October 02, 2024 15:30 GMT
MNI Commodity Weekly: Oil Markets Await Israeli Response
OIL
Executive Summary:
- Oil Markets Await Israeli Response: The development for what happens next in oil markets hinges on Israel’s response to Tuesday’s attack. Markets are stuck on whether this geopolitical risk premium will materialize and the huge OPEC+ spare capacity that could readily fill potential shortfalls.
- Oil Markets: Crude markets surged to the highest since early September on escalating Middle East conflict although with no impact of physical oil yet. Upside is also limited by market oversupply risks from returning OPEC+ output and China demand uncertainty. Weak demand still weighs on crack spreads although diesel has found some support from refinery outages. (Pg.3)
- Analyst Views: See latest analyst views, mainly centered around OPEC+ outlooks. (Pg.7)
Full piece here:
MNI Commodity Weekly - Oil Markets Await Israeli Response.pdf
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