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Mid-Day Oil Summary: Oil Holds Steady

OIL

Front month crude futures are holding steady today, amid easing Middle East risk sentiment and with ongoing uncertainty surrounding future China and US demand growth leading to risk of a future supply surplus.

  • Brent OCT 24 down 0% at 77.18$/bbl
  • WTI OCT 24 down 0.1% at 73.12$/bbl
  • Much of oil’s geopolitical risk premium has unwound on hopes of a Gaza ceasefire deal and with no retaliatory strike by Iran so far.
  • he UK Maritime Trade Operations (UKMTO) office has reported that a commercial ship in the Red Sea has come under attack and is currently not under command (i.e. has lost the ability to sail or steer) after being hit with three projectiles.
  • API weekly oil stock data from late yesterday according to Bloomberg: Crude +0.347bbl: Cushing -0.648mbbl.
  • European crude imports are arriving at their highest pace of the year in August according to Vortexa, reflecting higher summer demand.
  • Goldman Sachs warns that Brent crude could fall below $70/bbl if Chinese demand weakness persists in a recent research note.
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