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OIL: Mid-Day Oil Summary: Crude Eases Back

OIL
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Crude prices have moderated after yesterday’s gains pushed Brent to a high of $75.87/b with uncertainty over whether China’s monetary easing will be enough to boost demand. Continued tensions in Israel/Lebanon and hurricane activity in the Gulf of Mexico are currently supporting prices.

  • Brent NOV 24 down 0.7% at 74.66$/bbl
  • WTI NOV 24 down 0.8% at 71.02$/bbl
  • Israel reported today a missile from Lebanon over Tel Aviv was intercepted. Israel continued its major strike on Hezbollah targets in Lebanon on Tuesday, killing a commander, and until now Hezbollah hasn’t used its longer-range missiles on Israel. The UN has called for de-escalation, while Iran’s President Pezeshkian has said the attacks “cannot go unanswered”.
  • ARA crude inventories rose 1.4mn bbl w/w in the week ended September 20 to 55.7mn bbls according to Genscape.
  • API weekly oil stock data from late yesterday according to Bloomberg., Crude -4.34mbbl, Cushing -0.026mbbl
  • Shell said late on Tuesday it has started to restore production at the Appomattox platform in the Gulf of Mexico to normal levels.
  • Kazakhstan has received a request from Germany to more than double oil supplies to 2.5 million tonnes according to the Kazakh Energy Minister Almasadam Satkaliyev.
  • Kazakhstan's energy ministry said on Wednesday that the country's giant Kashagan oilfield will halt production for 38 days to conduct maintenance likely beginning on Oct. 3.
  • The worst is now behind us for the Chinese economy according to Energy Aspects director Amrita Sen, adding that the latest stimulus measures will help to get the economy off the ground.
  • Citi bank analysts expect a counter-seasonal oil market deficit of around 0.4-m b/d in Q4 2024 which should support Brent prices in a $70-75/bbl range the bank said in a client note this week.
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Crude prices have moderated after yesterday’s gains pushed Brent to a high of $75.87/b with uncertainty over whether China’s monetary easing will be enough to boost demand. Continued tensions in Israel/Lebanon and hurricane activity in the Gulf of Mexico are currently supporting prices.

  • Brent NOV 24 down 0.7% at 74.66$/bbl
  • WTI NOV 24 down 0.8% at 71.02$/bbl
  • Israel reported today a missile from Lebanon over Tel Aviv was intercepted. Israel continued its major strike on Hezbollah targets in Lebanon on Tuesday, killing a commander, and until now Hezbollah hasn’t used its longer-range missiles on Israel. The UN has called for de-escalation, while Iran’s President Pezeshkian has said the attacks “cannot go unanswered”.
  • ARA crude inventories rose 1.4mn bbl w/w in the week ended September 20 to 55.7mn bbls according to Genscape.
  • API weekly oil stock data from late yesterday according to Bloomberg., Crude -4.34mbbl, Cushing -0.026mbbl
  • Shell said late on Tuesday it has started to restore production at the Appomattox platform in the Gulf of Mexico to normal levels.
  • Kazakhstan has received a request from Germany to more than double oil supplies to 2.5 million tonnes according to the Kazakh Energy Minister Almasadam Satkaliyev.
  • Kazakhstan's energy ministry said on Wednesday that the country's giant Kashagan oilfield will halt production for 38 days to conduct maintenance likely beginning on Oct. 3.
  • The worst is now behind us for the Chinese economy according to Energy Aspects director Amrita Sen, adding that the latest stimulus measures will help to get the economy off the ground.
  • Citi bank analysts expect a counter-seasonal oil market deficit of around 0.4-m b/d in Q4 2024 which should support Brent prices in a $70-75/bbl range the bank said in a client note this week.