Oil End of Day Summary: Crude Plummets

Crude has fallen sharply during US hours amid signs that Russia may lift its products ban soon and EIA data showing weak gasoline demand. Wider economic concerns and possible future interest rate rises provide further downside.

• WTI NOV 23 down -5% at 84.74$/bbl
• WTI NOV 23-DEC 23 down -0.06$/bbl at 1.73$/bbl
• The OPEC+ Joint Ministerial Monitoring Committee did not recommend any policy changes at its meeting on Wednesday, the producer group said.
• EIA Weekly US Petroleum Summary - w/w change week ending Sep 29: Crude stocks -2,224 vs Exp -171, Crude production 0, SPR stocks +300, Cushing stocks +132
• Crude inventories in ARA region fell 5mn bbls or 9.2% in week ended September 29 to 49.3mn bbls according to Genscape.
• The keystone crude pipeline is operating at around 50% capacity, following a short disruption, according to Bloomberg.
• Global crude prices could top $100/b amid OPEC’s decision Oct. 4 to continue with current supply cuts, Equinor Chief Economist Eirik Waerness said at the Baker Institute Center for Energy annual energy summit in Houston and reported by Reuters.
• JP Morgan maintains an end of year crude oil target of 86$/bbl amid demand destruction due to high prices.
• LIBYA RAISES ES SIDER CRUDE OSP FOR OCTOBER TO DATED +$1/BBL - bbg
• Russia is working with Kazakhstan on supplying oil via the CPC pipeline and is not concerned it will be affected by geopolitics, Russian Energy Minister Nikolai Shulginov said according to Interfax.
• Tengizchevroil, Kazakhstan’s largest oil producer, will face a six-month delay in its expansion beyond the initial June 2024 target, according to Reuters.
• MNI COMMODITY WEEKLY: JMMC Meeting Yields Expected Result but Saudi/Russia Flows Show Signs of Growth - Full piece here: https://enews.marketnews.com/ct/x/pjJscQCPkuoI6ag1IxB2Sw~k1zZ8KXr-kA8x6nHXZOiptIPjO1OcQ