Commodities (Crude Oil & Copper) & Macro Outlook

According to China National Petroleum Corporation, the country's largest desert oil field—Hadhe-Fulman—has surpassed 260 million tons of oil and gas production from depths below 6,000 meters. On October 5, the Zhentang-1 well, located at the northern edge of the Taklimakan Desert, successfully

According to China National Petroleum Corporation, the Hadhe-Fuman oil field in the Taklimakan Desert has surpassed 26 million tons of oil and gas production from depths exceeding 6,000 meters. Recently, the Zhentan-1 well at the northern edge of the Taklimakan successfully extracted rock core

WTI crude oil broke below $89 per barrel on October 5, declining nearly 1.5% during intraday trading.

According to shipping data from Kpler released on October 5, Middle East crude oil exports exceeded pre-conflict levels on four days in the final week of September, rising to 19.5 to 22.5 million barrels per day on September 24 and September 27-29. This compares to an average of 18 million barrels p

According to Jin10 Data, China's bulk commodity price index rose 4.1% month-on-month in September, as announced by the China Federation of Logistics and Purchasing on October 5. The increase reflects improved market sentiment driven by traditional production season onset, accelerated major project r

According to statements released over the weekend and on Monday (October 5), G7 leaders decided to release up to 100 million barrels of diesel and crude oil reserves within 4 months, reaffirming commitments to avoid energy export restrictions among member nations. Simultaneously, OPEC+ maintained it

According to Taiyang Petroleum CEO, on October 5, the Japanese refiner opposed the government's push to diversify crude oil sourcing, arguing that the Middle East should remain the primary supply source due to cost efficiency. The CEO stated that Japan's strategy should focus on procuring crude at t

According to Jin10, Saudi Aramco cut its November official selling price (OSP) for Arab Light crude to Asia by $3 per barrel to $5 below the Oman/Dubai benchmark on October 5, marking the largest discount since June 2020. The move surprised the market, which had expected a $3/bbl increase. Saudi

Brent crude oil touched down to $101 per barrel intraday on October 5, declining 0.88% during the trading session.

According to Hong Kong Exchanges and Clearing CEO Tony Chen on October 2, the exchange plans to introduce Chinese yuan-denominated gold futures as part of efforts to deepen offshore yuan business and capital market development. Chen noted that international investors are refocusing on Asian

Yemen's Houthi rebels claimed attacks on facilities operated by Saudi Aramco on October 4, according to Reuters. The Iran-aligned group said it launched ballistic missiles and drones targeting sites in Riyadh and the Khurais area. Concern over potential supply disruptions from Saudi Arabia, a

According to Guru Club, Brent crude oil futures expanded gains to 1% on October 5, trading at $103.3 per barrel.

According to Nikkei, Saudi Arabia and the UAE agreed to assist Asian nations in building strategic oil reserves on October 5. A ministerial-level meeting of the Asia Zero Emission Community, led by Japan with 11 member states, will take place this week in the Philippines, where senior officials

According to Yonhapinfomax, OPEC+ decided to maintain production targets through November during a video conference on October 4. Seven member states including Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman participated in the meeting. The group's next conference is scheduled

According to Iran's presidential office on Oct 4, oil minister Paknejad resigned and President Pezeshkian appointed National Iranian Oil Company (NIOC) CEO Hamid Borde as acting oil minister.

The U.S. Securities and Exchange Commission approved the listing of leveraged products designed to deliver three times the daily move in Bitcoin and Ether futures prices, according to an Oct. 4 report by Bitcoin.com. The SEC approved a proposed rule change filed by Cboe BZX, clearing the way for

Brent crude futures opened up $1 per barrel on Monday after Yemen-based Houthi militants claimed an attack on Saudi Aramco facilities.

WTI crude oil opened slightly higher on Monday, trading at $90.54 per barrel.

Saudi Aramco set its official selling price for Arab Light crude oil in November at a premium of $0.85 per barrel to ICE Brent for shipments to Northwest Europe, and at a premium of $4.60 per barrel to Arab Light crude for U.S.

According to Saudi Aramco, the company has set its official selling price for Arab Light crude oil destined for Asian markets in November at a discount of $5 per barrel to the Oman/Dubai crude blend average price.