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Crude Futures Reverse Losses With Some Middle East Regional Spillover

COMMODITIES
  • Crude prices are finishing the session having edged higher, lifting off the intraday low of $85.60/b for WTI with an added boost coming from Israel advising its citizens leave Turkey as the market continues to monitor the ongoing situation in the Middle East.
  • Ahead, US crude oil inventories are expected to rise by 0.4m bbl on the week when the EIA releases its weekly summary Oct. 18, according to a Wall Street Journal survey.
  • Saudi Aramco’s CEO Amin Nasser said that global oil demand for H2 2023 is likely to be 103m b/d with the company’s spare capacity at 3m b/d. Peak demand is forecast at around 105mb/d in 2029 according to Energy Intelligence although with growth narrowing to around 100k-200kb/d annually from 2027.
  • Vitol’s CEO Russell Hardy expects Brent crude oil prices to be trading at around $85/bbl next year, he said during the annual Energy Intelligence Forum in London.
  • WTI is +0.5% at $87.11 with resistance remaining at $89.59 (Oct 4 high).
  • Brent is +0.6% at $90.19 with resistance remaining at $91.56 (Oct 3 high).
  • Gold is +0.2% at $1924.06 as geopolitical concerns and on balance a softer USD offset a strong push higher in Treasury yields. A high of $1931.58 came close to a key resistance at $1932.9 (Oct 13 high).
Energy BulletsCommodities
Energy BulletsCommodities

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