continue to grow across all markets.

13:17:45

Morgan Stanley Raises Brent Crude Price Forecast for H1 2026 to $60 Per Barrel. Morgan Stanley has raised its near-term crude oil price forecast following OPEC+'s decision to suspend production increases in the first quarter of next year. The bank said on Monday that it has raised its Brent crude price forecast to $60 per barrel for the first half of 2026, up from its previous forecast of $57.50. Analysts including Martijn Rats and Charlotte Firkins stated in a report, "Even though OPEC's announcement did not change our production expectations, it still sends an important signal. Market volatility has decreased with OPEC's involvement." Morgan Stanley also noted that the "significant gap between OPEC quotas and actual production is widening." The bank expects OPEC members to increase production by 500,000 barrels per day between March and October, far below the announced quota increase of 2.6 million barrels per day. Morgan Stanley said the supply glut is expected to balance in the second half of 2027, when oil prices will recover to $65.

13:01:56

Indonesia's National Statistics Agency reports that from January to September, Indonesia exported 285.23 million tons of coal and 17.58 million tons of palm oil, representing a year-on-year increase of 11.62%.

11:24:41

A stunning reversal! OPEC+'s gradual increase in production followed by a sudden halt resolved the 4 million barrel oversupply crisis in one fell swoop? Details>

10:35:00

[Price Monitoring Center Holds Expert Symposium on Natural Gas Supply, Demand, and Price Situation for the 2025-26 Heating Season] On October 28th, the Price Monitoring Center held an expert symposium, inviting experts from 13 relevant institutions and enterprises, including the National Pipeline Network, PetroChina, Sinopec, Shanghai Petroleum and Natural Gas Exchange, Chongqing Petroleum and Natural Gas Exchange, information agencies, and gas companies, to jointly study the natural gas supply and demand situation for this heating season and future price trends. Deputy Director Liu Gang chaired the meeting and delivered a speech. Deputy Director Liu Gang pointed out that the National Development and Reform Commission (NDRC) attaches great importance to changes in natural gas supply, demand, and prices, and that natural gas price monitoring plays an important role in stabilizing market prices and providing early warnings of price anomalies. Currently, the supply and demand environment for this heating season is relatively relaxed compared to last year, but based on expert opinions, there are also some issues that warrant attention. At the meeting, experts shared their views on the natural gas supply and demand situation and price trends for this heating season from different perspectives, and offered targeted opinions on how to ensure supply and stabilize prices in the short and medium term. (NDRC Price Monitoring Center)

09:41:36

Sources say Indian oil company Bharat Petroleum has purchased 2 million barrels of Upper Zakum crude oil through a tender for December shipment.

09:33:10

A-share natural gas concept stocks rallied in early trading, with Baichuan Energy hitting the daily limit, and Jiuli Special Materials, Zhiyuan New Energy, Zhongman Petroleum, Baomo Shares, Anhui Anhui High-Tech, and Huibopu following suit.

09:03:05

[Brent Crude Oil Poised for a Breakout, Key Resistance at $65.50] 1. Technical analysis suggests that Brent crude futures may once again challenge the key resistance level of $65.50 per barrel. A successful break above this level could open up further upside potential, targeting the $65.82 to $66.05 range. 2. Current oil prices have found effective support and stabilized around $64.23, having previously briefly broken through the $65.21 resistance level. The market anticipates that, supported by current momentum, contract prices are likely to continue moving towards the next resistance level of $65.82. 3. From a technical perspective, projection analysis based on the C wave starting from $64.07 shows that $65.50 (the 100% projection level) constitutes a significant obstacle. Only a valid break above this level can confirm the next target of $65.82. 4. On the downside risk side, $64.95 is the nearest support level. If oil prices fall below this level, it could signify the end of this C-wave upward movement, and the market may then turn its attention to the bearish target of $64.23.

