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OIL: Mid-Day Oil Summary: Crude Rebounds From Low Near $70/bbl

OIL
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Brent has rebounded from a low of $69.91/bbl earlier today with current OPEC+ plans to increase supply in December and the prospect of returning barrels from Libya set against geopolitical risks and China stimulus. Tighter supplies from Kazakhstan maintenance and falling US inventories are also supportive.

  • The OPEC JMMC monitoring committee, that can recommend changes to the group, next meets on Oct. 2.
  • The U.S. has bought 6mbbls of crude for the Strategic Petroleum Reserve for delivery in Feb - May 2025 at an average price below target at $68.56/bbl, according to the Department of Energy.
  • Oman’s OSP for its November crude will fall by $4.05/bbl to $73.49/bbl according to Reuters.
  • Brent oil price forecasts for 2024 have been lowered for a fifth consecutive month to an average of $81.52/bbl due to weaker demand and uncertainty over OPEC’s plans despite geopolitical risks, according to a Reuters poll.
  • HSBC has cut its Brent crude forecast for 2025 and beyond from a previous estimate of $76.50/bbl to $70/bbl amid a market surplus, according to Bloomberg.
  • Diesel and gasoline cracks are softer today, but diesel still holds a net gain since mid-September amid refinery outages and maintenance although weak demand still limits upside.
  • GasBuddy models U.S. gasoline demand at 8.61mb/d last week, edging 0.7% lower w/w.
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Brent has rebounded from a low of $69.91/bbl earlier today with current OPEC+ plans to increase supply in December and the prospect of returning barrels from Libya set against geopolitical risks and China stimulus. Tighter supplies from Kazakhstan maintenance and falling US inventories are also supportive.

  • The OPEC JMMC monitoring committee, that can recommend changes to the group, next meets on Oct. 2.
  • The U.S. has bought 6mbbls of crude for the Strategic Petroleum Reserve for delivery in Feb - May 2025 at an average price below target at $68.56/bbl, according to the Department of Energy.
  • Oman’s OSP for its November crude will fall by $4.05/bbl to $73.49/bbl according to Reuters.
  • Brent oil price forecasts for 2024 have been lowered for a fifth consecutive month to an average of $81.52/bbl due to weaker demand and uncertainty over OPEC’s plans despite geopolitical risks, according to a Reuters poll.
  • HSBC has cut its Brent crude forecast for 2025 and beyond from a previous estimate of $76.50/bbl to $70/bbl amid a market surplus, according to Bloomberg.
  • Diesel and gasoline cracks are softer today, but diesel still holds a net gain since mid-September amid refinery outages and maintenance although weak demand still limits upside.
  • GasBuddy models U.S. gasoline demand at 8.61mb/d last week, edging 0.7% lower w/w.