U.S. oil futures settled higher on Friday. On the New York Mercantile Exchange, September WTI settled at $41.60 a barrel. The U.S....
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A fire broke out in a crude distillation unit at Germany's 215,000 b/d Vohburg-Neustadt refinery complex on 16 October, operator Bayernoil said. Traders in the region have not reported any impact on supply so far.
Bayernoil said the fire occurred in the sole CDU in the Neustadt section, the smaller of the two sites, and was put out within a few minutes. The cause and extent of the damage are not yet known.
Bayernoil is a joint venture comprising Varo Energy, Italy's Eni and Rosneft Deutschland. Rosneft Deutschland is one of Russian state-owned Rosneft two German subsidiaries, both of which have been under the trusteeship of Germany's Federal Network Agency since 2022.
Rosneft has said it intends to sell its German assets. According to the German government, the company will be actively pursuing the sale by the end of this year.
Crude oil inventories in the United fell by 1.58 million barrels for the week ending October 11, according to The American Petroleum Institute (API). Analysts had expected a build of 3.2 million barrels.
Oil prices held near a two-week low on Wednesday after dropping about 7% over the prior three days on forecasts for less oil demand growth and reduced concerns that Middle East conflicts will disrupt supply.
Earlier this week, crude prices fell in response to a weaker demand outlook and a media report that Israel would not strike Iranian nuclear and oil sites, easing fears of supply disruptions.
Iran is a member of the Organization of the Petroleum Exporting Countries (OPEC) and produced about 4.0 million barrels per day (bpd) of oil in 2023, U.S. Energy Information Administration (EIA) data showed.
Iran was on track to export around 1.5 million bpd in 2024, up from an estimated 1.4 million bpd in 2023, according to analysts and U.S. government reports.
As of October 16, 2024, the closing prices for oil and natural gas are:
West Texas Intermediate (WTI) Crude Oil: $70.39 per barrel
Brent Crude: $74.22 per barrel
RBOB Gasoline: $2.0403 per gallon
Natural Gas: $2.367 per thousand cubic feet
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