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The Marked Chart Wire · Energy
Strait of Hormuz
The United Arab Emirates is reportedly evaluating the construction of a new oil pipeline. The project aims to provide an alternative route for crude exports, reducing reliance on the Strait of Hormuz.
Part of a series: Strait of Hormuz sees repeated vessel attacks
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Oil
Brent crude oil fell 4.55 percent to $98.89, dropping below the $100 mark. The S&P 500 index climbed 1.61 percent to 7,691.0 during the session.
Oil Inventories
The Energy Department reported a 865,000-barrel drop in crude inventories for the week ending October 30, beating estimates of a 1.7 million-barrel increase. Distillate stocks also fell by 3.565 million barrels.
Energy
The American Petroleum Institute reported a 5.267 million barrel drop in US crude stocks, a sharper decline than the 2.1 million barrel decrease analysts had forecast.
Venezuela Oil
Venezuela shipped 449,000 barrels a day of crude to the United States in October, down from the prior month. Total exports held steady at 1.08 million barrels a day, with shipments to Europe rising to 235,000 barrels a day.
Energy
Saudi Arabia reported a 23 percent decline in oil revenues for the third quarter of 2026.
Oil
Jeff Currie advises selling crude oil positions to lock in gains ahead of the midterm elections, while maintaining that the long-term structural supercycle remains intact.
Fast headlines, summarized. Not verified and not advice. Check the full story before you act.