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OIL: Crude Down Slightly As Waits For Israel’s Response To Iran’s Attack

OIL
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Oil prices are slightly lower today as markets watch and wait for Israel’s response to Iran’s missile attack. Earlier Iran cleared its airspace but has since opened some airports. The US is urging Israel to avoid Iran’s oil infrastructure. WTI is down 0.3% to $74.19/bbl off the intraday low of $73.62 and Brent is -0.4% to $77.74 after falling to $77.23. The USD index is little changed.

  • Iran is an OPEC member and its October 1 attack on Israel has increased the chance of a strike on its oil facilities and also of a regional war that would impact both oil and gas supplies. The Middle East produces around a third of the world’s crude. As a result, many market participants are now covering short positions.
  • Goldman Sachs estimates that Brent could increase to the $90s if Iranian oil production was hit, according to Bloomberg.
  • Israel continued to strike targets in Lebanon and Gaza over the weekend. Commemorations for October 7 victims have begun in Israel.
  • Saudi Arabia increased the crude premium for shipments to Asia by more than expected but cut it for cargoes to Europe and the US.
  • Oil markets have received support from China’s recent stimulus announcements. On Tuesday the head economic planner will hold a press conference and further government spending will be hoped for.
  • The Fed’s Bowman, Kashkari, Bostic and Musalem appear later today and in terms of data there are only US August consumer credit, German August factory orders and euro area retail sales.
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Oil prices are slightly lower today as markets watch and wait for Israel’s response to Iran’s missile attack. Earlier Iran cleared its airspace but has since opened some airports. The US is urging Israel to avoid Iran’s oil infrastructure. WTI is down 0.3% to $74.19/bbl off the intraday low of $73.62 and Brent is -0.4% to $77.74 after falling to $77.23. The USD index is little changed.

  • Iran is an OPEC member and its October 1 attack on Israel has increased the chance of a strike on its oil facilities and also of a regional war that would impact both oil and gas supplies. The Middle East produces around a third of the world’s crude. As a result, many market participants are now covering short positions.
  • Goldman Sachs estimates that Brent could increase to the $90s if Iranian oil production was hit, according to Bloomberg.
  • Israel continued to strike targets in Lebanon and Gaza over the weekend. Commemorations for October 7 victims have begun in Israel.
  • Saudi Arabia increased the crude premium for shipments to Asia by more than expected but cut it for cargoes to Europe and the US.
  • Oil markets have received support from China’s recent stimulus announcements. On Tuesday the head economic planner will hold a press conference and further government spending will be hoped for.
  • The Fed’s Bowman, Kashkari, Bostic and Musalem appear later today and in terms of data there are only US August consumer credit, German August factory orders and euro area retail sales.