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Mid-Day Oil Summary: Crude Stable

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Crude markets are relatively stable today after losing ground yesterday. However, Brent is down around 1.84% on the week as a softer demand outlook continues to outweigh geopolitical risks to supply.

  • Brent OCT 24 up 0.2% at 79.66$/bbl
  • WTI SEP 24 up 0.2% at 76.43$/bbl
  • Reports stated that President Biden reiterated support for Israel in the face of escalating tensions in the Middle East region, promising ‘New Defensive US Military Deployments, according to Bloomberg
  • US oil supply could exceed modest growth expectations with some leading US shale producers planning more oil output than originally projected this year, according to Bloomberg.
  • The pace of oil drilling by Russia has fallen 2.5% from the record last year amid OPEC+ production cuts to stabilize the global oil market and with lower refinery runs, according to Bloomberg.
  • Kazakhstan will cut crude shipments via the BTC pipeline to 120,000 metric tons in August from 140,000 tons in July due to Tengiz maintenance Kaztransoil told Reuters.
  • Hungary’s foreign minister Peter Szijjarto accused Croatia of being an unreliable partner for oil transits, after the EC recommended that the landlocked country import oil via the Balkan nation, Reuters said.
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Crude markets are relatively stable today after losing ground yesterday. However, Brent is down around 1.84% on the week as a softer demand outlook continues to outweigh geopolitical risks to supply.

  • Brent OCT 24 up 0.2% at 79.66$/bbl
  • WTI SEP 24 up 0.2% at 76.43$/bbl
  • Reports stated that President Biden reiterated support for Israel in the face of escalating tensions in the Middle East region, promising ‘New Defensive US Military Deployments, according to Bloomberg
  • US oil supply could exceed modest growth expectations with some leading US shale producers planning more oil output than originally projected this year, according to Bloomberg.
  • The pace of oil drilling by Russia has fallen 2.5% from the record last year amid OPEC+ production cuts to stabilize the global oil market and with lower refinery runs, according to Bloomberg.
  • Kazakhstan will cut crude shipments via the BTC pipeline to 120,000 metric tons in August from 140,000 tons in July due to Tengiz maintenance Kaztransoil told Reuters.
  • Hungary’s foreign minister Peter Szijjarto accused Croatia of being an unreliable partner for oil transits, after the EC recommended that the landlocked country import oil via the Balkan nation, Reuters said.