08:58:38

[OPEC+ Suspends Production Increases, Boosting Market; International Oil Prices Rise] 1. International oil prices rose significantly during Monday's Asian trading session. This increase was mainly due to the latest production decision reached by OPEC+ over the weekend. The organization decided to suspend its planned production increases in the first quarter of next year to address persistent market concerns about oversupply, injecting short-term confidence into the crude oil market. 2. West Texas Intermediate (WTI) crude oil futures are currently up 0.45%, trading around $61.25 per barrel, having earlier touched a high of $61.48. The price rebound reflects the market's positive response to OPEC+'s supply management measures, easing the downward pressure previously caused by weak demand and increased production. 3. Helima Croft, an analyst at RBC Capital Markets, pointed out that OPEC+'s cautious approach in the face of potential weak demand and supply uncertainty in the first quarter is reasonable. She further emphasized that Russian energy supply remains a key variable affecting the global oil market, especially against the backdrop of US sanctions against its oil companies and continued attacks on related energy facilities. 4. Although OPEC+ is attempting to stabilize the market through supply adjustments, multiple factors continue to limit the upside potential of oil prices. Surveys show that most analysts maintain a stable outlook for oil prices in 2025, believing that rising OPEC+ production targets offset weak demand, limiting significant price fluctuations. The current forecast for the average Brent crude oil price in 2025 is $67.99 per barrel. 5. Meanwhile, US oil and gas production reached a record high in August. This data exacerbated market concerns about oversupply and highlighted that while OPEC+ strives to balance the market, the production dynamics of other oil-producing countries also significantly influence oil price trends.

07:34:47

[Oil Prices Rise, OPEC+ to Halt Production Increases in Q1 2020] After a slight production increase in December, OPEC+ will halt production increases in the first quarter of 2020 as the organization seeks to balance its market share battle with signs of oversupply. Oil prices rose, with Brent crude futures climbing above $65 a barrel and WTI crude futures hovering around $61. At a video conference on Sunday, key members, led by Saudi Arabia, agreed to increase production by 137,000 barrels per day next month, consistent with the increases planned in October and November, before suspending production increases from January to March. Demand is typically weak in the first quarter, and delegates said the decision to halt production increases from January reflects expectations of a seasonal slowdown in demand.

07:02:06

US crude oil opened slightly higher and is currently trading at $61.36 per barrel, up about 0.6%.

23:41:24

Representatives at the meeting stated that OPEC+ has reached a consensus in principle on increasing daily crude oil production by 137,000 barrels.

21:30:59

Microsoft will partner with Abu Dhabi National Oil Company (ADNOC) to develop AI agents that will be deployed across ADOC’s value chain to improve efficiency and reduce emissions.

21:30:57

Abu Dhabi National Oil Company (ADNOC), Masdar, XRG, and Microsoft will collaborate to promote the dual development of "AI-enabled energy" and "energy supporting AI".

19:54:20

[OPEC+ Representative: Slight December Production Increase to be Approved, Continuing Slow Pace of Increase] 1. According to an OPEC+ representative, the alliance plans to formally approve a slight increase in crude oil production again in December at its online meeting on Sunday. Major member countries, led by Saudi Arabia, are expected to pass the resolution at the meeting, restoring approximately 137,000 barrels per day of suspended production capacity. 2. This increase is consistent with the slight increases implemented in October and November, indicating that OPEC+ is continuing its cautious pace of production increases. The alliance is currently slowly restoring 1.65 million barrels per day of production that was suspended two years ago, while another batch of capacity was rapidly restored earlier this year.

18:31:20

Ukrainian Security Service (SBU) officials stated that Ukrainian forces launched a drone attack on the Rosneft oil terminal in Tuapse, Russia.

18:31:01

Sources say that Turkey's state-owned refinery TUPRAS has increased its purchases of non-Russian crude oil, and Turkish refiners will reduce their imports of Russian crude oil arriving in December.

09:05:39

[Russian Black Sea Port Facilities Fired After Ukrainian Drone Attack] According to a report from the Krasnodar Krai emergency services early this morning (November 2nd), local time, Black Sea port facilities in Tuapse, a major oil hub city, were damaged and caught fire after an attack by a Ukrainian drone. The report stated that drone debris struck an oil tanker docked in the port, causing damage to the tanker's deck and a fire; however, all personnel on board were safely evacuated. The oil terminal buildings and infrastructure in Tuapse port were also damaged. In addition, the windows of the Tuapse railway station building were shattered. A residential building on the outskirts of Tuapse was also damaged by the drone debris, but no injuries were reported. Tuapse port is home to the oil terminal and the Tuapse refinery, owned by Rosneft—two key energy facilities that have been repeatedly targeted by Ukrainian drone strikes this year. (CCTV)

00:40:03

Market News: An appeals court overturned an agreement by a British oil company to write off part of its debt.

