New York [US], November 8: Crude futures edged up late on Friday on renewed fears of further US strikes on Iran as U.S. President Donald Trump said he would soon decide whether to pursue a peace agreement or launch further military action.
Brent crude futures settled at $98.32 a barrel, and U.S. WTI crude finished at $90.83 a barrel. For the week, Brent declined 16.4% and WTI fell by 12.8%.
While the U.S. midterm results raised hopes of a potential Iran war de-escalation and more crude exports out of the region, they also raised expectations of tighter U.S. regulations for the AI industry, prompting a dramatic rout in technology stocks on Thursday. The crude market is loosening to a state of oversupply based on the balance, but the quality difference still exists as refiners recover what they can take versus what is available, analysts said.
Asian spot LNG prices ease but remain near four-year high
Asian spot liquefied natural gas (LNG) prices eased last week but remained near a four-year high amid competition from Europe for supply ahead of winter and as the market closely monitors the geopolitical situation in the Middle East.
The average LNG price for December delivery into northeast Asia was $31.40 per million British thermal units, down from $32.50 per mmBtu the week before.
Asian buyers are likely to remain selective at current price levels, with European demand and supply security concerns continuing to influence where marginal Atlantic cargoes are directed.
In Europe, the Dutch TTF gas price settled at $27.91 per mmBtu, posting a weekly decline by 17.97%. Prices fell, partly because of an apparent shift in tone towards de-escalation from Trump and of increased Qatari supply expectations.
Source: Qatar Tribune
