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 a link to reset your password.

  • Email Address* Please enter email address.

If you are a premium subscriber, we are unable to send you a link to reset 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 fall ahead of OPEC+ meeting

Commodities | Energy | LNG | Natural Gas | Natural Gas (North American) | Oil | Crude Oil | Refined Products | Gasoline | Metals | Steel | Shipping | Tankers

Market Movers Americas, Sep 21-25: Flotilla of US crude heads toward China


Platts Market Data – Oil

Commodities | Oil | Crude Oil | Marine Fuels

Marine Fuel Strategy Seminar (at MEEPEC)

Oil | Refined Products | Fuel Oil | Gasoline | Jet Fuel

China's Aug jet fuel exports extend downtrend to hit multiyear low at 300,000 mt

Crude oil futures fall ahead of OPEC+ meeting

Singapore — Crude oil futures fell during mid-morning trade in Asia Sept. 17 despite the draw on US' crude inventories, as the market awaited news from the impending OPEC+ meeting.

Not registered?

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

Register Now

At 11.23 am Singapore time (0323 GMT), ICE Brent November crude futures were trading at $41.63/b, down 59 cents/b (1.47%) from the Sept. 16 settle, while the NYMEX October light sweet crude contract was at $39.53/b, down 63 cents/b (1.49%).

The decline comes after both crude oil markers surged $1.69/b and $1.88/b, respectively, overnight after the US Energy Information Administration released data showing that US commercial crude inventories had declined 4.39 million barrels during the week ended Sept. 11.

"Following yesterday's API draw of 9.5 million barrels, some energy traders were not impressed with the EIA report of a 4.4 million drop in stockpiles," Edward Moya, senior market analyst from OANDA, said in a Sept. 17 note.

In the same note, Moya said: "WTI crude is back above the $40/b level, but it might struggle here as energy traders start to doubt that the OPEC+ deal will last much longer. The Saudis are not going to save the day and the lack of compliance with the cheaters, UAE and Iraq, will mean oversupply concerns are possibly just around the corner."

OPEC and its allies will have an online monitoring meeting on Sept. 17 to assess the situation, and determine whether their current production cuts are sufficient to prevent an oil supply glut amid increased expectations of non-OPEC supply.

Analysts have indicated that they expect the meeting to yield little change with focus primarily on compliance.

"Beyond reaffirming compliance and perhaps some resolution on catching up on quota volumes, we should expect limited new news and certainly nothing to significantly bump the crude market out of its current funk and push Brent back to $45/b," Stephen Innes, chief global markets xtrategist at AxiCorp, said in a Sept. 17 note.