This is part of the [Industry Talk Time] by Locations & & Producers
Oil & & Gas Markets
“Oil sell-off exaggerated”– this is the heading for ING’s The Commodities Feed newsletter today.
According to the newsletter, composed by Head of Commodities Approach Warren Patterson and Commodities Strategist Ewa Manthey of ING:
“While the market has actually been disappointed that OPEC+ will progressively take a break cuts, it is very important to remember that this is just from October. Our annual report continues to show a tightening up in the oil market over the 3rd quarter. Consequently, we believe the range of the sell-off at the front end of the forward curve is exaggerated … The technicals also suggest that the oil market is getting in oversold area. However, an issue for the market stays the weakness in refinery margins.
European natural gas rates returned every one of Monday’s gains yesterday. Front-month TTF futures resolved more than 6 % lower on the day. This wants Norwegian pipe operator, Gassco, said that an unexpected blackout as a result of a pipeline split at the Sleipner gas area in the North Sea, will likely end on Friday. The unexpected interruption has seen Norwegian daily flows to Europe autumn from around 300 mcm/day to much less than …