April 12, 2024 18:09 GMT
Oil End of Day Summary: Crude Climbs on Israel-Iran Tensions
OIL
WTI has climbed today after wires suggested that Israel is preparing for an imminent Iranian attack. However, front month has eased back from its intraday high of $87.59. Despite the additional geopolitical risk, WTI is on track for a loss of around 0.9% on the week.
- WTI MAY 24 up 1.3% at 86.12$/bbl
- Two U.S. officials told CBS News that a major Iranian attack against Israel was expected as soon as Friday
- US officials had a secret meeting with Venezuelan President Nicolás Maduro’s administration ahead of the April 18 deadline for energy sanctions.
- The IEA lowered its global oil demand growth for this year by around 100kbpd to 1.2mbpd.
- US total oil and gas rig count fell by 3 on the week to 617 rigs, according to Baker Hughes, the lowest level since November 10. Oil: 506 (-2) - Down 82, or 13.9% on the year
- Growing sanctions pressure and a narrowing Urals discount has dented Russian crude into India according to Vortexa figures.
- Trans Mountain will introduce oil to the new Line 2 of the Trans Mountain Pipeline system on 16 April, the firm told Bloomberg in an email.
- About 500,000-600,000bpd of Russia’s crude processing capacity could be offline this quarter on a gross basis, before offsets because of the Ukrainian drone attacks: IEA.
- Nigeria’s crude oil output fell to the lowest since August at 1.23mb/d in March from 1.32mb/d in February,
- Oil and gas drilling royalties and fees will rise on US Federal lands: leasing rule finalised by the Interior Department.
- MNI COMMODITY RESEARCH: Venezuela Sanction Relief Deadline Leaves Market Guessing - Full Piece Here: https://roar-assets-auto.rbl.ms/files/60845/Venezuela%20Sanction%20Relief%20Deadline%20Leaves%20Market%20Guessing.pdf
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