20:01:08

Data shows that Russia's liquefied natural gas (LNG) exports declined by 3.4% from January to October, but exports surged by 21% in October.

18:38:21

Data shows that Russia's liquefied natural gas (LNG) exports fell 3.4% from January to October, but surged 21% in October.

12:54:30

[Multiple Independent Innovation Achievements Showcased at China International Mining Exhibition] The 21st China International Coal Mining Technology Exchange and Equipment Exhibition was recently held at the China International Exhibition Center (Shunyi Hall), showcasing technological innovation achievements across the entire coal industry chain. Hosted by the China National Coal Association, the exhibition attracted 1,200 well-known domestic and international companies from 18 countries and regions. Germany, the United States, and Poland participated with national pavilions. Companies such as China Energy Investment Corporation, China National Coal Group, Shandong Energy Group, and Huawei also participated, exhibiting nearly 10,000 items. The number of exhibitors and the scale of the exhibition both set new records. (Xinhua)

07:07:27

[my country's Thorium-Based Molten Salt Experimental Reactor Completed with Domestically Produced Core Equipment and Achieved In-Potential Thorium-Uranium Conversion for the First Time] The Chinese Academy of Sciences announced today (November 1st) that a thorium-based molten salt experimental reactor, located in Minqin County, Wuwei City, Gansu Province, has been completed and achieved in-potential thorium-uranium conversion for the first time. This preliminary demonstration of the technical feasibility of utilizing thorium resources lays an important scientific foundation for the subsequent large-scale utilization of thorium fuel. This experimental reactor is my country's fourth-generation advanced fission nuclear energy system, independently developed, designed, and constructed. It is also currently the only molten salt reactor in the world in operation that has achieved thorium fuel injection. The thorium-based molten salt experimental reactor uses thorium as nuclear fuel and liquid fluoride molten salt as coolant, offering advantages such as safety, waterless cooling, atmospheric pressure operation, and high-temperature output. (CCTV)

06:43:23

Tensions in Venezuela boosted oil prices, with Brent crude nearing $65, awaiting the OPEC+ meeting. Details>

05:47:31

Starting November 1, Petrobras, Brazil's state-owned oil company, raised the average price of aviation fuel to its distributors by 1.4%.

05:39:07

Brazil's state-owned oil company, Petrobras, announced that it will raise aviation fuel prices by 1.4% starting November 1.

04:58:58

The U.S. Department of Energy announced it will provide $100 million in funding for the renovation and modernization of coal-fired power plants.

04:31:21

International oil prices rose slightly on October 31. By the close of trading that day, the price of light sweet crude oil futures for December delivery on the New York Mercantile Exchange rose 41 cents to settle at $60.98 per barrel, an increase of 0.68%; the price of Brent crude oil futures for December delivery on the London ICE Futures Exchange rose 7 cents to settle at $65.07 per barrel, an increase of 0.11%.

03:16:15

A Reuters poll predicts that Brent crude oil will average $67.99 a barrel in 2025, about 38 cents higher than last month's forecast, while WTI crude oil is expected to average $64.83, slightly higher than the $64.39 forecast in September.

02:44:21

As of the week ending October 28, ICE Brent crude oil speculators increased their net long positions by 119,046 contracts, reaching 171,567 contracts.

02:41:03

Brent crude futures settled up 7 cents, or 0.11%, at $65.07 a barrel.

02:33:31

NYMEX December natural gas futures closed at $4.1240 per million British thermal units (MMBtu), NYMEX November gasoline futures closed at $1.9931 per gallon, and NYMEX November heating oil futures closed at $2.4312 per gallon.

02:31:19

December WTI crude oil futures closed at $60.98 per barrel.

01:48:18

[EIA: US Oil and Gas Production Hits Record High in August] Data from the US Energy Information Administration (EIA) shows that US oil and gas production remained at a record high in August, despite concerns that the market is heading towards oversupply. Record US oil production is one of the main reasons for the decline in commodity prices this year. EIA data shows that US crude oil production increased by 86,000 barrels per day, reaching a record 13.8 million barrels per day.

