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Oil End of Day Summary: Low Cushing Stocks Boost Crude

OIL

Crude markets extend gains after a below expected crude draw and another drop in Cushing stocks. Crude inventories at Cushing fell for the seventh week with a draw of 943k this week taking stocks to the lowest since July 2022

  • WTI NOV 23 up 3.9% at 93.89$/bbl
  • WTI NOV 23-DEC 23 up 0.73$/bbl at 2.34$/bbl
  • EIA Weekly US Petroleum Summary - w/w change week ending Sep 22: Crude stocks -2,169 vs Exp -600, Crude production 0
  • U.S. crude stockpiles the Cushing storage hub are getting close to the operational low of 20m bbl, below which oil is difficult to remove, according to Reuters.
  • Premiums for near term WTI will continue their rally unless Cushing stocks see substantial builds, according to Bloomberg.
  • Libya plans to export 31.61m bbl, or 1.02m b/d of crude in October, according to an initial loading programme seen by Bloomberg.
  • Crude inventories in the European ARA region fell -1.025mbbls in the week ending 22 Sep according to the latest Genscape data.
  • Saudi Aramco may raise its November OSP for Arab Light crude to Asia by 20c/bbl on the month according to the median estimate in a Bloomberg survey of five refiners, traders.
  • “OPEC+ looks likely to be forced to keep its current cuts in place if it wants to maintain tight market management” next year according to Eurasia Group.
  • Crude/condensate exports from OPEC+ countries have been more or less stable in the first 24 days of September, except for a marked recovery in Saudi exports by about 0.7mbd from 5.3mbd to 6mbd according to Vortexa.
  • Russia’s Transneft and Kazakhstan have signed an agreement on transit of Kazakh oil through Russia for 2024, Trasneft said, cited by Tass.
  • BofA has raised its Brent crude oil forecast for the second half of this year to average $91/bbl, from $81/bbl previously, as the recent run up in refining margins has helped to support prices, together with the extension to OPEC+ supply cuts.
  • MNI COMMODITY WEEKLY: Russian Oil Product Ban Adds to Market Tightness – Full piece here: https://enews.marketnews.com/ct/x/pjJscQCLlLgI6ag2Jh8nGQ~k1zZ8KXr-kA8x6nHWZXwptIPjO1OcQ
Energy BulletsCommodities
Energy BulletsCommodities

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