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OIL: Crude Holds Onto Most Of Tuesday’s Gains, Focus On Middle East & China

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After rising strongly on Tuesday, oil prices are moderately lower during APAC trading. Continued tensions in Israel/Lebanon and China’ monetary easing as well as hurricane activity in the Gulf of Mexico are currently supporting prices. The softer greenback has also helped (BBDXY USD index -0.1%).

  • WTI is down 0.3% today to $71.32/bbl off the intraday low of $71.15. It rose to $71.72 following the 30bp cut in China’s MTLF rate. Brent has also traded in a narrow range and is currently 0.2% lower at around $75.00/bbl after a low of $74.82 and a high of $75.35.
  • Israel reported today a missile from Lebanon over Tel Aviv was intercepted. Israel continued its major strike on Hezbollah targets in Lebanon on Tuesday, killing a commander, and until now Hezbollah hasn’t used its longer range missiles on Israel. The UN has called for de-escalation, while Iran’s President Pezeshkian has said the attacks “cannot go unanswered”.
  • Bloomberg reported a 4.34mn barrel drawdown US crude inventories, according to people familiar with the API data. Gasoline fell 3.44mn and distillate 1.12mn barrels. The official EIA data is released today.
  • Later the Fed’s Kugler speaks on the economic outlook and US August new home sales and French September consumer confidence print. BoE’s Greene also appears.
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After rising strongly on Tuesday, oil prices are moderately lower during APAC trading. Continued tensions in Israel/Lebanon and China’ monetary easing as well as hurricane activity in the Gulf of Mexico are currently supporting prices. The softer greenback has also helped (BBDXY USD index -0.1%).

  • WTI is down 0.3% today to $71.32/bbl off the intraday low of $71.15. It rose to $71.72 following the 30bp cut in China’s MTLF rate. Brent has also traded in a narrow range and is currently 0.2% lower at around $75.00/bbl after a low of $74.82 and a high of $75.35.
  • Israel reported today a missile from Lebanon over Tel Aviv was intercepted. Israel continued its major strike on Hezbollah targets in Lebanon on Tuesday, killing a commander, and until now Hezbollah hasn’t used its longer range missiles on Israel. The UN has called for de-escalation, while Iran’s President Pezeshkian has said the attacks “cannot go unanswered”.
  • Bloomberg reported a 4.34mn barrel drawdown US crude inventories, according to people familiar with the API data. Gasoline fell 3.44mn and distillate 1.12mn barrels. The official EIA data is released today.
  • Later the Fed’s Kugler speaks on the economic outlook and US August new home sales and French September consumer confidence print. BoE’s Greene also appears.