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The Marked Chart Wire · Energy
HotEnergy Demand
Baker Hughes chief executive Lorenzo Simonelli predicts sustained expansion in energy needs and capital spending over the next ten years. The firm anticipates modest industry growth in 2027 despite geopolitical uncertainties and volatile oil prices.
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HotIran
Brent crude dropped 9.3 percent to $93.95 and WTI fell 8.9 percent to $87.70 after Democratic midterm wins pressured Trump to end the Iran conflict. Bond yields in the UK and France also declined as inflation fears eased.
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.
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.
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.
Fast headlines, summarized. Not verified and not advice. Check the full story before you act.