End of Day Oil Summary: Crude Rises

Crude prices have risen on the day amid positive US job data, falling Saudi Arabian crude exports, and expectations that Russia and Saudi Arabia will continue output cuts into October.

• Brent NOV 23 up 1.4% at 88.01$/bbl
• WTI OCT 23 up 1.6% at 84.97$/bbl
• Brent November futures have traded through the first resistance level and bull trigger at 87.37$/bbl with next resistance at the psychological round number of 90$/bbl.
• Saudi Arabia’s observed crude oil exports fell to 5.6mbpd in August, the lowest level since March 2021, amid the kingdom’s pledged voluntary 1mbpd output cut, Bloomberg tanker-tracking data show.
• China’s oil demand this year is likely to have peaked at 16.4mbpd in Q2 according to Jianan Sun at Energy Aspects. Demand is expected to ease to 15.8mbpd in Q3 before rising back to 16.2mbpd in Q4.
• Kuwait’s crude exports plunged in August to 1.48mbpd, the lowest level since at least late 2016 because of the ramp up of the Al-Zour refinery.
• Kazakhstan expects to transport 900k tonnes of oil via Russia’s Druzhba oil pipeline to Germany by the end of 2023.
• The average price for Russia’s Urals crude rose by 15% on the month to $74/bbl in August, marking the second consecutive month that Urals traded above the $60/bbl G7 price cap, the Finance Ministry said.
• Brazil’s hydrocarbon production rose month-on-month in July, with crude production hitting an all-time record, according to the National Agency of Petroleum.
• Algeria’s overserved crude and condensate exports declined by 17% on the month in August to 451kbpd, as shipments to France fell to the lowest level in over five years, Bloomberg tanker-tracking data show.
• West Africa combined oil shipments jumped 8% on the month amid a rebound in Nigerian exports, according to Bloomberg.
• Qatari crude oil exports rose in August to the highest in 16 months to 999kbpd, amid increased shipments to most Asian buyers, Bloomberg ship-tracking data show.