August 28, 2024 18:27 GMT
OIL: Oil End of Day Summary: Crude Recovers Some Losses
OIL
Crude recovered some of the earlier losses after a small US crude inventory draw according to the update EIA weekly petroleum data. Crude has jettisoned some of the Libya-related gains, amid high spare capacity from OPEC and upcoming cut unwinding.
- WTI OCT 24 down 1.4% at 74.46$/bbl
- EIA Weekly US Petroleum Summary - w/w change week ending Aug 23
- Crude stocks -846 vs Exp -2,521, Crude production -100, SPR stocks +745, Cushing stocks -668.
- Libyan crude production has fallen at least 400kbd since the eastern government ordered a total shutdown according to Bloomberg sources.
- ARA crude stocks rose 782k bbl or 1.5% in the week ended August 23 to 54mn bbls according to Genscape.
- US and Canadian seaborne oil exports set new records over the last 3 months at 10.9m b/d, Vortexa said.
- The CEO of Ukraine’s Naftogaz said on Tuesday that new solutions are needed for the energy security of Ukraine and Slovakia.
- Barclays sees OPEC+ following through with its gradual phase-out of additional voluntary adjustments.
- Oil prices are at risk of spiking following a “carry trade” that has diverted capital from the market, according to Jeff Currie at Carlyle Group cited by Bloomberg.
- China’s crude imports from Iran are expected to rise from 1.24mb/d in July to a record 1.75mb/d in August, according to Kpler data cited by Bloomberg.
- Kazakhstan is preparing a corrective plan for oil production in 2024.
- Global crude loadings are estimated to fall 186kb/d from July to a new low for 2024 of 37.2mb/d in August, according to FGE.
- MNI COMMODITY WEEKLY: Oil Market Backdrop Erodes Libya Concerns: Read Here
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