The Oman workaround is still a workaround. The Red Sea door is still shut
Reuters reported Thursday that oil eased about 3 percent to a one-week low after Saudi Arabia offered extra Asian cargoes through ship-to-ship transfers off Oman's Sohar port. At 1324 GMT, Brent was down $3.11, or 2.94 percent, at $102.72 a barrel. WTI was down $1.96, or 1.91 percent, at $100.47. Both contracts fell about $3 on Wednesday. Prices stayed above $100.
Yanbu loadings remain suspended after last week's attacks on the East-West pipeline. Traders told Reuters a prolonged closure could take as much as 4 percent of global supply. U.S. Energy Secretary Chris Wright told CNBC on Tuesday that crude should be flowing through the line within days. Three oil and security sources told Reuters two pumping stations were damaged and the repair timeline is still unclear. Saudi Arabia has not posted a restart.
Tim Waterer at KCM Trade told Reuters that Wright's signal and the Oman loadings eased supply worries. European gasoil settled at a record on Tuesday. U.S. ultra-low sulfur diesel did too. A Ukrainian drone hit a Yaroslavl refinery Thursday. The fire was later extinguished, regional Governor Mikhail Yevrayev said.
No Canadian listed issuer posted a release on the Oman cargoes. The oilsands book still feels this first: Canadian Natural (TSX: CNQ), Suncor (TSX: SU), Imperial (TSX: IMO), and Cenovus (TSX: CVE). This is tape. It does not change a 2026 production guide or the Ksi Lisims HOA.