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BAKKEN WIRE
The Morning Take - Energy Market Briefing
Global Markets

Energy Market Briefing

Bakken Wire Staff·☀️Morning Wire·
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Energy Market Briefing for Wednesday, October 21, 2026

1. Headlines

Oil prices are edging higher this morning, with WTI crude trading at $98.69 per barrel and Brent at $109.46, according to price data. The market is digesting multiple reports pointing to continued structural tightness. Analysts at Morgan Stanley, via an OilPrice.com report, warn that global fuel markets will remain tight until at least mid-2027 due to a massive wave of deferred refinery maintenance scheduled for the second quarter of next year. Concurrently, Goldman Sachs warns of a new oil price shock, citing a surge in average global oil freight rates to $20 per barrel from $3 last year, driven by the ongoing Iran war and Strait of Hormuz crisis.

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