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OIL: Oil End of Day Summary: Crude Rises

OIL
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WTI is on track for gains today, although has eased back from intraday highs. Support comes from some near-term supply disruptions and risks from Libya, US, Kazakhstan and a recent drop in Russian exports.

  • WTI NOV 24 up 1.6% at 71.48$/bbl
  • Wires carrying comments from IDF spox Rear Admiral Daniel Hagari saying "We must not give Hezbollah a break, attacks will be accelerated today.
  • OPEC said Sep. 24 in its World Oil Outlook that phasing out oil was a ‘fantasy’ as it forecasts that demand will continue growing until at least 2050, Bloomberg reported.
  • Libya’s crude export dropped to around 400,000 bpd in September so far- well below August’s pace of 1.02mn bpd according to port and shipping data seen by Reuters.
  • US crude oil inventories are expected to have fallen by 0.8m bbl in the week to Sep. 20, according to a WSJ survey.
  • Russia’s seaborne crude shipments slipped to the lowest since July last week on a four-week average basis according to Bloomberg vessel tracking.
  • Russia's ESPO Blend oil prices have risen to a premium over Brent for the first time since November 2023.
  • US shale producers are no longer in a position to aggressively ramp up output to reduce energy prices, according to Wil VanLoh, CEO at Quantum.
  • Total America’s crude imports (north, central and south) have been trending more sour in recent months according to Vortexa.
  • Crude oil time spreads look undervalued as balances tighten so prices still have some room to gain, according to Goldman Sachs cited by Bloomberg.
  • Sonangol offered four crude cargoes to spot buyers, Bloomberg said.
  • Loadings of four key Nigerian grades will reach a combined 0.9m b/d in November, Reuters said.
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WTI is on track for gains today, although has eased back from intraday highs. Support comes from some near-term supply disruptions and risks from Libya, US, Kazakhstan and a recent drop in Russian exports.

  • WTI NOV 24 up 1.6% at 71.48$/bbl
  • Wires carrying comments from IDF spox Rear Admiral Daniel Hagari saying "We must not give Hezbollah a break, attacks will be accelerated today.
  • OPEC said Sep. 24 in its World Oil Outlook that phasing out oil was a ‘fantasy’ as it forecasts that demand will continue growing until at least 2050, Bloomberg reported.
  • Libya’s crude export dropped to around 400,000 bpd in September so far- well below August’s pace of 1.02mn bpd according to port and shipping data seen by Reuters.
  • US crude oil inventories are expected to have fallen by 0.8m bbl in the week to Sep. 20, according to a WSJ survey.
  • Russia’s seaborne crude shipments slipped to the lowest since July last week on a four-week average basis according to Bloomberg vessel tracking.
  • Russia's ESPO Blend oil prices have risen to a premium over Brent for the first time since November 2023.
  • US shale producers are no longer in a position to aggressively ramp up output to reduce energy prices, according to Wil VanLoh, CEO at Quantum.
  • Total America’s crude imports (north, central and south) have been trending more sour in recent months according to Vortexa.
  • Crude oil time spreads look undervalued as balances tighten so prices still have some room to gain, according to Goldman Sachs cited by Bloomberg.
  • Sonangol offered four crude cargoes to spot buyers, Bloomberg said.
  • Loadings of four key Nigerian grades will reach a combined 0.9m b/d in November, Reuters said.