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OIL: Mid-Day Oil Summary: Crude Climbs

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Crude markets are rising with support from better risk sentiment and concerns over the impact of Hurricane Francine. Crude has continued to rebound after Brent reached a low of $68.68/bbl earlier this week.

  • Brent NOV 24 up 1.6% at 71.74$/bbl
  • WTI OCT 24 up 1.8% at 68.5$/bbl
  • Rapidly slowing Chinese consumption is driving down global oil demand growth according to the IEA in its latest monthly report. "The chief driver of this downturn is a rapidly slowing China," the IEA said.
  • The IEA forecasts this year's global demand to grow by 903,000 bpd from 970,000 bpd in its prior report – the second downward revision in 2 months.
  • The IEA pointed towards a rapid China slowdown as the chief driver of its second successive demand growth revision for 2024.
  • Hurricane Francine made landfall in Louisiana today. About 670kbpd or 39% of Gulf of Mexico oil production has been shut because of the storm, according to US Bureau of Safety and Environment Enforcement and around eight land-based refineries may be impacted.
  • Saudi Aramco will supply about 44mbbl of crude oil to China in October, according to Bloomberg up from about 43mbbls in September.
  • India is in favour of OPEC raising production to keep oil prices in check, according to India Oil Secretary Pankaj Jain.
  • Exports of Russian crude and products in August fell by 290k b/d on the month to average 7m b/d, according to the IEA, cited by Kommersant, the lowest level since March 2021.
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Crude markets are rising with support from better risk sentiment and concerns over the impact of Hurricane Francine. Crude has continued to rebound after Brent reached a low of $68.68/bbl earlier this week.

  • Brent NOV 24 up 1.6% at 71.74$/bbl
  • WTI OCT 24 up 1.8% at 68.5$/bbl
  • Rapidly slowing Chinese consumption is driving down global oil demand growth according to the IEA in its latest monthly report. "The chief driver of this downturn is a rapidly slowing China," the IEA said.
  • The IEA forecasts this year's global demand to grow by 903,000 bpd from 970,000 bpd in its prior report – the second downward revision in 2 months.
  • The IEA pointed towards a rapid China slowdown as the chief driver of its second successive demand growth revision for 2024.
  • Hurricane Francine made landfall in Louisiana today. About 670kbpd or 39% of Gulf of Mexico oil production has been shut because of the storm, according to US Bureau of Safety and Environment Enforcement and around eight land-based refineries may be impacted.
  • Saudi Aramco will supply about 44mbbl of crude oil to China in October, according to Bloomberg up from about 43mbbls in September.
  • India is in favour of OPEC raising production to keep oil prices in check, according to India Oil Secretary Pankaj Jain.
  • Exports of Russian crude and products in August fell by 290k b/d on the month to average 7m b/d, according to the IEA, cited by Kommersant, the lowest level since March 2021.