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OIL: Mid-Day Oil Summary: Crude Rebounding

OIL

Crude markets have rebounded after the selloff from a high of $81.59/bbl on Aug 27 to a low of $70.61/bbl on Sept. 6. Weakness on Friday was driven by softer US payroll data, coupled with lower Saudi Aramco OSPs signalling further bearishness.

  • Brent NOV 24 up 0.8% at 71.66$/bbl
  • WTI OCT 24 up 1% at 68.32$/bbl
  • Iraq sets October Basrah Medium crude official selling price to Asia at minus $-0.50/BBL to Oman/Dubai average – SOMO
  • Crude held in floating storage stationary for at least seven days slipped to 60.25m bbl as of Sept. 6 – down 2.1% w/w according to Vortexa.
  • Nigeria sets Qua Iboe OSP at Dated Brent +$3.25/b in September, according to Bloomberg.
  • Morgan Stanley revised down its Q4 2024 Brent forecast by $5/bbl to $75/bbl and is likely to remain near that level unless demand continues to weaken further, according to Bloomberg.
  • Oil prices are still subject to downside into 2025-2026 due to a surplus market according to Daan Struyven, head of oil research at Goldman Sachs speaking at the APPEC 2024 conference.
  • More bearish outlooks are being forecast for oil from top industry executives during APPEC week.
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