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OIL: Mid-Day Oil Summary: Crude Loses Ground

OIL
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Crude prices are trading below previous close levels following Saturday’s disappointing China MOF fiscal announcement, while the situation in the Middle East is unchanged with the market awaiting Israel’s attack on Iran.

  • Brent DEC 24 down 2.3% at 77.24$/bbl
  • WTI NOV 24 down 2.4% at 73.73$/bbl
  • Recent fiscal announcements from China have been sparse on details, including the size of the stimulus, adding to the uncertainty of the impact of actual oil demand.
  • Iraq cut production 260kb/d to 3.94mb/d in September taking output below its OPEC+ quota, Mohammed Al-Najjar at SOMO said cited by Bloomberg.
  • Libya's National Oil Corporation said on Sunday that its oil production has reached 1.3 mn bpd in the past 24 hours – a full restoration of production levels to those before the country's central bank crisis.
  • Iraq cut production 260kb/d to 3.94mb/d in September taking output below its OPEC+ quota of 4mb/d, Mohammed Al-Najjar at SOMO said cited by Bloomberg.
  • Kuwait has raised the OSP for Kuwait Export Crude to Asia in November to $1/bbl above the average of Oman/Dubai quotes - 85 cents higher m/m according to Reuters.
  • China's crude oil imports were down on the month from 49.1m mt in August to 45.488m mt in September and down 0.6% y/y, GACC data said.
  • China’s seaborne crude imports fell from August’s year-to-date high to 9.7 mbd in September, Vortexa said.
  • Crude held in floating storage stationary for at least seven days rose 24% w/w to 58.58mbbl as of Oct. 11 according to Vortexa.
  • Azerbaijan produced 21.6m mt of crude and condensate in Jan-Sept 2024, according to the Energy Ministry.
  • Port Tampa Bay said on Saturday it resumed vessel operations and shipping channels re-opened during daylight hours after shutting due to hurricane Milton, Reuters said.
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Crude prices are trading below previous close levels following Saturday’s disappointing China MOF fiscal announcement, while the situation in the Middle East is unchanged with the market awaiting Israel’s attack on Iran.

  • Brent DEC 24 down 2.3% at 77.24$/bbl
  • WTI NOV 24 down 2.4% at 73.73$/bbl
  • Recent fiscal announcements from China have been sparse on details, including the size of the stimulus, adding to the uncertainty of the impact of actual oil demand.
  • Iraq cut production 260kb/d to 3.94mb/d in September taking output below its OPEC+ quota, Mohammed Al-Najjar at SOMO said cited by Bloomberg.
  • Libya's National Oil Corporation said on Sunday that its oil production has reached 1.3 mn bpd in the past 24 hours – a full restoration of production levels to those before the country's central bank crisis.
  • Iraq cut production 260kb/d to 3.94mb/d in September taking output below its OPEC+ quota of 4mb/d, Mohammed Al-Najjar at SOMO said cited by Bloomberg.
  • Kuwait has raised the OSP for Kuwait Export Crude to Asia in November to $1/bbl above the average of Oman/Dubai quotes - 85 cents higher m/m according to Reuters.
  • China's crude oil imports were down on the month from 49.1m mt in August to 45.488m mt in September and down 0.6% y/y, GACC data said.
  • China’s seaborne crude imports fell from August’s year-to-date high to 9.7 mbd in September, Vortexa said.
  • Crude held in floating storage stationary for at least seven days rose 24% w/w to 58.58mbbl as of Oct. 11 according to Vortexa.
  • Azerbaijan produced 21.6m mt of crude and condensate in Jan-Sept 2024, according to the Energy Ministry.
  • Port Tampa Bay said on Saturday it resumed vessel operations and shipping channels re-opened during daylight hours after shutting due to hurricane Milton, Reuters said.