Rory Johnston: IEA estimates nearly 2 million barrel per day supply surplus in October

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Rory Johnston: IEA estimates nearly 2 million barrel per day supply surplus in October — IEA estimates October oil supply surplus

The International Energy Agency (IEA) estimates that global oil supply was nearly 2 million barrels per day in surplus in October, as flows through the Strait of Hormuz reached their peak.

Rory Johnston reported that the IEA also noted most of this crude remained on the water at the end of October, with expectations it will reach land during the remainder of November.

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Earlier in the month, Rory Johnston reported that crude oil prices rebounded after an initial decline. He also noted that Dated Brent to Frontline spreads rose above $7 per barrel after earlier weakness in October. Both developments contributed to ongoing market volatility.

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