{"id":7885,"date":"2026-11-10T19:34:00","date_gmt":"2026-11-10T16:34:00","guid":{"rendered":"https:\/\/mikhailinvest.com\/oil-falls-to-lowest-level-since-august\/"},"modified":"2026-11-10T19:34:00","modified_gmt":"2026-11-10T16:34:00","slug":"oil-falls-to-lowest-level-since-august","status":"publish","type":"post","link":"https:\/\/mikhailinvest.com\/ru\/oil-falls-to-lowest-level-since-august\/","title":{"rendered":"Oil Falls to Lowest Level Since August"},"content":{"rendered":"

Brent crude briefly falls below $90 as hopes of diplomatic breakthroughs in Iran and Ukraine accelerate the oil market selloff.<\/p>\n

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Crude Says Peace, Tanker Rates Say Not So Fast<\/strong><\/p>\n

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– Crude oil prices have plunged by almost $30 per barrel since the US midterm elections, however, stubbornly high freight rates in the Gulf suggest not every segment of the oil markets deems the US-Iran war to be \u2018effectively over\u2019<\/a>. \u00a0\u00a0\u00a0<\/p>\n

– The cost of chartering a VLCC for a voyage from the Persian Gulf to China has dipped only marginally over the past two weeks, with current fixtures coming in around $72-74 million ($36-37 per barrel).<\/p>\n

– The gap between freight rates from the Gulf and other regional routes has become so substantial that VLCC rates just outside Hormuz \u2013 in the US-controlled Gulf of Oman \u2013 are now $20 per barrel cheaper.<\/p>\n

– Whilst freight from the Gulf remains exorbitant, VLCC rates from other trading regions have been on the decline, with a US-to-China voyage now costing<\/a> $35 million less than a month ago, at $45 million ($22.5 per barrel).<\/p>\n

– Iranian drones and missiles have struck at least 16 tankers in the Strait of Hormuz this month to date, of which only 11 were \u0441\u043e\u043e\u0431\u0449\u0438\u043b\u0438<\/a> by UKMTO. \u00a0<\/p>\n

Market Movers
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– Canadian oil producer Strathcona Resources<\/strong> (TSO:SCR) has agreed to buy heavy oil producer Greenfire Resources for $2 billion, adding 34,000 b\/d of steam assisted gravity drainage production in northern Alberta to its portfolio.<\/p>\n

– Qatar’s state energy firm QatarEnergy<\/strong> announced that it had entered into a deal with US major \u0428\u0435\u0432\u0440\u043e\u043d<\/strong> (NYSE:CVX) to acquire a 25% stake in the Walvis Basin PEL 82 block offshore Namibia, marking its entry to the African country.<\/p>\n

– Germany chemicals giant Evonik<\/strong> (ETR:EVK) continues to reject the increased takeover offer from global chemicals leader BASF (ETR:BAS) even after the two firms’ chief executives met over the weekend.<\/p>\n

– UK oil major BP<\/strong> (NYSE:BP) has sold its entire 49.9% stake in its Indonesian retail joint venture AKR to local partner Corporindo, in reaction to Jakarta’s 2025 tightening of fuel import rules for private retailers.<\/p>\n

– US oil major ExxonMobil<\/strong> (NYSE:XOM) has \u0441\u043e\u0433\u043b\u0430\u0441\u043e\u0432\u0430\u043d\u043d\u044b\u0439<\/a> to explore investment opportunities in Venezuela, signing a preliminary deal with state-owned PDVSA with a particular interest in the Petromonagas crude upgrader which it previously operated.<\/p>\n

Tuesday, November 10, 2026<\/strong><\/p>\n

Oil prices continue their precipitous decline, with ICE Brent briefly dipping below $90 per barrel, as the Trump administration reiterated its reluctance to engage in new military strikes against Iran. With US-brokered peace talks between Russia and Ukraine taking place in Abu Dhabi simultaneously to the Middle Eastern track, markets are gauging the probability of both major conflicts ending soon.<\/p>\n

China\u2019s Oil Imports Rebound as Gulf Flows Recover. <\/strong>China\u2019s crude oil imports \u0434\u043e\u0441\u0442\u0438\u0433<\/a> a seven-month high at 42 million tonnes (9.9 million b\/d) in October, 13% below year-ago levels, with Saudi and Iraqi flows recovering as strong refining margins and low product stocks boosted runs.<\/p>\n

Russian Diesel Cargo Abandons US Voyage. <\/strong>The Agioi Fanendes, \u043f\u0435\u0440\u0435\u043d\u043e\u0441\u043a\u0430<\/a> 280,000 barrels of diesel from Primorsk, halted its voyage towards the US Atlantic Coast and is expected to turn towards Brazil as legal uncertainty deterred American buyers despite the proposed US-Russia diesel deal.<\/p>\n

US LNG Plants Hit Full Throttle as Global Prices Surge. <\/strong>US LNG feedgas demand \u0434\u043e\u0441\u0442\u0438\u0433<\/a> a record 20.4 bcf\/d earlier this week as every export terminal operated close to peak capacity, with cooler weather improving efficiency and a $28\/MMBtu gap between Henry Hub and JKM boosting exports.<\/p>\n

