The EIA's October Short-Term Energy Outlook raised its 2026 U.S. crude production forecast to 13.87 million barrels per day, up from 13.83 million in September. It's the latest in a string of monthly upward revisions to the agency's outlook.
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IEA chief Fatih Birol said Monday at Singapore International Energy Week that he sees no credible path for oil, fuel and gas prices to return to pre-war levels in 2027. He said the Middle East conflict has badly tightened markets and that trust is now the scarcest commodity in energy.
As of 10 a.m. ET Monday, December WTI crude futures on NYMEX traded at $101.61 a barrel, down $1.66, after ranging between $100.60 and $102.63. Later contracts were also lower, with January at $99.38 and the curve sloping down to about $82 by late 2027.
Indian state refiner BPCL will sharply cut its Russian crude purchases in November because high freight costs and premiums make Middle Eastern grades more attractive, its finance head said. Russian oil made up 37% of BPCL's supply in the July-September quarter, though purchases may rise again later.
Singapore and Saudi Arabia announced plans to store Saudi crude in the Jurong Rock Caverns on Singapore's Jurong Island to support the city-state's energy security during supply disruptions. Singapore agencies signed a memorandum of understanding with Saudi Aramco, with storage operations expected to begin in the second half of 2027.
