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Oil End of Day Summary: WTI Jumps in US Hours

OIL

WTI has gained ground today, reversing yesterday’s losses, having found support from news that the US army is sending reinforcements to the Middle East, possible preparations for an Israeli attack on Iran. This could risk escalation which impacts 20% of global oil flows through the Straits of Hormuz.

  • WTI DEC 24 up 2.4% at 71.89$/bbl
  • US Central Command (CENTCOM), responsible for US military operations in the Middle East, has confirmed that F-16 fighter jets from the Spangdahlem Air Base in Germany have arrived in its area of operations.
  • Baker Hughes oil rig count: 480 (-2) -down 24 rigs, or 4.8% on the year.
  • The first two-thirds of October show a spike in Saudi Arabia’s crude/condensate exports, according to Vortexa.
  • Indian oil company HPCL says the discount on Russian oil has declined significantly but is still cheaper than alternatives.
  • A growing number of tankers involved in Iran and Venezuela’s illicit oil trade appear to be swapping their cargoes off WAF, according to Platts.
  • The Central Bank of Russia forecasts the average price of Brent crude for 2024 at $80/b, down from $85/b.
  • Black Sea CPC exports via the CPC pipeline are set to rise 33% to 1.42m b/d in November.
  • OPEC+ needs to decide over the next 10-12 days whether it goes ahead with a production increase currently planned for December Bloomberg analyst Javier Blas says via X.
  • OPEC and its allies aren't expected to start raising oil output until 3Q 2025 due to continued market weakness according to BNP Paribas's Aldo Spanjer.
  • Venezuela is exploring new energy projects with India, VP and Oil Minister Delcy Rodriguez said, cited by Bloomberg.
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