00:03:56

U.S. Energy Information Administration (EIA): U.S. crude oil production rose to a record monthly high in August.

00:03:32

The U.S. Energy Information Administration (EIA) revised its July natural gas production figures for the 48 contiguous U.S. states to 122.14 billion cubic feet per day, up from the previously reported 121.62 billion cubic feet per day.

00:03:29

Data from the U.S. Energy Information Administration (EIA) shows that natural gas production in the 48 contiguous U.S. states rose 0.6% in August from July to 122.85 billion cubic feet per day, and 6.2% from the same period last year.

23:34:10

[Chevron CFO: Ample Supply, Low Oil Prices May Persist into 2026] Chevron's Chief Financial Officer (CFO), Eimear Bonner, stated that the risk of low oil prices could persist into next year due to strong OPEC+ production. Bonner believes, "There has been some production easing in OPEC+, and supply from non-OPEC oil-producing countries is also increasing. We may see some pressure continue this year and into 2026." Analysts predict that supply growth will slow as 2026 approaches, laying the foundation for a potential price rebound. "When we consider the long-term outlook for the oil and gas market, we remain very bullish. Supply and demand will eventually reach equilibrium."

23:31:21

The U.S. Energy Information Administration (EIA) reported that U.S. natural gas condensate production rose to 7.712 million barrels per day in August, an increase of 135,000 barrels per day from the previous month (compared to 7.577 million barrels per day in July).

23:28:56

[US Energy Secretary: US and Canada Aim to Return to Trade Negotiations] US Energy Secretary Jerry Wright stated that the US and Canada aim to return to the negotiating table and strengthen cooperation in oil, gas, and key minerals. Speaking at the G7 Energy and Environment Ministers' Meeting in Toronto, Wright said that negotiations between the US and Canada had stalled "for some important reasons." Last week, US President Trump halted negotiations after Ontario aired an anti-tariff advertisement in the US that referenced a 1987 radio address by former President Reagan. Trump also threatened to impose an additional 10% tariff on Canadian goods. Before the negotiations broke down, Canadian Prime Minister Mark Carney stated that progress had been made on steel and aluminum tariffs and an energy agreement. Carney also proposed to Trump the restart of the Keystone XL pipeline project. Wright said, "We've encountered some bumps along the way. I think the goal is to get both sides back together and see cooperation between the US and Canada in key minerals, oil, and gas."

23:10:18

The U.S. Energy Information Administration (EIA) reported that U.S. distillate fuel oil exports remained unchanged at 1.395 million barrels per day in August.

23:10:17

The U.S. Energy Information Administration (EIA) reported that U.S. crude oil exports remained unchanged at 3.52 million barrels per day in August.

22:47:00

Data from the U.S. Energy Information Administration (EIA) shows that in August, Canada shipped 63,000 barrels of crude oil per day by rail to the United States.

22:46:59

Data from the U.S. Energy Information Administration (EIA) shows that the total volume of domestic crude oil rail shipments in the United States in August was 249,000 barrels per day.

22:28:51

U.S. Energy Secretary Wright: The United States has discussed the issue of shipping more oil and gas to Europe.

22:28:04

U.S. Energy Secretary Wright: The goal is to get Canada and the United States back to the table for trade negotiations. We hope to see cooperation between Canada and the United States in oil, gas, and minerals.

22:15:37

ExxonMobil's CEO stated that the company is considering lifting force majeure on its Mozambique LNG project after Total Energy lifted force majeure on its standalone project.

