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OIL: Crude Holds Steady but Set for Net Weekly Gain After Fed Cut

OIL
BulletEnergy BulletsCommodities

Crude markets are holding steady today but set for a net weekly gain amid a general improved risk sentiment from the broad expectation that the Federal Reserve seems confident of engineering a soft landing for the US economy. 

  • Prices have also been supported this week by geopolitical risks, falling US crude inventories, and disruption to near to supplies from Libya and Kazakhstan.
  • The possibility of a further escalation of tensions in the Middle East hangs over the oil market following comments from the Israeli Defense Minister suggested a ‘new phase’ in the war is imminent.
  • US refiners are set for the lightest autumn refinery maintenance season in three years, with 529kbpd of capacity offline, according to IIR and about half the offline capacity from last year.
  • China has issued the third fuel export quota of the year of 8m tons of gasoline, diesel and jet fuel, JLC and OilChem said, taking the total to 41m tons compared to 40m tons in 2023.
  • China’s crude imports from Malaysia, used as a trans-shipment point for sanctioned cargoes, have risen again to a record 7.5m tons in August while Russia supply rose to 9.37m tons, customs data showed.
  • US crack spreads have risen this week with gasoline to its highest level since Aug. 23, finding support from near-normal demand but spreads remain at overall low levels after plummeting in August.
    • Brent NOV 24 down 0.1% at 74.78$/bbl
    • WTI NOV 24 down 0.1% at 71.09$/bbl
    • Brent NOV 24-DEC 24 down 0.02$/bbl at 0.85$/bbl
    • Brent DEC 24-DEC 25 down 0.06$/bbl at 2.18$/bbl
    • US gasoline crack down 0.3$/bbl at 14.16$/bbl
    • US ULSD crack down 0.1$/bbl at 19.16$/bbl
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Crude markets are holding steady today but set for a net weekly gain amid a general improved risk sentiment from the broad expectation that the Federal Reserve seems confident of engineering a soft landing for the US economy. 

  • Prices have also been supported this week by geopolitical risks, falling US crude inventories, and disruption to near to supplies from Libya and Kazakhstan.
  • The possibility of a further escalation of tensions in the Middle East hangs over the oil market following comments from the Israeli Defense Minister suggested a ‘new phase’ in the war is imminent.
  • US refiners are set for the lightest autumn refinery maintenance season in three years, with 529kbpd of capacity offline, according to IIR and about half the offline capacity from last year.
  • China has issued the third fuel export quota of the year of 8m tons of gasoline, diesel and jet fuel, JLC and OilChem said, taking the total to 41m tons compared to 40m tons in 2023.
  • China’s crude imports from Malaysia, used as a trans-shipment point for sanctioned cargoes, have risen again to a record 7.5m tons in August while Russia supply rose to 9.37m tons, customs data showed.
  • US crack spreads have risen this week with gasoline to its highest level since Aug. 23, finding support from near-normal demand but spreads remain at overall low levels after plummeting in August.
    • Brent NOV 24 down 0.1% at 74.78$/bbl
    • WTI NOV 24 down 0.1% at 71.09$/bbl
    • Brent NOV 24-DEC 24 down 0.02$/bbl at 0.85$/bbl
    • Brent DEC 24-DEC 25 down 0.06$/bbl at 2.18$/bbl
    • US gasoline crack down 0.3$/bbl at 14.16$/bbl
    • US ULSD crack down 0.1$/bbl at 19.16$/bbl