Free Trial

Oil End of Day Summary: Crude Strengthens on Week

OIL

Crude strengthened on the day with WTI set for 9% gains since the start of the week. Additional Middle East geopolitical tensions are outweighing concerns for the demand outlook.

  • WTI APR 24 up 0.8% at 78.24$/bbl
  • Today has seen an escalation of tensions between Israel and Iran-backed, Lebanon-based, Hezbollah following an Israeli attack which killed 10 Lebanese civilians this week. In a televised address a short time ago, Hezbollah leader Sayyed Hassan Nasrallah, responding to the attack, said Israel will pay a price "in blood."
  • UKMTO has received a report of an incident 70NM northwest of al Mukha, Yemen, the agency said via X.
  • US oil and gas rig count total fell by 2 to 612, according to Baker Hughes data Feb. 16. Reversing some of last week’s rise. US Oil rig count: 497 (-2). US gas rig count: 121 (0).
  • Russia has reduced daily crude oil processing by 4% in the first two weeks of February from January's average level and by 8.6% from the same period last year, sources told Reuters on Friday.
  • The leader of the Patriotic Union of Kurdistan said a restart of northern Iraq crude oil exports via the Turkey’s Ceyhan will not happen anytime soon.
  • The excess of supertankers in the Middle East compared to crude cargoes for the next 30 days dropped to 25% Feb. 16, according to Bloomberg.
  • Azerbaijan’s crude oil production stood at 474kbpd last month, below its OPEC+ quota of 551kbpd according to a statement by the Energy Ministry.
249 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.

Crude strengthened on the day with WTI set for 9% gains since the start of the week. Additional Middle East geopolitical tensions are outweighing concerns for the demand outlook.

  • WTI APR 24 up 0.8% at 78.24$/bbl
  • Today has seen an escalation of tensions between Israel and Iran-backed, Lebanon-based, Hezbollah following an Israeli attack which killed 10 Lebanese civilians this week. In a televised address a short time ago, Hezbollah leader Sayyed Hassan Nasrallah, responding to the attack, said Israel will pay a price "in blood."
  • UKMTO has received a report of an incident 70NM northwest of al Mukha, Yemen, the agency said via X.
  • US oil and gas rig count total fell by 2 to 612, according to Baker Hughes data Feb. 16. Reversing some of last week’s rise. US Oil rig count: 497 (-2). US gas rig count: 121 (0).
  • Russia has reduced daily crude oil processing by 4% in the first two weeks of February from January's average level and by 8.6% from the same period last year, sources told Reuters on Friday.
  • The leader of the Patriotic Union of Kurdistan said a restart of northern Iraq crude oil exports via the Turkey’s Ceyhan will not happen anytime soon.
  • The excess of supertankers in the Middle East compared to crude cargoes for the next 30 days dropped to 25% Feb. 16, according to Bloomberg.
  • Azerbaijan’s crude oil production stood at 474kbpd last month, below its OPEC+ quota of 551kbpd according to a statement by the Energy Ministry.