WS #16813
Brent crude held firm at $104 per barrel supported by robust earnings from Saudi Aramco, which saw profits jump 34.5% in Q3. Supply-side constraints remain acute, with reports of increased Nigerian naval operations boosting local production and ongoing security concerns in the Strait of Hormuz. While the political shift toward Democrats could theoretically increase pressure on fossil fuels, immediate supply dynamics continue to support high prices, benefiting integrated energy majors.
Energy Supply Tightness
Brent crude held firm at $104 per barrel supported by robust earnings from Saudi Aramco, which saw profits jump 34.5% in Q3. Supply-side constraints remain acute, with reports of increased Nigerian naval operations boosting local production and ongoing security concerns in the Strait of Hormuz. While the political shift toward Democrats could theoretically increase pressure on fossil fuels, immediate supply dynamics continue to support high prices, benefiting integrated energy majors.