21:57:01

[US Natural Gas Prices Surge to Six-Month High, LNG Export Demand Hits Record High] ⑴ US natural gas futures rose 4% to a six-month high on Friday, with the December contract settling at $4.116 per million British thermal units (MMBtu). ⑵ Prices remained in technically overbought territory for the second consecutive day, the first time in four weeks, with a weekly gain of 25%, the largest weekly increase since April 2024. ⑶ The monthly gain of 25% also marks the largest monthly increase since March, significantly outperforming the crude oil market. ⑷ The crude oil-to-natural gas price ratio fell to 15:1, the lowest since December 2022, well below the reasonable level of 6:1 based on energy equivalents. ⑸ Average flow rates at liquefied natural gas (LNG) export facilities reached a record high of 16.6 billion cubic feet per day in October, with Friday's daily flow rising to 17.9 billion cubic feet per day. ⑹ Natural gas production in the 48 contiguous US states fell to 107 billion cubic feet per day, a decline from the record high of 108 billion cubic feet per day set in August. (7) Despite inventory levels being approximately 4% higher than normal, strong export demand continues to consume excess supply. (8) Weather forecasts indicate that temperatures will generally be above normal until November 15th, and heating demand is expected to be below seasonal norm. (9) Analysts predict that natural gas demand will remain in the range of 108.9-109.8 billion cubic feet per day over the next two weeks, higher than previously expected. (10) The current Henry Hub spot price is $4.08, a significant increase from $2.58 in the same period last year, indicating a fundamental shift in the market's supply and demand dynamics.

21:46:51

[Oversupply Suppresses Geopolitical Risks, Oil Price Outlook Remains Weak in 2025] ⑴ A Reuters survey shows that despite geopolitical risks, ample supply and weak demand will continue to suppress oil prices. ⑵ 36 analysts predict an average Brent crude price of $67.99 per barrel in 2025, only $0.38 higher than last month's forecast. ⑶ The average U.S. crude price in 2025 is expected to be $64.83 per barrel, slightly higher than the September forecast of $64.39. ⑷ Year-to-date, Brent and U.S. crude average prices are $69.27 and $65.92 respectively, with current forecasts below actual levels. ⑸ Continued production increases by OPEC+ have offset the impact of geopolitical risks, raising the production target by 2.7 million barrels per day since April. ⑹ The organization favors a slight increase in production again in December, continuing its policy path of gradually easing production cuts. (7) Analysts predict a supply glut in the oil market in 2026, ranging from 190,000 to 3 million barrels per day. (8) Demand growth is projected to be between 650,000 and 2 million barrels per day, primarily driven by Chinese economic growth. (9) US sanctions against Russian oil companies and the fragility of the Middle East ceasefire constitute major geopolitical risk factors. (10) The balance between supply growth, slowing demand, and geopolitical uncertainty will continue to dominate oil price trends in 2025.

21:42:47

[Russia May Tacitly Approve OPEC+ Production Increase, Geopolitical Games Underway] ⑴ Consulting firms predict Russia is unlikely to oppose OPEC+'s plan to increase production by 137,000 barrels per day in December. ⑵ Although the latest sanctions could reduce Russian oil production by 500,000-600,000 barrels per day over the next two months. ⑶ The risk of an immediate production halt is extremely limited; the impact on production will gradually become apparent over time. ⑷ A geopolitical analyst points out that Moscow wants to project stability and may therefore support a moderate production increase. ⑸ For the Kremlin, maintaining composure and sending a signal of control remains a core strategic consideration. ⑹ Brent crude and WTI crude rose 0.5% to $64.69 and $60.94 per barrel respectively on Friday afternoon. ⑺ The market is weighing supply and demand prospects, with geopolitical factors and production policies jointly influencing price movements. ⑻ The OPEC+ internal coordination mechanism faces a test; Russia's attitude will be a key variable at Sunday's meeting.

21:06:43

Brent crude oil futures, the most active contract, just touched the $65.00 per barrel mark and is currently trading at $65.00 per barrel, up 1.53% on the day.

21:04:42

Nymex crude oil futures for the most active contract rose 1.01% to $61.18 per barrel on the day.

21:02:41

Shanghai fuel oil futures have just broken through the 2,800 yuan/ton mark, currently trading at 2,801 yuan/ton, up 1.82% on the day.

21:02:11

Nymex crude oil futures for the most active contract have just broken through the $61.00/barrel mark, currently trading at $61.01/barrel, up 0.73% on the day.

21:00:41

Brent crude oil futures for the most active contract rose 1.06% to $64.70 per barrel on the day.

