OIL: Mid-Day Oil Summary: Crude Extends Pullback

Brent crude extends the pullback from yesterday, trading though the lows of the week despite the disruption to Libya oil supplies and the expected US crude stocks draw in data released later today.

• Brent OCT 24 down 1.8% at 78.12$/bbl
• WTI OCT 24 down 2% at 74.02$/bbl
• API weekly oil stock data from late yesterday according to Bloomberg: Crude -3.4mbbl, Cushing -0.486mbbl
• Libyan crude production has fallen at least 400kbd since the eastern government ordered a total shutdown according to Bloomberg sources.
• ARA crude stocks rose 782k bbl or 1.5% in the week ended August 23 to 54mn bbls according to Genscape.
• US and Canadian seaborne oil exports - everything including crude, products, LPG and ethane - set new records over the last 3 months at 10.9mbd according to Vortexa.
• The CEO of Ukraine’s Naftogaz said on Tuesday that new solutions are needed for the energy security of Ukraine and Slovakia.
• Barclays sees OPEC+ following through with its gradual phase-out of additional voluntary adjustments.
• Oil prices are at risk of spiking following a “carry trade” that has diverted capital from the market, according to Jeff Currie at Carlyle Group cited by Bloomberg.