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OIL: Crude Ticks Higher on Near Term Supply Disuption and Expected Fed Cut

OIL
BulletEnergy BulletsCommodities

Crude markets are ticking higher supported by near term supply disruption from the continued dispute in Libya, and upcoming maintenance in Kazakhstan along with the expected Fed rate cut on Wednesday with the possibility of as much as 50bp.

  • Concerns over global demand for oil, especially from China continue to weigh although prices have potentially been supported by short covering after the selloff earlier this month.
  • US inventory data will likely be a focus with more than 12% of oil production in the Gulf of Mexico still shut in on Monday following Hurricane Francine, the U.S. offshore energy regulator said.
  • US crude inventories edged higher last week after a net decline since late June but are expected to draw by 0.2mbbl according to a preliminary Reuters survey ahead of API data today and EIA data tomorrow.
  • Diesel and gasoline cracks are edging higher today but remain near lows of the year due to weak demand. Two Sinochem oil refineries have been declared bankrupt amid low margins while most of their units have been idled for months.
    • Brent NOV 24 up 0.5% at 73.08$/bbl
    • WTI OCT 24 up 0.7% at 70.59$/bbl
    • Brent NOV 24-DEC 24 up 0.01$/bbl at 0.61$/bbl
    • Brent DEC 24-DEC 25 up 0.09$/bbl at 1.64$/bbl
    • US gasoline crack up 0.2$/bbl at 12.72$/bbl
    • US ULSD crack up 0.1$/bbl at 17.8$/bbl
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Crude markets are ticking higher supported by near term supply disruption from the continued dispute in Libya, and upcoming maintenance in Kazakhstan along with the expected Fed rate cut on Wednesday with the possibility of as much as 50bp.

  • Concerns over global demand for oil, especially from China continue to weigh although prices have potentially been supported by short covering after the selloff earlier this month.
  • US inventory data will likely be a focus with more than 12% of oil production in the Gulf of Mexico still shut in on Monday following Hurricane Francine, the U.S. offshore energy regulator said.
  • US crude inventories edged higher last week after a net decline since late June but are expected to draw by 0.2mbbl according to a preliminary Reuters survey ahead of API data today and EIA data tomorrow.
  • Diesel and gasoline cracks are edging higher today but remain near lows of the year due to weak demand. Two Sinochem oil refineries have been declared bankrupt amid low margins while most of their units have been idled for months.
    • Brent NOV 24 up 0.5% at 73.08$/bbl
    • WTI OCT 24 up 0.7% at 70.59$/bbl
    • Brent NOV 24-DEC 24 up 0.01$/bbl at 0.61$/bbl
    • Brent DEC 24-DEC 25 up 0.09$/bbl at 1.64$/bbl
    • US gasoline crack up 0.2$/bbl at 12.72$/bbl
    • US ULSD crack up 0.1$/bbl at 17.8$/bbl