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OIL: Oil End of Day: Bearish Themes Resume

OIL
BulletEnergy BulletsCommodities

Oil markets started the day positive with signs of economic support out of China but more bearish themes have taken hold again as crude moves back into negative territory. 

  • Brent NOV 24 down -0.5% at 74.15$/bbl
  • WTI NOV 24 down -0.5% at 70.68$/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.
  • 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 while Chevron removes non-essential staff.
  • Near record speculative short oil positions have been driven by soft fundamentals and concerns of an OPEC+ price war, according to Bank of America.
  • Russia’s crude processing is on track to reach the lowest weekly level since late June with an average of 5.28mb/d during Sept. 12-18, sources told Bloomberg.
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Oil markets started the day positive with signs of economic support out of China but more bearish themes have taken hold again as crude moves back into negative territory. 

  • Brent NOV 24 down -0.5% at 74.15$/bbl
  • WTI NOV 24 down -0.5% at 70.68$/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.
  • 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 while Chevron removes non-essential staff.
  • Near record speculative short oil positions have been driven by soft fundamentals and concerns of an OPEC+ price war, according to Bank of America.
  • Russia’s crude processing is on track to reach the lowest weekly level since late June with an average of 5.28mb/d during Sept. 12-18, sources told Bloomberg.