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OIL: Mid-Day Oil Summary: Crude Stable

OIL
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Crude markets are stable today. Support from near term supply disruptions in Libya and Kazakhstan is weighed against concerns over global demand for oil, especially from China.

  • Brent NOV 24 down 0% at 72.72$/bbl
  • WTI OCT 24 up 0.2% at 70.22$/bbl
  • The API US oil inventory data is due at 16:30ET ahead of the EIA Weekly Petroleum Status Report tomorrow.
  • More than 12% of crude production and 16% of natural gas output in the U.S. Gulf of Mexico were offline following Hurricane Francine, the U.S. Bureau of Safety and Environmental Enforcement (BSEE) said on Monday.
  • The restart of the Kirkuk-Ceyhan pipeline, which has been shut since March 2023, is held up by disagreements over how much to pay international oil companies operating in the northern region, according to Iraq’s prime minister cited by Bloomberg.
  • Kazakhstan has the chance to boost supplies to Germany’s market as it positions itself as a reliable supplier of energy, Kazakh President Kassym-Jomart Tokayev said, cited by Interfax.
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Crude markets are stable today. Support from near term supply disruptions in Libya and Kazakhstan is weighed against concerns over global demand for oil, especially from China.

  • Brent NOV 24 down 0% at 72.72$/bbl
  • WTI OCT 24 up 0.2% at 70.22$/bbl
  • The API US oil inventory data is due at 16:30ET ahead of the EIA Weekly Petroleum Status Report tomorrow.
  • More than 12% of crude production and 16% of natural gas output in the U.S. Gulf of Mexico were offline following Hurricane Francine, the U.S. Bureau of Safety and Environmental Enforcement (BSEE) said on Monday.
  • The restart of the Kirkuk-Ceyhan pipeline, which has been shut since March 2023, is held up by disagreements over how much to pay international oil companies operating in the northern region, according to Iraq’s prime minister cited by Bloomberg.
  • Kazakhstan has the chance to boost supplies to Germany’s market as it positions itself as a reliable supplier of energy, Kazakh President Kassym-Jomart Tokayev said, cited by Interfax.