Global Inventories Back to Normal, But 2022 a Concern

Crude futures were down on Monday amid broader market jitters, with the potential default of a major Chinese property developer in focus.

The November Brent contract shed 33¢ on Friday to settle at $75.34 per barrel, while the front-month WTI October contract was down 64¢ on Friday and settled at $71.97/bbl.

Europe is still importing jet fuel it doesn't need as airline fuel demand struggles to recover from the pandemic.

Global jet fuel demand in June reached its highest post-pandemic level.

The November contract for ICE Brent ticked up 21¢ to close at $75.67/bbl, while the October contract for US WTI was unchanged at $72.61/bbl.

China's release of strategic and commercial crude inventories is unlikely to block Brent's path higher.

Opec is taking a rosy view of global oil demand in 2022.

India's diesel demand remained weak in the first half of September, compared with the first half of August, but demand for gasoline, jet fuel and LPG picked up.

Brent crude for November delivery settled $1.86 higher at $75.46/bbl, while October WTI rose $2.15 to close at $72.61/bbl.