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OIL: Oil End of Day Summary: Crude Rebounds

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WTI has rebounded today and is closing with strong gains after yesterday’s plunge to the lowest since 2021.

  • WTI OCT 24 up 2.4% at 67.35$/bbl
  • US DATA: CPI Unrounded - Aug'24. Unrounded % M/M (SA): Headline 0.187%; Core: 0.281% (0.165% prior mth)
  • EIA Weekly US Petroleum Summary - w/w change to Sep 06: Crude stocks +833 vs Exp +711, Crude production 0,
  • Hurricane Francine is approaching Louisiana and may impact eight refining facilities along the coast. Energy companies have shut-in about 24% of the Gulf’s production at 412kbpd and evacuated staff from 130 production platforms.
  • Libyan oil exports fell around 81% last week, Kpler date showed.
  • Trafigura said it could switch more of its crude oil tankers to carry clean products if sluggish market conditions persist according to a Bloomberg interview.
  • ARA crude stocks fell 1.2m bbl in the week to Sep.6 to 53.1m bbl: Genscape.
  • Russia’s Urals crude has dropped back below the G7 price cap, following a recent slump in global crude prices, Bloomberg said.
  • The short voyage and competitive prices of heavy sour West Canadian crude via TMX offers an economic option for Asia, PetroChina said.
  • The deal by Hungary’s MOL to transport Russian crude through the Druzhba pipeline via Belarus and Ukraine is following EU rules MOL's executive chairman said.
  • Johan Sverdrup oil output is expected to start declining in early 2025 according to Equinor - in line with prior communications by the company.
  • ADNOC’s exports of Upper Zakum crude have trended downwards over the last eight months, complicating plans for a linked futures contract.
  • MNI COMMODITY WEEKLY: https://enews.marketnews.com/ct/x/pjJscVKBlboI6a5vIBl0Hg~k1zZ8KXr-kA8x6mVU5TyptIPjO1OcQ
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WTI has rebounded today and is closing with strong gains after yesterday’s plunge to the lowest since 2021.

  • WTI OCT 24 up 2.4% at 67.35$/bbl
  • US DATA: CPI Unrounded - Aug'24. Unrounded % M/M (SA): Headline 0.187%; Core: 0.281% (0.165% prior mth)
  • EIA Weekly US Petroleum Summary - w/w change to Sep 06: Crude stocks +833 vs Exp +711, Crude production 0,
  • Hurricane Francine is approaching Louisiana and may impact eight refining facilities along the coast. Energy companies have shut-in about 24% of the Gulf’s production at 412kbpd and evacuated staff from 130 production platforms.
  • Libyan oil exports fell around 81% last week, Kpler date showed.
  • Trafigura said it could switch more of its crude oil tankers to carry clean products if sluggish market conditions persist according to a Bloomberg interview.
  • ARA crude stocks fell 1.2m bbl in the week to Sep.6 to 53.1m bbl: Genscape.
  • Russia’s Urals crude has dropped back below the G7 price cap, following a recent slump in global crude prices, Bloomberg said.
  • The short voyage and competitive prices of heavy sour West Canadian crude via TMX offers an economic option for Asia, PetroChina said.
  • The deal by Hungary’s MOL to transport Russian crude through the Druzhba pipeline via Belarus and Ukraine is following EU rules MOL's executive chairman said.
  • Johan Sverdrup oil output is expected to start declining in early 2025 according to Equinor - in line with prior communications by the company.
  • ADNOC’s exports of Upper Zakum crude have trended downwards over the last eight months, complicating plans for a linked futures contract.
  • MNI COMMODITY WEEKLY: https://enews.marketnews.com/ct/x/pjJscVKBlboI6a5vIBl0Hg~k1zZ8KXr-kA8x6mVU5TyptIPjO1OcQ