Oil Rises as China Fuel Supply Concerns Mount
Crude oil climbed back above $91 a barrel on Thursday as reports of tighter Chinese fuel supplies added to concerns over an already disrupted global market. PetroChina has reportedly withdrawn several gasoline and jet-fuel cargoes scheduled for October, with Beijing seeking to preserve domestic inventories. The move comes as energy markets continue to absorb disruptions linked to the conflict involving the US and Iran, as well as the war in Ukraine. At the same time, concerns over outright crude shortages have eased somewhat after Saudi Arabia resumed tanker loadings at Yanbu following the restart of its East-West pipeline. Middle Eastern crude shipments were approaching pre-war levels, although refined fuel availability, particularly gasoline, remained tighter. Investors are also monitoring diplomatic developments, with uncertainty surrounding US-Iran negotiations persisting after indirect discussions involving mediators were held during the UN General Assembly.
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Crude oil climbed back above $91 a barrel on Thursday as reports of tighter Chinese fuel supplies added to concerns over an already disrupted global market. PetroChina has reportedly withdrawn several gasoline and jet-fuel cargoes scheduled for October, with Beijing seeking to preserve domestic inventories. The move comes as energy markets continue to absorb disruptions linked to the conflict involving the US and Iran, as well as the war in Ukraine. At the same time, concerns over outright crude shortages have eased somewhat after Saudi Arabia resumed tanker loadings at Yanbu following the restart of its East-West pipeline.
Middle Eastern crude shipments were approaching pre-war levels, although refined fuel availability, particularly gasoline, remained tighter. Investors are also monitoring diplomatic developments, with uncertainty surrounding US-Iran negotiations persisting after indirect discussions involving mediators were held during the UN General Assembly.