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OIL: Oil End of Day Europe: Middle East Supportive

OIL
BulletEnergy BulletsCommodities

Crude heads back into positive territory as markets assess the impact of Middle East escalations and China stimulus.

  • Brent DEC 24 up 1.1% at 72.34$/bbl
  • WTI NOV 24 up 1.1% at 68.92$/bbl
  • Oil started the day higher on Middle East escalations over the weekend before losing much of the gains with volumes out of Iran yet to be impacted.
  • The increased possibility of an Israeli ground offensive has again bolstered oil markets later on Monday, drawing greater chances of direct Iranian retaliation.
  • The geopolitical risk premium remains limited which is keeping pressure on oil prices according to Golman Sachs in its client note on Sunday.
  • Libya’s oil sector is expected to receive orders to resume output in the coming hours and should start doing so by tomorrow Bloomberg sources said on Monday.
  • Oil had a muted response to Beijing's announcement last week of fiscal stimulus measures. It is unclear how they will impact commodity demand.
  • Money managers raised net long crude positions again last week to rebound further from the record low in mid-September. Brent positioning switch back to a net long. The combined net long positions for Brent and WTI for the week to Sept. 24 rose by 61k to 151k according to the Commitments of Traders data released on Friday.
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Crude heads back into positive territory as markets assess the impact of Middle East escalations and China stimulus.

  • Brent DEC 24 up 1.1% at 72.34$/bbl
  • WTI NOV 24 up 1.1% at 68.92$/bbl
  • Oil started the day higher on Middle East escalations over the weekend before losing much of the gains with volumes out of Iran yet to be impacted.
  • The increased possibility of an Israeli ground offensive has again bolstered oil markets later on Monday, drawing greater chances of direct Iranian retaliation.
  • The geopolitical risk premium remains limited which is keeping pressure on oil prices according to Golman Sachs in its client note on Sunday.
  • Libya’s oil sector is expected to receive orders to resume output in the coming hours and should start doing so by tomorrow Bloomberg sources said on Monday.
  • Oil had a muted response to Beijing's announcement last week of fiscal stimulus measures. It is unclear how they will impact commodity demand.
  • Money managers raised net long crude positions again last week to rebound further from the record low in mid-September. Brent positioning switch back to a net long. The combined net long positions for Brent and WTI for the week to Sept. 24 rose by 61k to 151k according to the Commitments of Traders data released on Friday.