Oil End of Day Summary: Crude on the Rise

WTI has gained ground after more reassuring US jobless data stemmed some of the growing pessimism for the near-term macroeconomic outlook.

• WTI SEP 24 up 1.4% at 76.32$/bbl
• Initial jobless claims were lower than expected in the week to Aug 3, at a seasonally adjusted 233k (cons 240k) as they retreated from a slightly upward revised 250k (initial 249k).
• Markets remain on edge until they see the likely Iranian response towards Israel following the killing of senior members of militant groups Hamas and Hezbollah last week.
• CNN reported late on 7 August that according to two of its sources, Lebanese Hezbollah could launch a retaliatory attack against Israel before Iran delivers its own strike.
• The UKMTO received report of an incident 45nm south of Al Mukha, Yemen.
• Russian’s crude shipments by tankers operating outside of the G7’s price cap fell by over 10% in July, amid renewed pressures from Western sanctions and the Kremlin cutting exports, Platts said.
• BTC Azeri crude oil loadings from the Turkish port of Ceyhan are set at 26 cargoes totalling 17.93m bbl, or 598k b/d in September, Bloomberg said citing the loading programme.
• Crude storage capacity utilisation rates among Shandong Independent refineries fell 0.3 percentage points on the week to 43.7% for the seven days to Aug. 9, OilChem said.
• Oil could bounce to the low-to-mid-$80’s after the recent sell off according to Citi analysts in a research note Wednesday, citing geopolitical tensions and weather.
• Oils fundamentals remain table despite macro fears according to Energy Aspects director of research Amrita Sen speaking with Bloomberg TV.