Oil
Crude futures finished down after European leaders agreed to US President Donald Trump's request to release diesel reserves to lower prices and reduce fuel imports from the US.
Brent crude futures settled at $102.25 a barrel, and US WTI crude finished at $91.11 a barrel. For the week, Brent fell 2.0% while WTI dropped 1.4%.
EU governments acted after discussing the proposal by France for European countries to release 50mn barrels of diesel, and for International Energy Agency members to release 50mn barrels of crude oil. Under the proposal, Europe would release part of the diesel volumes in a 20-day period.
On Thursday, prices settled higher after Reuters reported that Chinese refiners had suspended oil product exports for October to preserve domestic stocks.
Gas
Asian spot liquefied natural gas prices eased for a second week as tepid demand and rising shipments through the Strait of Hormuz, which improved supply availability, weighed on the market.
The average LNG price for November delivery into northeast Asia was $25.25 per million British thermal units, down from $25.85 per mmBtu the week before.
Asian prices are off their highs as volumes push through Hormuz despite continued Iranian attacks, but with China out and buyers in northeast Asia sufficiently supplied for now, there's not much demand outside of Southeast Asia, analysts said.
In Europe, the Dutch TTF gas price settled at $25.10 per mmBtu, posting a weekly gain of 4.2%. European gas markets remained relatively supported by storage concerns while LNG values faced downward pressure relative to gas due to ample cargo offers for Q4.
This article was supplied by the Abdullah bin Hamad Al-Attiyah International Foundation for Energy and Sustainable Development.
