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OIL: Mid-Day Oil Summary: Crude Rallies

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Front month futures have rallied through first technical resistance. The market is weighing some near term supply disruptions and risks from Libya, US, Kazakhstan and a recent drop in Russian exports against ongoing tepid fuel demand.

  • Brent NOV 24 up 2.4% at 75.65$/bbl
  • WTI NOV 24 up 2.6% at 72.18$/bbl
  • Wires carrying comments from IDF spox Rear Admiral Daniel Hagari saying "We must not give Hezbollah a break, attacks will be accelerated today.
  • Oil producers BP, Chevron, Equinor and Shell are evacuating staff from some Gulf of Mexico facilities, and several have paused some production before the arrival of another tropical storm through the region. The system is expected to develop into a major hurricane before approaching the northeastern Gulf Coast on Thursday.
  • Russia’s seaborne crude shipments slipped to the lowest since July last week on a four-week average basis according to Bloomberg vessel tracking.
  • Saudi has been doing much of the heavy lifting for OPEC+ this year and last to shore up global supplies. As a result, its exports have been towards the lower end of its 2016-23 range this year according to Vortexa vessel tracking.
  • Total America’s crude imports (north, central and south) have been trending more sour in recent months according to Vortexa.
  • Crude oil time spreads look undervalued as balances tighten so prices still have some room to gain, according to Goldman Sachs cited by Bloomberg.
  • Feedstock imports into Shandong province and Tianjin City by independent refineries during Jan-Aug showed an annual fall of 15%, according to OilChem.
  • Diesel cracks are building on yesterday’s gains with support from refinery maintenance and possible run cuts but margins remain under pressure due to tepid demand. 
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Front month futures have rallied through first technical resistance. The market is weighing some near term supply disruptions and risks from Libya, US, Kazakhstan and a recent drop in Russian exports against ongoing tepid fuel demand.

  • Brent NOV 24 up 2.4% at 75.65$/bbl
  • WTI NOV 24 up 2.6% at 72.18$/bbl
  • Wires carrying comments from IDF spox Rear Admiral Daniel Hagari saying "We must not give Hezbollah a break, attacks will be accelerated today.
  • Oil producers BP, Chevron, Equinor and Shell are evacuating staff from some Gulf of Mexico facilities, and several have paused some production before the arrival of another tropical storm through the region. The system is expected to develop into a major hurricane before approaching the northeastern Gulf Coast on Thursday.
  • Russia’s seaborne crude shipments slipped to the lowest since July last week on a four-week average basis according to Bloomberg vessel tracking.
  • Saudi has been doing much of the heavy lifting for OPEC+ this year and last to shore up global supplies. As a result, its exports have been towards the lower end of its 2016-23 range this year according to Vortexa vessel tracking.
  • Total America’s crude imports (north, central and south) have been trending more sour in recent months according to Vortexa.
  • Crude oil time spreads look undervalued as balances tighten so prices still have some room to gain, according to Goldman Sachs cited by Bloomberg.
  • Feedstock imports into Shandong province and Tianjin City by independent refineries during Jan-Aug showed an annual fall of 15%, according to OilChem.
  • Diesel cracks are building on yesterday’s gains with support from refinery maintenance and possible run cuts but margins remain under pressure due to tepid demand.