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OIL: Mid-Day Oil Summary: Brent Rises to Highest Since Early Sept.

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Crude markets extend gains taking Brent front month to the highest since Sept. 3 as Middle East supply risks offset the expectation that the OPEC JMMC meeting will recommend no changes to current production plans. 

  • Amichai Stein at KAN posts on X: "After Israel security cabinet meet: Israel is expected to respond 'harsh' against Iran, with the possibility of targeting strategic sites in Iran".
  • OPEC+ joint ministerial monitoring committee meets on Wednesday but is unlikely to throw any surprises, according to Reuters sources. The JMMC meeting is expected at 1200 GMT.
  • The Saudi oil minister has said oil prices could fall as low as $50/bbl if OPEC+ members do not stick to agreed production limits the WSJ reported on Wednesday, citing delegates within the group.
  • Russia’s seaborne crude shipments rebounded 850kb/d last week due to the resumption of flows out of eastern facing Kozmino port and due to higher Primorsk flows, according to Bloomberg vessel tracking.
  • Russia will increase oil exports via its western ports to 2.2mbpd in October, slightly up from September according to Reuters sources.
  • ARA crude storage fell 3.1% or 1.7mbbls in the week ended Sept. 27 to 54.0mbbls according to Genscape.
  • Port of Fujairah oil product stocks rose 2.5% w/w in the week to Sept. 30 after falling to a 2.5 year low the previous week.
  • Russia’s Omsk refinery, Russia’s largest, completed CDU maintenance on September 25 after it caught fire at the end of August Reuters sources said on Tuesday.
    • Brent DEC 24 up 3.1% at 75.86$/bbl
    • WTI NOV 24 up 3.4% at 72.21$/bbl
    • Brent DEC 24-JAN 25 up 0.1$/bbl at 0.45$/bbl
    • Brent DEC 24-DEC 25 up 0.63$/bbl at 2.22$/bbl
    • US gasoline crack down 0.3$/bbl at 12.36$/bbl
    • US ULSD crack up 0.3$/bbl at 21.74$/bbl
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Crude markets extend gains taking Brent front month to the highest since Sept. 3 as Middle East supply risks offset the expectation that the OPEC JMMC meeting will recommend no changes to current production plans. 

  • Amichai Stein at KAN posts on X: "After Israel security cabinet meet: Israel is expected to respond 'harsh' against Iran, with the possibility of targeting strategic sites in Iran".
  • OPEC+ joint ministerial monitoring committee meets on Wednesday but is unlikely to throw any surprises, according to Reuters sources. The JMMC meeting is expected at 1200 GMT.
  • The Saudi oil minister has said oil prices could fall as low as $50/bbl if OPEC+ members do not stick to agreed production limits the WSJ reported on Wednesday, citing delegates within the group.
  • Russia’s seaborne crude shipments rebounded 850kb/d last week due to the resumption of flows out of eastern facing Kozmino port and due to higher Primorsk flows, according to Bloomberg vessel tracking.
  • Russia will increase oil exports via its western ports to 2.2mbpd in October, slightly up from September according to Reuters sources.
  • ARA crude storage fell 3.1% or 1.7mbbls in the week ended Sept. 27 to 54.0mbbls according to Genscape.
  • Port of Fujairah oil product stocks rose 2.5% w/w in the week to Sept. 30 after falling to a 2.5 year low the previous week.
  • Russia’s Omsk refinery, Russia’s largest, completed CDU maintenance on September 25 after it caught fire at the end of August Reuters sources said on Tuesday.
    • Brent DEC 24 up 3.1% at 75.86$/bbl
    • WTI NOV 24 up 3.4% at 72.21$/bbl
    • Brent DEC 24-JAN 25 up 0.1$/bbl at 0.45$/bbl
    • Brent DEC 24-DEC 25 up 0.63$/bbl at 2.22$/bbl
    • US gasoline crack down 0.3$/bbl at 12.36$/bbl
    • US ULSD crack up 0.3$/bbl at 21.74$/bbl