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OIL: Oil End of Day: Crude Retreats as Bearish Themes Remain

OIL
BulletEnergy BulletsCommodities

Oil retreats on Monday as earlier China stimulus optimism and Middle East escalations failed to hold up prices. As the reversal began, the break through Thur/Fri lows accelerated the sell-off before staging a slight recovery.

  • Brent NOV 24 down -0.8% at 73.86$/bbl
  • WTI NOV 24 down -0.9% at 70.39$/bbl
  • Iran’s seeming willingness to de-escalate tensions in the Middle East added some risk off sentiment despite greater attacks between Lebanon and Israel.
  • Oil prices faced a strong bearish trend through Aug/Sep over China demand fears and the expectation of OPEC+ to bring barrels back to the market towards the end of the year.
  • 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.
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Oil retreats on Monday as earlier China stimulus optimism and Middle East escalations failed to hold up prices. As the reversal began, the break through Thur/Fri lows accelerated the sell-off before staging a slight recovery.

  • Brent NOV 24 down -0.8% at 73.86$/bbl
  • WTI NOV 24 down -0.9% at 70.39$/bbl
  • Iran’s seeming willingness to de-escalate tensions in the Middle East added some risk off sentiment despite greater attacks between Lebanon and Israel.
  • Oil prices faced a strong bearish trend through Aug/Sep over China demand fears and the expectation of OPEC+ to bring barrels back to the market towards the end of the year.
  • 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.