Investors' attention to sanctions against Iran and the reduction in supplies of Iranian oil were the main reasons for the rise in oil prices on the previous Monday.

The value of November futures for the North Sea oil blend of Brent brand grew by 0.81%, to 78.27 dollars per barrel, October futures for WTI oil - by 0.42%, to 70.06 dollars per barrel. Analysts believe that exports from the country's third-largest raw materials producer falls faster than expected, and the worst is yet to come. According to sources of the publication, the deliveries of the national oil company of Iran National Iranian Oil Company (NIOC) will drop to 1.5 million barrels of oil per day in September against 2.3 million barrels in June.

In early August, the first block of sanctions came into effect, and in November, it is planned to implement a second one, which will extend to the energy sector, operations related to hydrocarbon raw materials and related to Iran's central bank. Against this background, international companies began to close their contracts for the purchase of Iranian oil or reduce the volume of supplies under existing contracts, fearing the effect of US secondary sanctions.
Tuesday passed under the sign of the approaching hurricane "Gordon". Oil traded in different directions, the growth of the US WTI brand supported the decision to close two drilling platforms Anadarko Petroleum Corp in the Gulf of Mexico on the eve of the storm. Reduction of drilling activity in the US, as a rule, has a positive effect on oil prices, as it signals a possible decrease in production and supply volumes. At the same time, Brent crude continued to fall in price amid lower fears of investors in the reduction of supplies of Iranian oil.

On Wednesday, the oil market experienced general decline, after the fears associated with Hurricane Gordon eased. The price of November futures for the North Sea oil blend of Brent brand decreased by 0.42% - to 77.84 dollars per barrel, October futures for WTI oil - by 0.7%, to 69.38 dollars per barrel.

The decline continued the next day due to negative dynamics in emerging markets, which, as investors fear, could lead to a slowdown in global economic growth. In addition, the US Energy Ministry reported that gasoline stocks in the country increased by 1.8 million barrels to 234.6 million for the week to August 31, while a 0.8 million barrel decrease was expected. Distillate stocks climbed 3.1 million barrels a week to 133.1 million barrels. The indicator was forecasted to grow by only 0.7 million barrels. At the same time, oil production in the United States for the week, according to the ministry, was 11 million barrels per day, remaining at record levels. Oil reserves at the country's largest terminal in Cushing have increased by 0.5 million barrels to 24.8 million barrels. Many analysts note that production in the US is growing more slowly than at the beginning of the year, amid the lack of buyers of this oil.

The week ended in multidirectional dynamics. The price of November futures for the North Sea petroleum mixture Brent was down 0.04% to $ 76.47 per barrel, October futures for WTI crude oil - up 0.09% to $ 67.83 per barrel. Reuters quotes the opinion of the partner of Again Capital Management, John Kilduff, that the slow rise in crude oil in the terminal in Cushing is a minor "bearish" factor, and the absence of Chinese buyers of American oil leads to depressing data on export volumes. The extraction in the US, in his view, is not growing at such a rapid pace as it was at the beginning of the year.

 

 

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