War Between Israel and Hamas Continues to Cause Unrest in Energy Markets
October 13, 2023
Israel has ordered an evacuation of all the civilians in Gaza City as they build support for a ground attack. This has continued to cause unrest in the energy markets.
Energy prices are higher as the US tightened sanctions on Russian crude oil exports. The US imposed sanctions on two shipping companies that it said violated the G7’s oil price cap. It is also Friday and traders will want to be covered for the weekend in this very uncertainty environment, so prices are up to start out today.
The EIA inventory report called crude oil inventories up 10.176 million barrels. US crude production increased by 300,000 bpd to 13.2 million bpd , the highest level on record. The EIA lowered its fuel demand growth forecast for 2024, suggesting harsher global economic conditions and progress on energy efficiency will weigh on consumption.
The EIA inventory report had crude oil supplies up 10.18 million barrels, gasoline inventories down 1.31 million barrels and distillates down 1.84 million barrels.
Propane supplies were down 25,00 barrels with total stocks still well supplied at 101.408 million barrels.