Free Trial

Oil End of Day Summary: Crude Surges

OIL

Crude surged on the day amid fears around further escalations in the Middle East. Driving prices higher is a geopolitical risk premium in response to the attacks in Israel at the weekend and concerns of a wider conflict impacting Iranian barrels. WTI is up around $4.8/b on the week.

  • WTI NOV 23 up 5.7% at 87.63$/bbl
  • WTI-Brent down -0.44$/bbl at -4.49$/bbl
  • WTI NOV 23-DEC 23 up 0.31$/bbl at 1.42$/bbl
  • WTI DEC 23-JAN 24 up 0.28$/bbl at 1.35$/bbl
  • Meanwhile, Total US rig counts saw their first week on week rise since Sep. 15, according to the weekly Baker Hughes US Oil and Gas Rotary Rig Count Data, up 3 to 622.
  • Iran’s oil production is currently over 3.3mn bpd according to Tasnim news reports citing Iranian oil minister Javad Owji.
  • Delta Air Lines 190,000 bpd Trainer refinery in Pennsylvania is expected to resume operations mid-November following a planned maintenance period that began last month according to its Q3 results.
  • A risk premium remains in oil prices, as the market keeps a watch of the ongoing conflict in the Middle East hitting supply, Vandana Hari, Founder of Vanda Insights told CNBC.
  • China crude imports slipped in September to 45.74 million tons or 11.18mn bpd – 10% lower than August’s pace of 12.48mn bpd.
  • Russian PM Alexander Novak said it’s too early to talk about what market decision OPEC+ may take in a TV interview earlier Friday.
  • Russian deputy PM said the potential for a further reduction in the Urals discount is decreasing in an interview with Business FM.
  • US physical crude prices have fallen this week as Saudi Arabia reaffirmed support for OPEC+ efforts to keep prices stable helped to reassure markets that supplies might be boosted in the event of supply disruption according to Bloomberg.

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.