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OIL: Oil End of Day Summary: Crude Lowest Since Dec. 2021

OIL
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WTI is headed for its lowest close since Dec. 2021 as the market’s bearish feel grows. A slight downward revision of demand growth from OPEC, coupled with continued weakness from the USA and China maintain price pressure.

  • WTI OCT 24 down 4.2% at 65.82$/bbl
  • OPEC lowered its demand growth to 2.0m b/d for 2024, down 80k b/d compared to last month’s assessment, according to their August MOMR.
  • The EIA has raised its forecast for global oil demand in 2024 to 103.08m b/d, according to its September STEO.
  • Tropical Storm Francine is being monitored with an estimated 125kbd of crude output in its path, according to Bloomberg calculations from US data.
  • Francine could impact 9 major oil and gas platforms and 12 Gulf coast refineries. It is expected to make landfall on Wednesday in Louisiana as a category 2 hurricane.
  • Enbridge has evacuated employees from several offshore U.S. Gulf of Mexico platforms ahead of the arrival of Tropical Storm Francine, according to Reuters.
  • Libyan crude exports have resumed loadings from most of the country’s Eastern ports and some oil fields have received orders to resume production, sources told Platts.
  • EIA crude stock forecasts: +0.7m bbl (WSJ), +1.0m bbl (Reuters)
  • Four-week average Russian crude volumes slipped to 3.13m b/d in the week, down by 30k b/d, Bloomberg said.
  • Russia’s Urals oil prices fell below the G7 price cap of $60/b Sep. 10, Reuters said.
  • China August crude import volumes were down 7% y/y but up 16% on-the-month to 49.1m mt.
  • The US clean energy transition is expected to continue, regardless the election result, ING said.
  • Geopolitical issues no longer sharply influence oil prices and trade flows in Asia, APPEC speakers said.
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WTI is headed for its lowest close since Dec. 2021 as the market’s bearish feel grows. A slight downward revision of demand growth from OPEC, coupled with continued weakness from the USA and China maintain price pressure.

  • WTI OCT 24 down 4.2% at 65.82$/bbl
  • OPEC lowered its demand growth to 2.0m b/d for 2024, down 80k b/d compared to last month’s assessment, according to their August MOMR.
  • The EIA has raised its forecast for global oil demand in 2024 to 103.08m b/d, according to its September STEO.
  • Tropical Storm Francine is being monitored with an estimated 125kbd of crude output in its path, according to Bloomberg calculations from US data.
  • Francine could impact 9 major oil and gas platforms and 12 Gulf coast refineries. It is expected to make landfall on Wednesday in Louisiana as a category 2 hurricane.
  • Enbridge has evacuated employees from several offshore U.S. Gulf of Mexico platforms ahead of the arrival of Tropical Storm Francine, according to Reuters.
  • Libyan crude exports have resumed loadings from most of the country’s Eastern ports and some oil fields have received orders to resume production, sources told Platts.
  • EIA crude stock forecasts: +0.7m bbl (WSJ), +1.0m bbl (Reuters)
  • Four-week average Russian crude volumes slipped to 3.13m b/d in the week, down by 30k b/d, Bloomberg said.
  • Russia’s Urals oil prices fell below the G7 price cap of $60/b Sep. 10, Reuters said.
  • China August crude import volumes were down 7% y/y but up 16% on-the-month to 49.1m mt.
  • The US clean energy transition is expected to continue, regardless the election result, ING said.
  • Geopolitical issues no longer sharply influence oil prices and trade flows in Asia, APPEC speakers said.