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OIL: Mid-Day Oil Summary: Crude Ticks Up

OIL
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Crude markets extend the gains from last week on signs of economic support in China and with fears of escalating geopolitical tensions in the Middle East.

  • Brent NOV 24 up 0.3% at 74.68$/bbl
  • WTI NOV 24 up 0.3% at 71.23$/bbl
  • China’s 10bp reduction in the 14-day repo rate signals that the authorities may be prepared to stimulate demand.  The move follows a larger than expected 50bp rate cut by the US Fed last week.
  • Tensions in the Levant remain extremely high amid the risk of a regional escalation. The Israeli Defence Forces (IDF) have confirmed a new wave of airstrikes against Hezbollah targets in southern Lebanon.
  • Crude held in floating storage stationary for at least seven days fell 12% w/w to 56.31mbbl as of Sept. 20 according to Vortexa cited by Bloomberg.
  • Shell plans for a precautionary shut in of production at its Stones and Appomattox facilities in the Gulf of Mexico due to a tropical disturbance, according to Reuters.
  • Ineos may shut the Forties Pipeline System between 2030-2035, instead of a previous plan to close the conduit in 2040, according to Bloomberg, citing Forties Network CEO.
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Crude markets extend the gains from last week on signs of economic support in China and with fears of escalating geopolitical tensions in the Middle East.

  • Brent NOV 24 up 0.3% at 74.68$/bbl
  • WTI NOV 24 up 0.3% at 71.23$/bbl
  • China’s 10bp reduction in the 14-day repo rate signals that the authorities may be prepared to stimulate demand.  The move follows a larger than expected 50bp rate cut by the US Fed last week.
  • Tensions in the Levant remain extremely high amid the risk of a regional escalation. The Israeli Defence Forces (IDF) have confirmed a new wave of airstrikes against Hezbollah targets in southern Lebanon.
  • Crude held in floating storage stationary for at least seven days fell 12% w/w to 56.31mbbl as of Sept. 20 according to Vortexa cited by Bloomberg.
  • Shell plans for a precautionary shut in of production at its Stones and Appomattox facilities in the Gulf of Mexico due to a tropical disturbance, according to Reuters.
  • Ineos may shut the Forties Pipeline System between 2030-2035, instead of a previous plan to close the conduit in 2040, according to Bloomberg, citing Forties Network CEO.