20:46:25

[Caixin Futures: Divergent Trends in the Energy and Chemical Sector] ⑴ The Trump administration recently canceled the summit in Budapest and imposed sanctions on Russian oil companies, while the EU formally passed its 19th round of sanctions against Russia. ⑵ This may lead to countries like India reducing their purchases of Russian oil. ⑶ The macro environment is bullish, but considering that OPEC+ may implement a slight production increase at its meeting this Sunday, sentiment has shifted towards neutral to bullish. ⑷ The US and EU announced a new round of sanctions against Russia, with the US sanctions against Russia's two largest oil companies triggering a strong reaction. ⑸ Expectations of reduced supply of high-sulfur fuel oil remain, and prices have rebounded following crude oil. ⑹ OPEC+ may implement a slight production increase at its meeting this Sunday, but with positive macroeconomic expectations, the downside for fuel oil may be limited. ⑺ Market sentiment in Shahe has improved recently, with inventories declining and some downstream companies restocking. ⑻ Some manufacturers are selling well, and market transactions are acceptable; glass supply is gradually turning positive year-on-year. ⑼ However, demand is still declining significantly year-on-year, facing considerable pressure, but short-term gains are influenced by easing trade tensions and stronger commodity sentiment. (10) The market showed resilience, and the downside potential for glass futures may be limited. (11) A slightly bullish outlook is recommended, as the domestic soda ash market remained stable with prices fluctuating within a narrow range. (12) Total inventory of domestic soda ash producers was 1.702 million tons this week, an increase of 9,600 tons from Monday. (13) The soda ash operating rate remained stable at 87.44%, but production from the Alashan Phase II plant may be delayed. (14) Short-term coal costs have constrained the decline, and a slightly bullish outlook is recommended. (15) Prices of liquid soda ash and liquid chlorine in Shandong rose, with chlor-alkali profits reaching 627 yuan/ton. (16) Supply is expected to increase next week, and downstream purchasing prices are expected to decline further. (17) Supply remains ample, while downstream deliveries have increased slightly. (18) However, there is no peak season restocking demand for non-aluminum products, inventories are high, and there are no signs of improvement in fundamentals. 18. The market is expected to fluctuate with a slightly weak bias. The spot price in Taicang fell by 33 yuan to 2157 yuan, and the price in the northern Inner Mongolia region fell by 15 yuan to 2005 yuan. 20. The main methanol contract broke down again, significantly dragging down the spot trading atmosphere.

20:35:49

Crude oil demand is alarming, yet global giants are ramping up production! The high-stakes gamble behind it is coming to light. Details>

20:34:01

[MBS Opening: Sharp Yield Surge Widens Spreads, Market Under Pressure Ahead of Month-End Index Buying] ⑴ At the opening on October 31, US Treasury yields were bear-steeping, with the 10-year yield rising to 4.105% and the 2s/10s yield widening by 1.1bp to 48.6bp. The MBS basis slightly underperformed, with the UMBS30 yield at 5.0%-6.0% 1-2 ticks lower than the 10-year yield. ⑵ On the 31st day of the government shutdown, the Q3 employment cost index and the September core PCE were absent, leaving only the Chicago PMI and speeches from three non-voting Fed officials. Market volatility was supported by sentiment. ⑶ Crude oil fell 0.3% to $60.38, pressured by expectations of increased OPEC+ production in December coupled with a demand-side uncertainty. (4) End-of-month buying interest in index futures has not materialized. The current 30-year bond yield is 5.163%, widening the spread between it and the 10-year mixed government bond yield to 124.7bp, and the spread between it and the 10-year SOFR yield to 149.2bp, indicating pre-emptive pressure of 1bp. (5) Next week's focus: The Supreme Court will hear on Tuesday regarding Trump's tariff statements; October MBS prepayment data will be released starting Thursday evening; Class A rolls will settle on Friday, amplifying volatility and convexity trading.

19:58:27

Alexei Pushkov, a member of the Constitutional Committee of the Federation Council of Russia, believes that Japanese Prime Minister Sanae Takaichi's refusal to stop purchasing Russian liquefied natural gas is of symbolic significance, and that Russia cannot be isolated from the global energy market.

19:34:39

[Orbán: Hungary Hopes for US Sanctions Exemption for Russian Energy Companies] Hungarian Prime Minister Viktor Orbán stated that Hungary must convince the United States that, as a landlocked country, it occupies a special position and therefore needs a sanctions exemption in order to continue purchasing Russian oil and gas.