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Due to the supply disruption of the Druzhba oil pipeline connecting Russia and Central and Eastern Europe, the price of international crude oil futures fluctuated higher at midday on November 15 and closed higher
.
Light crude futures for December delivery rose $1.
05, or 1.
22%,
to settle at $86.
92 a barrel on the New York Mercantile Exchange by the close of the day.
London Brent crude futures for January 2023 delivery rose $0.
72, or 0.
77%, to settle at $93.
86 a barrel
.
According to RIA Novosti, the Russian state oil pipeline transportation company (Transneft) received a notice from the Ukrainian side that the Druzhba oil pipeline to Hungary was suspended on
the 15th due to a drop in pressure.
It was also reported that the supply disruption of the pipeline affected crude oil supplies from Hungary and Slovakia
.
The November oil market report released by the International Energy Agency on the 15th said that due to huge economic headwinds, global oil demand will increase by 1.
6 million b/d next year, down from 2.
1 million b/d
this year.
Economic growth prospects have deteriorated, with global oil demand expected to fall by 240,000 b/d
per day in the fourth quarter of this year from a year earlier.
But the IEA report also said that with oil inventories in OECD countries at their lowest level since 2004, the oil market remains balanced
as it enters the winter months.
The upcoming EU ban on Russian oil exports will further increase the pressure on the balance of the global oil market, especially the already tight diesel market
.
In this regard, Phil Flyin, senior market analyst at Price Futures Group, said that from the global oil inventory data released by the International Energy Agency, the situation should be very favorable for oil prices to rise
.
In addition, survey data released by S&P Global later on the 14th showed that analysts expected U.
S.
commercial crude oil inventories to fall by 400,000 barrels
month-on-month last week.
Over the same period, gasoline and diesel inventories are expected to decline by 800,000 barrels and 500,000 barrels
, respectively, month-on-month.
The average U.
S.
refinery run rate is expected to increase by 0.
5 percentage points to 92.
6%
last week.
