- Oil declines for third consecutive day as US government shutdown begins
- The WTI prompt-month contract dropped $0.43 to $61.94/Bbl as of Wednesday morning (7:45 AM CT)
- Crude prices continued to slide amid concerns that OPEC+ may accelerate its latest production increase into an already oversupplied market
- Macquarie Group forecasts oil could fall into the $50/Bbl range in the coming quarters due to expanding output and oversupply risks
- Analysts at Macquarie remain “fundamentally bearish on the energy complex,” citing rising crude supply from OPEC+ and non-member producers
- The firm projects a global crude surplus of 4.63 MMBbl/d in 1Q 2026, with smaller surpluses expected in each of the following three quarters
- Broader markets are reacting to the US government shutdown, which began after Congress missed its midnight funding deadline
- The API reported a 3.7 MMBbl draw in US crude inventories last week; official EIA data is expected later Wednesday
- Turkey’s Ceyhan terminal to resume Kurdish crude exports (Bloomberg)
- The Ceyhan export terminal is set to load its first cargo of Kurdish crude from Iraq since 2023, following a recent agreement to restart flows
- The return of Kurdish barrels to global markets comes just ahead of OPEC+ discussions on potentially fast-tracking additional production
 |
||
|
|
||
|
|
||
 |
||
|
||
