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via seekingalpha.comEconomy

IEA: oil market in surplus in Q4, global supply rose to 105.4M bbl/day in October

FROM THE WIRE · SEEKINGALPHA.COM

[Data analyzing in commodities energy market: the charts and quotes on display. US WTI crude oil price analysis. Stunning price drop for the last 20 years.] SlavkoSereda/iStock via Getty Images The global oil market is expected to return to a surplus in Q4 for the first time…

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MARKET IMPACTHIGH✦ News Impact agent estimateTone: expected bearishThe expected surplus and higher supply weigh on oil prices and energy ETFs.AI-generated summary
✦ IN BRIEF · AIAI-generated summary
  1. 01Global oil supply rose 2.3M bbl/day in October to 105.4M bbl/day.
  2. 02Persian Gulf exports, excluding Oman, reached 18.4M bbl/day, 26% below pre-war levels.
  3. 03The IEA expects a surplus in Q4 despite continued attacks on shipping.
NEWS IMPACT AND MARKET REACTIONChange since the story · reference
United States Oil Fund, LPUSOETF145.58 USDMarket closedtoday -0.34%Negative United States Brent Oil Fund LPBNOETF61.06 USDMarket closedtoday +0.08%Negative State Street Energy Select Sector SPDR ETFXLEETF64.96 USDMarket closedtoday +0.98%Negative Crude Oil WTICOMMODITY:WTICommodity88.56 USDMarket closedtoday -0.20%Negative
Impact and summary are estimates by the News Impact AI agent, not financial advice.Open in Markets

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