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OIL: Oil End of Day Summary: Crude Climbs

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WTI has found support today, as the lack of clarity around Israel’s anticipated retaliatory strike on Iran keeps the market on edge. There is an ongoing lull in Israeli media regarding the retaliation, clouding the view to the potential impacts.

  • WTI NOV 24 up 3.6% at 75.89$/bbl
  • Libya’s National Oil Corp. says daily crude oil and condensate production has been restored to 1.217mb/d on Oct. 10 up from 1.158mb/d the previous day, according to Reuters.
  • Israel's retaliation against Iran is still awaited as the US continues to discourage Israel from targeting oil facilities. Israeli Prime Minister Benjamin Netanyahu and US President Joe Biden spoke on a call yesterday to discuss Israel’s response.
  • Breakeven estimates for US shale, OPEC’s archrival, remain very competitive against longer term oil prices of $66/b, BNEF said.
  • Saudi Aramco will supply 42-43mbbl of crude oil to China in November, according to Bloomberg sources.
  • Iraq’s SOMO raised the OSP for Basrah Medium to Asia for November to a $0.4/bbl premium to the Oman-Dubai average compared to a discount of $0.5/bbl for October according to Bloomberg.
  • Temperatures moderating in Saudi Arabia and Iraq will open up around 600,000-700,000 bpd of crude for export in the short term according to OPIS energy head Tom Kloza.
  • A ship in the Red Sea near Eritrea was damaged after being hit by an unknown projectile, the UKMTO reported.
  • Better China related asset sentiment has likely helped oil at the margins today. Today the PBoC opened applications for a swap facility that is aimed at supporting local equity markets. This comes ahead of Saturday's fiscal briefing from the MoF.
  • Mexico’s Pemex restarted oil platforms in the Gulf of Mexico and crude-exporting terminals as weather conditions improved following the passage of Hurricane Milton, Bloomberg said.
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WTI has found support today, as the lack of clarity around Israel’s anticipated retaliatory strike on Iran keeps the market on edge. There is an ongoing lull in Israeli media regarding the retaliation, clouding the view to the potential impacts.

  • WTI NOV 24 up 3.6% at 75.89$/bbl
  • Libya’s National Oil Corp. says daily crude oil and condensate production has been restored to 1.217mb/d on Oct. 10 up from 1.158mb/d the previous day, according to Reuters.
  • Israel's retaliation against Iran is still awaited as the US continues to discourage Israel from targeting oil facilities. Israeli Prime Minister Benjamin Netanyahu and US President Joe Biden spoke on a call yesterday to discuss Israel’s response.
  • Breakeven estimates for US shale, OPEC’s archrival, remain very competitive against longer term oil prices of $66/b, BNEF said.
  • Saudi Aramco will supply 42-43mbbl of crude oil to China in November, according to Bloomberg sources.
  • Iraq’s SOMO raised the OSP for Basrah Medium to Asia for November to a $0.4/bbl premium to the Oman-Dubai average compared to a discount of $0.5/bbl for October according to Bloomberg.
  • Temperatures moderating in Saudi Arabia and Iraq will open up around 600,000-700,000 bpd of crude for export in the short term according to OPIS energy head Tom Kloza.
  • A ship in the Red Sea near Eritrea was damaged after being hit by an unknown projectile, the UKMTO reported.
  • Better China related asset sentiment has likely helped oil at the margins today. Today the PBoC opened applications for a swap facility that is aimed at supporting local equity markets. This comes ahead of Saturday's fiscal briefing from the MoF.
  • Mexico’s Pemex restarted oil platforms in the Gulf of Mexico and crude-exporting terminals as weather conditions improved following the passage of Hurricane Milton, Bloomberg said.