End of Day Oil Summary: Crude Edges Higher

Crude markets extend gains after headlines suggesting Russian have agreed on further actions with OPEC+ and will announce further steps next week.

• Brent OCT 23 up 0.9% at 86.62$/bbl
• WTI OCT 23 up 1.1% at 82.53$/bbl
• Russia and OPEC+ agreed on further cuts in oil exports and will announce its steps next week, Deputy Prime Minister Alexander Novak told President Vladimir Putin.
• China Update: China’s PMI rose to 49.7 from 49.3 in July, according to the National Bureau of Statistics, staying below the 50-point level separating contraction from expansion. China’s manufacturing activity contracted for a fifth consecutive month and adding to fears around a sluggish recovery for the economic powerhouse against a backdrop of fairly limited stimulus measures so far.
• There have been concerns about Hurricane Idalia which has barreled through the rich oil and gas producing Gulf of Mexico. Kinder Morgan said Wednesday its Port Manatee, Port Sutton and Tampaplex terminals in Florida sustained minimal damage.
• The North Sea combined BFOET exports are set to fall to 565kbpd in October compared with 607kbpd in September.
• Indian crude oil imports from Russia declined for the third consecutive month in August to 1.57mbpd, down by 24% month on month.
• TotalEnergies on Wednesday halted a unit at its 249kbpd Gonfreville refinery complex in Normandy as the unit had a temporary disruption according to a community alert.
• India’s crude oil production increased by 2.1% year on year in July, with overall key industries output up by 8% on the year according to the Central Statistics Office.
• Angola crude oil exports in October are set to be 1.18m b/d, the highest since July, according to a final schedule of the loading programme seen by Bloomberg.
• Russian crude exports, mostly Urals, from its three main western ports rose this month from July’s 7-month low according to Bloomberg vessel tracking.