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OIL: Oil End of Day Summary: Crude Rangebound

OIL
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Crude markets are ending the day rangebound as the market continues to monitor the situation in the Middle East and the outlook for demand in 2025.

  • WTI NOV 24 down 0.1% at 70.53$/bbl
  • US crude oil inventories are expected to have risen by 1.8m bbl and 1.9m bbl in the week to Oct. 11, according to Reuters and WSJ surveys respectively.
  • A resumption of Libyan crude output has led to a surplus in crude supplies in Europe, forcing competing sellers to cut their prices, according to Reuters sources.
  • India’s crude imports from Russia rose 11.7% m/m in September to 1.9mn bpd.
  • ARA crude inventories rose 2.5mn bbls or 4.8% w/w in the week ended October 11 to 54.9mn bbls according to Genscape.
  • Equinor sold one VLCC of Norway’s Johan Sverdrup crude for November loading to Unipec according to Bloomberg sources.
  • Iranian authorities have started efforts to contain an oil leak from subsea pipelines four miles from Kharg island.
  • Angola is set to export 1.12mb/d of crude in December, according to Bloomberg based on a preliminary loading schedule.
  • Crude loadings from Guyana are planned 645k b/d in December, according to Bloomberg.
  • If oil prices remain around $70/bbl to $80/bbl, North American oil drillers are expected to boost daily crude and condensate output by 2m b/d by the end of the decade, Enverus said.
  • Sinopec is advancing development of the Jiyang shale oil pilot project in east China which has 1.73bn mt of prospective reserves, Reuters said.
  • A small oil market deficit of 200k b/d is expected in H1 2025, according to Standard Chartered.
  • MNI COMMODITY WEEKLY: European Refining Facing Mounting Pressure: Full piece here: https://enews.marketnews.com/ct/x/pjJscVXalLkI6a41IRB_Gg~k1zZ8KXr-kA8x6mSCJXxptIPjO1OcQ  
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Crude markets are ending the day rangebound as the market continues to monitor the situation in the Middle East and the outlook for demand in 2025.

  • WTI NOV 24 down 0.1% at 70.53$/bbl
  • US crude oil inventories are expected to have risen by 1.8m bbl and 1.9m bbl in the week to Oct. 11, according to Reuters and WSJ surveys respectively.
  • A resumption of Libyan crude output has led to a surplus in crude supplies in Europe, forcing competing sellers to cut their prices, according to Reuters sources.
  • India’s crude imports from Russia rose 11.7% m/m in September to 1.9mn bpd.
  • ARA crude inventories rose 2.5mn bbls or 4.8% w/w in the week ended October 11 to 54.9mn bbls according to Genscape.
  • Equinor sold one VLCC of Norway’s Johan Sverdrup crude for November loading to Unipec according to Bloomberg sources.
  • Iranian authorities have started efforts to contain an oil leak from subsea pipelines four miles from Kharg island.
  • Angola is set to export 1.12mb/d of crude in December, according to Bloomberg based on a preliminary loading schedule.
  • Crude loadings from Guyana are planned 645k b/d in December, according to Bloomberg.
  • If oil prices remain around $70/bbl to $80/bbl, North American oil drillers are expected to boost daily crude and condensate output by 2m b/d by the end of the decade, Enverus said.
  • Sinopec is advancing development of the Jiyang shale oil pilot project in east China which has 1.73bn mt of prospective reserves, Reuters said.
  • A small oil market deficit of 200k b/d is expected in H1 2025, according to Standard Chartered.
  • MNI COMMODITY WEEKLY: European Refining Facing Mounting Pressure: Full piece here: https://enews.marketnews.com/ct/x/pjJscVXalLkI6a41IRB_Gg~k1zZ8KXr-kA8x6mSCJXxptIPjO1OcQ