Free Trial

OIL: Mid-Day Oil Summary: Crude Maintains Weekly Losses

OIL

Brent crude is holding steady today but heading for a weekly decline with market focus on oversupply risks. The potential for the return of missing Libya barrels and suggestions that Saudi will stick to plans to increase supply from December are weighing on crude markets. The impact of China stimulus measure this week remains uncertain.

  • Brent NOV 24 up 0.1% at 71.65$/bbl
  • WTI NOV 24 up 0.2% at 67.78$/bbl
  • Gulf of Mexico shut in offshore oil output fell to about 442kb/d, or 25% of as Hurricane Helene reached Florida, according to the Bureau of Safety and Environmental Enforcement yesterday.
  • Saudi Aramco may increase the Arab Light OSP to Asia by $0.65/bbl in November to a premium of $1.95/bbl to the Oman-Dubai benchmark, according to a Bloomberg survey.
  • China’s crude imports from Iran are expected to rise to another new record of 1.79mb/d in September, according to Kpler data cited by Bloomberg.
  • OPEC+’s future production plans depend on the compliance of key members, according to RBC Capital Markets cited by Bloomberg. Saudi Arabia and partners will stick with a slow phase-in of supply if visible curtailments from Iraq and Kazakhstan are made.
185 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.

Brent crude is holding steady today but heading for a weekly decline with market focus on oversupply risks. The potential for the return of missing Libya barrels and suggestions that Saudi will stick to plans to increase supply from December are weighing on crude markets. The impact of China stimulus measure this week remains uncertain.

  • Brent NOV 24 up 0.1% at 71.65$/bbl
  • WTI NOV 24 up 0.2% at 67.78$/bbl
  • Gulf of Mexico shut in offshore oil output fell to about 442kb/d, or 25% of as Hurricane Helene reached Florida, according to the Bureau of Safety and Environmental Enforcement yesterday.
  • Saudi Aramco may increase the Arab Light OSP to Asia by $0.65/bbl in November to a premium of $1.95/bbl to the Oman-Dubai benchmark, according to a Bloomberg survey.
  • China’s crude imports from Iran are expected to rise to another new record of 1.79mb/d in September, according to Kpler data cited by Bloomberg.
  • OPEC+’s future production plans depend on the compliance of key members, according to RBC Capital Markets cited by Bloomberg. Saudi Arabia and partners will stick with a slow phase-in of supply if visible curtailments from Iraq and Kazakhstan are made.