BAKU, Azerbaijan, Nov.20
By Leman Zeynalova – Trend:
The OPEC Reference Basket (ORB) value declined by $2.45, or 3.9 percent, month-on-month (m-o-m) in October to settle at $59.91 per barrel, Trend reports citing OPEC’s Oil Market Report.
In October, ICE Brent was on average $2.65, or 4.3 percent, m-o-m lower at $59.63/b, and NYMEX WTI fell m-o-m by $2.96, or 5.2 percent, to average $54.01/b.
Year-to-date (y-t-d), ICE Brent was $9.37, or 12.7 percent, lower at $64.21/b, while the NYMEX WTI declined by $10.46, or 15.6 percent, to $56.76/b, compared with the same period a year earlier.
The backwardation price structures of both ICE Brent and DME Oman flattened in October, mainly in prompt forward months, while the NYMEX WTI market structure was slightly in contango for most of October. Hedge funds and other money managers were more concerned about the outlook of crude oil prices in October than they had been in the previous month.
Introduced on 16 June 2005, is currently made up of the following: Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Oriente (Ecuador), Zafiro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).
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