G7 nations announced an emergency release of 100 million barrels of crude oil and diesel from strategic reserves, driving down refining margins as Middle Eastern crude exports surpassed pre-war levels. Meanwhile, Russia’s LNG exports jumped 35% in September, while Rosatom reported drone attacks targeting radioactive waste infrastructure at Zaporizhzhia NPP.
Global market
G7 countries announced the release of 100 million barrels of crude oil and diesel from strategic reserves, pressuring middle distillate refining margins, according to oilprice.com. Warren Patterson, Head of Commodities Strategy at ING, noted that the stock release drove European gasoil crack spreads down from $85 to $70 per barrel. Concurrently, Saudi Aramco cut November Arab Light prices for Asian buyers by $3 per barrel to a six-year low, while raising European cargo prices by $3 per barrel. Driven by reports from analytics firm Kpler that Middle Eastern crude flows through the Strait of Hormuz topped pre-war levels, Brent crude prices eased to $101.20 per barrel. Additionally, Rhine river water levels in Germany dropped to record lows, disrupting inland fuel barge deliveries.
Russia & CIS
Russia increased its liquefied natural gas (LNG) exports in September by 35% year-on-year to 3.36 million tonnes, analytics firm Kpler reported, bringing nine-month totals to 25.35 million tonnes. In nuclear safety developments, Alexey Likhachev, Chief Executive Officer of state nuclear corporation Rosatom, reported that Ukrainian drone strikes struck the laboratory building and radioactive waste processing facility at Zaporizhzhia NPP, confirming radiation levels remain normal. Meanwhile, a Russian court sentenced Samara resident Sergey Okrushko to 23 years in prison for sabotage at the Kuibyshev Oil Refinery, the FSB reported. Furthermore, Belarusian Potash Company resumed potash shipments to the US via Saint Petersburg’s Bronka port for the first time in four years.
Armenia
The G7 strategic reserve release and drone attacks on Zaporizhzhia NPP infrastructure remain in sharp focus for Armenian energy analysts, am.sputniknews.ru reported, assessing Eurasian fuel supply stability. As Brent crude prices settled near $101.52 per barrel, retail prices for petrol, diesel, and compressed natural gas in Armenia remain stable. Natural gas shipments from Russia and continuous power generation at the Armenian Nuclear Power Plant proceed without disruption under long-term EAEU trade agreements shielding the domestic market from global price volatility recorded by international market price assessments.