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Mid-Day Oil & Products Summary: Crude Eases Back

OIL
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Crude is trending down today. The market is weighing risks of a further escalation of Middle East tensions and falling US crude stocks against a lower demand revision from the latest OPEC monthly report.

  • Brent OCT 24 down 0.5% at 81.85$/bbl
  • WTI SEP 24 down 0.5% at 79.68$/bbl
  • The API US oil inventory data is due at 16:30ET ahead of the EIA Weekly Petroleum Status Report tomorrow.
  • OPEC lowered its demand growth to 2.1m b/d for 2024, down 135k b/d compared to last month’s assessment, according to the MOMR
  • IEA forecast for global oil demand was just slightly lower than predicted in last month’s report with growth of 970kb/d in 2024 and 953kb/d in 2025.
  • The oil market could switch from a deficit due to peak summer demand to a surplus in Q4 if OPEC+ increases supply as is currently planned, according to the latest IEA Oil Monthly Report.
  • Brent crude futures are set to recover to the mid-$80s/bbl amid a rebound in financial demand from its record low, according to Goldman Sachs cited by Bloomberg.
  • US oil sanctions policy could change significantly change if Trump wins the election, expects told Platts.
  • A Kamala Harris presidency would likely follow Biden in backing policies to keep Iranian and Venezuelan barrels in the market, experts told Platts.
  • US gasoline cracks are losing further ground today, with pressure from a drop in demand, according to GasBuddy data.
  • US gasoline crack down 0.5$/bbl at 22.23$/bbl
  • US ULSD crack up 0.3$/bbl at 21.57$/bbl
  • Crude processing rates at China’s state and independent oil refiners may increase to 69.6% of capacity in August up from 69.4% expected in July, according to OilChem cited by Bloomberg.
  • China’s gasoil prices are expected to remain soft in August, according to OilChem.
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Crude is trending down today. The market is weighing risks of a further escalation of Middle East tensions and falling US crude stocks against a lower demand revision from the latest OPEC monthly report.

  • Brent OCT 24 down 0.5% at 81.85$/bbl
  • WTI SEP 24 down 0.5% at 79.68$/bbl
  • The API US oil inventory data is due at 16:30ET ahead of the EIA Weekly Petroleum Status Report tomorrow.
  • OPEC lowered its demand growth to 2.1m b/d for 2024, down 135k b/d compared to last month’s assessment, according to the MOMR
  • IEA forecast for global oil demand was just slightly lower than predicted in last month’s report with growth of 970kb/d in 2024 and 953kb/d in 2025.
  • The oil market could switch from a deficit due to peak summer demand to a surplus in Q4 if OPEC+ increases supply as is currently planned, according to the latest IEA Oil Monthly Report.
  • Brent crude futures are set to recover to the mid-$80s/bbl amid a rebound in financial demand from its record low, according to Goldman Sachs cited by Bloomberg.
  • US oil sanctions policy could change significantly change if Trump wins the election, expects told Platts.
  • A Kamala Harris presidency would likely follow Biden in backing policies to keep Iranian and Venezuelan barrels in the market, experts told Platts.
  • US gasoline cracks are losing further ground today, with pressure from a drop in demand, according to GasBuddy data.
  • US gasoline crack down 0.5$/bbl at 22.23$/bbl
  • US ULSD crack up 0.3$/bbl at 21.57$/bbl
  • Crude processing rates at China’s state and independent oil refiners may increase to 69.6% of capacity in August up from 69.4% expected in July, according to OilChem cited by Bloomberg.
  • China’s gasoil prices are expected to remain soft in August, according to OilChem.