MNI: PBOC Net Injects CNY28.8 Bln via OMO Thursday

MNI: PBOC Sets Yuan Parity Higher At 7.1854 Thurs; -1.13% Y/Y

MNI BRIEF: Ontario To Cut U.S. Energy Flows When Tariffs Hit

MNI: BRAZIL'S COPOM RAISES SELIC RATE BY 100BPS TO 12.25%

MNI BRIEF: US Budget Deficit $367B In Nov; FYTD Record $624B

MNI China Daily Summary: Wednesday, December 11

MNI:AUSTRALIA NOV UNEMPLOYMENT RATE +3.9%

MNI: US NOV TREASURY BUDGET -$366.8B

EZ/UK Bond Supply Calendar: BTP Auction on Thursday

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

OIL: Mid-Day Oil Summary: Crude Trades Through Friday High

OIL
BulletEnergy BulletsCommodities

Crude has extended the earlier rally through the Brent front month high of $79.3/bbl from Oct. 4 as the market prices in an increasing risk premium amid Middle East conflict and potential disruption to Iran oil output.  The supply risk has more than offset the impact of returning Libya barrels to the market.

  • Libya’s oil production is back above 1mbpd for the first time in 2 months after the recent resolution to the central banker disagreement Bloomberg sources said.
  • Saudi Arabia increased the crude premium to customers in Asia by more than expected by $0.9/bbl for November but cut the OSP for cargoes to Europe and the US.
  • Goldman Sachs estimates that Brent could increase to the $90s if Iranian oil production was disrupted but upside would be dependent on if OPEC offset any lost supply, according to Bloomberg.
  • Hurricane Milton is intensifying as it heads towards Florida but the impact on energy appears to be limited.
  • Norway's government draft budget projects oil liquids production to rise by 5.2% y/y in 2025.
  • Money managers cut net long crude positions slightly last week with a rise in bullish Brent positions offset by a fall in WTI net longs. Funds reduced the bearish ICE Gasoil and Nymex diesel positioning slightly.
  • Delek’s 73,000 bpd Big Spring refinery in Texas had an equipment malfunction at a light distillate hydrotreater on October 4.
    • Brent DEC 24 up 2.4% at 79.89$/bbl
    • WTI NOV 24 up 2.8% at 76.43$/bbl
    • US gasoline crack down 0.8$/bbl at 12.74$/bbl
    • US ULSD crack down 0.3$/bbl at 22.7$/bbl
245 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.

Crude has extended the earlier rally through the Brent front month high of $79.3/bbl from Oct. 4 as the market prices in an increasing risk premium amid Middle East conflict and potential disruption to Iran oil output.  The supply risk has more than offset the impact of returning Libya barrels to the market.

  • Libya’s oil production is back above 1mbpd for the first time in 2 months after the recent resolution to the central banker disagreement Bloomberg sources said.
  • Saudi Arabia increased the crude premium to customers in Asia by more than expected by $0.9/bbl for November but cut the OSP for cargoes to Europe and the US.
  • Goldman Sachs estimates that Brent could increase to the $90s if Iranian oil production was disrupted but upside would be dependent on if OPEC offset any lost supply, according to Bloomberg.
  • Hurricane Milton is intensifying as it heads towards Florida but the impact on energy appears to be limited.
  • Norway's government draft budget projects oil liquids production to rise by 5.2% y/y in 2025.
  • Money managers cut net long crude positions slightly last week with a rise in bullish Brent positions offset by a fall in WTI net longs. Funds reduced the bearish ICE Gasoil and Nymex diesel positioning slightly.
  • Delek’s 73,000 bpd Big Spring refinery in Texas had an equipment malfunction at a light distillate hydrotreater on October 4.
    • Brent DEC 24 up 2.4% at 79.89$/bbl
    • WTI NOV 24 up 2.8% at 76.43$/bbl
    • US gasoline crack down 0.8$/bbl at 12.74$/bbl
    • US ULSD crack down 0.3$/bbl at 22.7$/bbl