Overview
- Russia’s Novorossiysk port resumed oil loadings after a two-day halt from a Ukrainian drone and missile strike, easing a short-term supply squeeze that had lifted prices.
- Brent traded near $63.9 and WTI around $59.6 as the restart erased last week’s disruption-driven gains, according to early Asian trading updates.
- Urals crude fell to about $36.6 per barrel and its discount to Brent widened to roughly $23.5 as major Indian and Chinese refiners paused direct purchases from Rosneft and Lukoil ahead of the Nov. 21 U.S. deadline.
- JPMorgan estimates around 1.4 million barrels per day of Russian seaborne exports are sitting in floating storage as buyers pull back and trade flows reroute.
- Analysts highlight a looming supply glut, with Goldman Sachs projecting a roughly 2 million barrels per day surplus and lower average prices in 2026 while OPEC+ nudges output higher and non-OPEC supply expands.