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OIL: Oil Holding Steady After Geopolitical Risk Premium Pull Back

OIL
Bullet

Oil steadies on Friday having fallen away from geopolitical risk premium driven support that held up benchmarks during the middle of the week. They remain on track for a narrow gain this week.

  • Brent DEC 24 up 0.4% at 74.67$/bbl
  • WTI DEC 24 up 0.4% at 70.46$/bbl
  • Gasoil NOV 24 down -0.3% at 664.5$/mt
  • WTI-Brent up 0.04$/bbl at -4.21$/bbl
  • Oil markets still await Israel’s response to the Iranian rocket attack on October 1. Numerous news reports since have suggested oil infrastructure is not being targeted but the marker remains on edge until there is more clarity.
  • U.S. and Israeli officials have been in talks to restart hostage release talks and ceasefire negotiations.
  • Brent DEC 24-JAN 25 up 0.03$/bbl at 0.38$/bbl
  • Brent JAN 25-FEB 25 up 0.01$/bbl at 0.38$/bbl
  • China stimulus measures have provided little upward support for oil with little sign of its impact for oil demand.
  • Markets also remain focused on potential OPEC+ barrels returning to the market at the end of the year against a weak global demand backdrop.  
  • Brent’s prompt spread remains in backwardation, with near-term prices above those further out.
  • US gasoline crack down 0$/bbl at 13.49$/bbl
  • US ULSD crack down -0.2$/bbl at 22.8$/bbl
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Oil steadies on Friday having fallen away from geopolitical risk premium driven support that held up benchmarks during the middle of the week. They remain on track for a narrow gain this week.

  • Brent DEC 24 up 0.4% at 74.67$/bbl
  • WTI DEC 24 up 0.4% at 70.46$/bbl
  • Gasoil NOV 24 down -0.3% at 664.5$/mt
  • WTI-Brent up 0.04$/bbl at -4.21$/bbl
  • Oil markets still await Israel’s response to the Iranian rocket attack on October 1. Numerous news reports since have suggested oil infrastructure is not being targeted but the marker remains on edge until there is more clarity.
  • U.S. and Israeli officials have been in talks to restart hostage release talks and ceasefire negotiations.
  • Brent DEC 24-JAN 25 up 0.03$/bbl at 0.38$/bbl
  • Brent JAN 25-FEB 25 up 0.01$/bbl at 0.38$/bbl
  • China stimulus measures have provided little upward support for oil with little sign of its impact for oil demand.
  • Markets also remain focused on potential OPEC+ barrels returning to the market at the end of the year against a weak global demand backdrop.  
  • Brent’s prompt spread remains in backwardation, with near-term prices above those further out.
  • US gasoline crack down 0$/bbl at 13.49$/bbl
  • US ULSD crack down -0.2$/bbl at 22.8$/bbl