Oil and Product Summary

Oil prices have faced a choppy session Friday remaining positive but are on track for their steepest weekly losses since March.

• Crude markets have been weighed upon by fears high interest rates will slow global growth and hammer fuel demand despite Saudi and Russia this week announcing they still intend to maintain voluntary production/export cuts until the end of the year.
• The dollar strengthened and rate hikes were served a higher chance of probability after US job growth figures rose by 336,000 in September versus expectations of a 170,000 rise.
• US oil rigs fell five to 497 this week, their lowest number since February 2022 according to Baker Hughes.
• OPEC has raised its long-term oil demand forecasts in its 2023 World Oil Outlook October 9 report according to Reuters sources.
• Russia has partly lifted its diesel ban that was adding to market tightness since September 21.
• The partial easing of the ban will see the resumption about 1.4-1.5m metric tons of diesel exports in October according to TASS citing Sergey Kondratyev at the Institute of Energy and Finance. The Russian exports would be two times less than before the ban.
• Goldman Sachs expects Brent to hit $100/bbl by next Spring according to Daan Struyven, head of oil research in an interview with CNBC, expecting current bearish factors to be transitory.
• Brent DEC 23 up 0.5% at 84.48$/bbl
• WTI NOV 23 up 0.4% at 82.62$/bbl
• Gasoil OCT 23 down -0.2% at 867$/mt
• WTI-Brent down -0.1$/bbl at -3.3$/bbl