IEA Rushes to Release Oil Reserves, Prioritising Diesel as Prices Hit Record High

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Summary · why it matters

The International Energy Agency, or IEA, has reached an agreement to accelerate the release of oil reserves, prioritising the allocation of diesel under a plan that began in March, in order to ease energy prices that have surged to a record high following the impact of the Iran war on global oil supply. After the announcement, West Texas crude futures for November delivery closed at 88.28 dollars per barrel, down 1.16 dollars, or 1.3%, while North Sea Brent crude futures for December delivery closed at 100.20 dollars per barrel, down 38 cents, or 0.38%. On the earnings front, Samsung Electronics reported that third-quarter operating profit surged to a record high of 10.74 trillion won, or 80.1 billion dollars, an increase of nearly ninefold, though still below analysts' forecasts. Revenue came in at 19.5 trillion won, also below expectations. Meanwhile, Microsoft revealed the price and launch schedule for the Surface Laptop Ultra, its new flagship laptop powered by an Nvidia chip, starting at 2,599 dollars, roughly 400 dollars cheaper than the entry-level 16-inch MacBook Pro, with shipments to customers to begin soon.

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⛏Crude Oil WTI Futures
WTI
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IEA accelerating release of oil reserves to ease record prices adds supply, pushing WTI down 1.3%.