# Oil Prices Give Up Nearly All 2022 Gains | Rigzone

> Standard Chartered analysts said oil has given up nearly all of its 2022 gains, citing a Q3 surplus they forecast at 1.7 million bpd for October. They expect the Q4 surplus to narrow to 0.6 million bpd and see no immediate reason for OPEC to make supply cuts.

- Date: 2022-09-29 · published 2022-09-29T12:00:00.000Z
- Category: market · region Global · magnitude low
- Page: https://feedsoft.ai/events/39769-oil-prices-give-up-nearly-all-2022-gains-rigzone
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

A forecast surplus points to softer crude prices and lower diesel costs ahead, reducing input expenses for feed producers. The view depends on Iranian supply returns and Russian output, which could change the balance.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Sources

- rigzone.com: https://www.rigzone.com/news/oil_prices_give_up_nearly_all_2022_gains-29-sep-2022-170529-article/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.