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OIL: Crude Gaining Ground on Day

OIL
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Crude is gaining further ground today, likely supported by the headline of a force majeure at the El-Feel field. However, the front month remains towards the lower end of the three-day trading range.

  • WTI OCT 24 up 1.1% at 74.33$/bbl
  • WTI-Brent up 0.88$/bbl at -4.29$/bbl
  • WTI OCT 24-NOV 24 up 0.15$/bbl at 1.05$/bbl
  • WTI NOV 24-DEC 24 up 0.08$/bbl at 0.84$/bbl
  • Libya’s NOC declared a force majeure on key oil field El-Feel amid a widening shutdown of production, Bloomberg said.
  • The FM will raise further concerns about Libya’s supply and may force producers to search for alternatives, mostly other light sweet grades.
  • While gains have been capped by expectations of OPEC unwinding from October, the disruption will add most support to the very prompt months.
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Crude is gaining further ground today, likely supported by the headline of a force majeure at the El-Feel field. However, the front month remains towards the lower end of the three-day trading range.

  • WTI OCT 24 up 1.1% at 74.33$/bbl
  • WTI-Brent up 0.88$/bbl at -4.29$/bbl
  • WTI OCT 24-NOV 24 up 0.15$/bbl at 1.05$/bbl
  • WTI NOV 24-DEC 24 up 0.08$/bbl at 0.84$/bbl
  • Libya’s NOC declared a force majeure on key oil field El-Feel amid a widening shutdown of production, Bloomberg said.
  • The FM will raise further concerns about Libya’s supply and may force producers to search for alternatives, mostly other light sweet grades.
  • While gains have been capped by expectations of OPEC unwinding from October, the disruption will add most support to the very prompt months.