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OIL: Oil End of Day: Israel Strike on Hezbollah Supports Oil

OIL
BulletEnergy BulletsCommodities

Oil markets largely traded sideways on Friday but found some support late in the session as Israel hit Hezbollah’s main HQ targeting Hezbollah leader Hassan Nasrallah. The move risks pulling Iran further into the conflict with Israel. There are no confirmed reports on Hezbollah’s official channels yet. 

  • Brent NOV 24 up 0.7% at 72.08$/bbl
  • WTI NOV 24 up 0.9% at 68.29$/bbl
  • Oil has faced pressure this week over OPEC+ sources led stories suggesting the group will bring barrels back, most notably the FT piece on Thursday about Saudi eager on protecting market share.
  • Argus and CNBC sources articles suggesting OPEC+ is staying its path have failed to assuage concerns in a heavily shorted market.
  • Gulf of Mexico production is returning following Hurricane Helene passing through.
  • Baker Hughes oil and gas rig count, an early indicator of future output, fell by 1 to 587 in the week to Sept. 27, the lowest since early September.
  • Crude is on track for a quarterly decline amid OPEC+’s plans to ease voluntary supply curbs, as well as top importer China’s tough economic outlook.
  • China’s stimulus measures have been largely overlooked.
  • Options markets are now pricing in a lower risk of oil futures spiking, with the premium of bearish puts over bullish calls growing in recent days.
  • More barrels can be expected to enter the global market, after rival factions staking claims for control of the Central Bank of Libya signed an agreement to end their dispute on Thursday. 
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Oil markets largely traded sideways on Friday but found some support late in the session as Israel hit Hezbollah’s main HQ targeting Hezbollah leader Hassan Nasrallah. The move risks pulling Iran further into the conflict with Israel. There are no confirmed reports on Hezbollah’s official channels yet. 

  • Brent NOV 24 up 0.7% at 72.08$/bbl
  • WTI NOV 24 up 0.9% at 68.29$/bbl
  • Oil has faced pressure this week over OPEC+ sources led stories suggesting the group will bring barrels back, most notably the FT piece on Thursday about Saudi eager on protecting market share.
  • Argus and CNBC sources articles suggesting OPEC+ is staying its path have failed to assuage concerns in a heavily shorted market.
  • Gulf of Mexico production is returning following Hurricane Helene passing through.
  • Baker Hughes oil and gas rig count, an early indicator of future output, fell by 1 to 587 in the week to Sept. 27, the lowest since early September.
  • Crude is on track for a quarterly decline amid OPEC+’s plans to ease voluntary supply curbs, as well as top importer China’s tough economic outlook.
  • China’s stimulus measures have been largely overlooked.
  • Options markets are now pricing in a lower risk of oil futures spiking, with the premium of bearish puts over bullish calls growing in recent days.
  • More barrels can be expected to enter the global market, after rival factions staking claims for control of the Central Bank of Libya signed an agreement to end their dispute on Thursday.