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Demand Fears and Higher Output Weighing On Oil

OIL

Crude markets started today’s session lower after weak US demand figures in yesterday’s EIA report during the peak summer driving season saw gasoline stockpiles make a surprise build. WTI has slipped below $100/bbl again after breaking through the mark already on Tuesday but then staging a slight recovery until today.

  • Further pressure has come from a range of factors. Libyan officials announced higher output from the country and a return to 1.2mn bpd production in the next 7-10 days. Libyan output has been hammered for months, proving an issue for European refiners looking to move away from Russian crude.
  • A resumption in Nord Stream 1 flows this morning has brought overall positive sentiment to the European energy markets with hopes that they might now make storage targets by winter and avoid switching to more oil and coal use for industry and power gen. The EU is still targeting 15% gas use reduction, though Spain is already refusing such plans.
  • Recession concerns still weigh heavy on oil markets. The ECB is set to join other central banks in raising rates later today in a bid to fight inflation, mainly being driven by soaring energy costs. The announcement is due at 12.15 GMT.
  • Brent SEP 22 down -4.7% at 101.88$/bbl
  • WTI SEP 22 down -4.7% at 95.14$/bbl
Energy BulletsCommodities
Energy BulletsCommodities

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