Drone Attack Knocks Out Kurdistan\u2019s Energy Lifeline. <\/strong>Production at the main natural gas field of Iraqi Kurdistan – Khor Mor – was halted<\/a> after a drone struck an LPG tank, suspending around 2.8 GW of power generation and triggering electricity and cooking-gas shortages across major Kurdish cities.<\/p>\n

South Korea Keeps Coal Generation Alive. <\/strong>The South Korean government delayed the closure of its 500 MW Taean 2 coal plant to March 2028 as it is struggling to bring back replacement capacity that would run on natural gas, extending a broader pattern of coal-retirement postponements.<\/p>\n

Dhaka Plans Three New LNG Terminals. <\/strong>Bangladesh intends<\/a> to add another floating terminal at Moheshkhali and two onshore facilities at Matarbari to boost LNG import capacity by another 1.6 BCf\/d, following repeated operational problems at the country\u2019s existing Excellence FSRU.<\/p>\n

US Rig Count Hits Highest Level Since 2024. <\/strong>\u0421\u043e\u0433\u043b\u0430\u0441\u043d\u043e<\/a> to Baker Hughes data, <\/strong>US oil and gas rigs rose to 604, up 10% year-on-year and marking the highest weekly tally since May 2024, with the Permian Basin seeing the largest upside as rigs there jumped by 22 compared to a year ago.<\/p>\n

QatarEnergy Doubles Down on Term US Supply. <\/strong>QatarEnergy is reportedly negotiating up to 2 mtpa of long-term LNG supply from NextDecade’s permitted-but-unapproved Rio Grande Train 6, having already signed up for 10 mtpa of future production from Venture Global, Woodside and Cheniere.<\/p>\n

Rejecting Taiwan, Papua Leans on Chinese LNG Demand. <\/strong>Chinese authorities offered to expand LNG imports from Papua New Guinea and deepen trade ties after Taiwan \u0437\u0430\u043a\u0440\u044b\u0442\u043e<\/a> its Port Moresby office and halted LNG purchases (being the 3\u0440\u0434<\/sup> largest buyer overall), citing Beijing\u2019s political pressure.<\/p>\n

Japan Spot Power Prices Hit Highest in Four Years. <\/strong>Japan’s spot power prices \u0440\u0435\u0437\u043a\u0438\u0439 \u0440\u043e\u0441\u0442<\/a> by almost 100% in November to date to \u00a540 per kWh ($0.25\/kWh), the highest since September 2022, after a cold spell spread nationwide and utility LNG stocks fell by almost 11% to 1.92 million tonnes.<\/p>\n

Europe\u2019s Power Prices Balloon on Wind Drought. <\/strong>European power prices \u0440\u0435\u0437\u043a\u0438\u0439 \u0440\u043e\u0441\u0442<\/a> above \u20ac600 per MWh after wind generation collapsed across the continent (a phenomenon regionally called Dunkelflaute), just as LNG prices trend around $32 per MMBtu, exposing Europe to scarcity spikes.<\/p>\n

Iran War Drives First Global Emissions Drop in Years. <\/strong>Global carbon emissions are \u043f\u0440\u043e\u0433\u043d\u043e\u0437<\/a> to fall by 0.4% year-on-year to 38.2 billion tonnes in 2026, with most of the decline coming lower oil demand as China and other nations curb consumption, whilst coal emissions are still set to rise by 0.6%.<\/p>\n

Myanmar Courts US to Challenge China\u2019s Rare-Earth Grip. <\/strong>The military government of Myanmar is in talks<\/a> with the Trump government for US companies to tap into its heavy rare-earth deposits, but civil war and sanctions make major investment deals politically and commercially difficult.<\/p>\n

UAE Markets Salvaged Saudi Crude After Tanker Attack. <\/strong>The UAE Energy Ministry offered<\/a> 1.87 million barrels of Saudi-origin barrels for sale via ship-to-ship transfer from the damaged Gem No. 2, the VLCC attacked in early October that led to oil leaks washed up on parts of the UAE coastline.<\/p>\n

US Gasoline Falls Below $4, but Diesel Pain Persists. <\/strong>The average price of US gasoline across the country \u043f\u043e\u0433\u0440\u0443\u0436\u0435\u043d\u043d\u044b\u0439<\/a> below $4 per gallon for the first time since July, albeit remaining 19% above seasonal norms, whilst diesel prices remain stubbornly high with the nationwide average at $6.15 per gallon.
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\u0422\u043e\u043c \u041a\u0443\u043b, Oilprice.com<\/p>\n

\u0414\u0440\u0443\u0433\u0438\u0435 \u043b\u0443\u0447\u0448\u0438\u0435 \u0441\u0442\u0430\u0442\u044c\u0438 \u0441 \u0441\u0430\u0439\u0442\u0430 Oilprice.com<\/strong><\/p>\n