Register with us today

and in less than 60 seconds continue your access to:Latest news headlinesAnalytical topics and featuresCommodities videos, podcast & blogsSample market prices & dataSpecial reportsSubscriber notes & daily commodity email alerts

Already have an account?

Log in to register

Forgot Password

Please Note: Platts Market Center subscribers can only reset passwords via the Platts Market Center

Enter your Email ID below and we will send you an email with your password.

  • Email Address* Please enter email address.

If you are a premium subscriber, we are unable to send you your password for security reasons. Please contact the Client Services team.

If you are a Platts Market Center subscriber, to reset your password go to the Platts Market Center to reset your password.

In this list

Crude oil futures slip as Storm Barry weakens, IEA report bearish

Agriculture | Biofuels | Grains | Energy | LNG | Natural Gas | Oil | Crude Oil | Metals | Steel | Shipping | Marine Fuels | Tankers

Market Movers Asia, Oct 14-18: US-China's partial trade deal, Mideast oil risks in focus


Platts Market Data – Oil

NGL | Oil | Crude Oil | LPG | Oil Risk | Petrochemicals

Platts University New York


Asia to focus on ADNOC's naphtha term talks, Saudi's Nov LPG term nominations this week

Crude oil futures slip as Storm Barry weakens, IEA report bearish

Singapore — Crude oil futures were lower during mid-morning trade in Asia Monday as markets began to recover from Tropical Storm Barry, while a bearish outlook on oil fundamentals by the International Energy Agency also pushed prices lower.

Not registered?

Receive daily email alerts, subscriber notes & personalize your experience.

Register Now

At 10:40 am Singapore time (0240 GMT), front-month ICE Brent September futures fell 24 cents/b (0.36%) from Friday's settle at $66.48/b, while the NYMEX August light sweet crude futures contract was 31 cents/b (0.51%) lower at $59.90/b.

Hurricane Barry weakened to a tropical depression as it moved further inland Sunday. The Port of New Orleans, which had been shut since Friday, was partially reopened Sunday, with full cargo operations expected to resume Monday.

"Barry is expected to produce rain accumulations of 6 to 12 inches over south-central Louisiana, with isolated maximum amounts of 15 inches," the NHC said Sunday.

More oil and gas production in the Gulf of Mexico was reported offline Sunday, but operators are expected to start the process of evaluating the status of their offshore platforms with an eye toward resuming production.

"Market did not give weightage to supply disruptions due to hurricane Barry despite it affected 70% of the production in the US Gulf of Mexico, according to BSEE [Bureau of Safety and Environmental Enforcement] survey," said ANZ analysts in a note Monday.

Meanwhile, the IEA published its monthly oil market report on Friday in which it said that the extension of oil production cuts by OPEC and its partners has not changed the "fundamental outlook" of an oversupplied market.

"The International Energy Agency (IEA) also is bearish on oil and demand," said Price Futures Group's senior market analyst Phil Flynn.

In the first half of 2019, oil supply exceeded demand by 900,000 b/d, adding to "huge" stock builds in the second half of last year, the IEA noted. "Clearly, market tightness is not an issue for the time being and any rebalancing seems to have moved further into the future," it said.

"The agency [IEA] sees that the current rate of OPEC cut will not be sufficient to clear the supply overhang in 2020, and they see the oversupplied market backdrop as likely to return next year. Investors continued to give more weightage to a deteriorating demand outlook," said ANZ analysts.

"Excluding Venezuela and Iran... OPEC's market share has fallen from a recent peak of 36.7% in September 2016 to 34.5% currently," it said.

As of 0240 GMT, the US Dollar Index was up 0.11% at 96.51.

--Avantika Ramesh,

--Edited by Nurul Darni,