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OIL: Oil Midday: Prices Retreat from Middle East Support

OIL
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Oil prices have slipped back on Monday, failing to hold earlier support from Middle East escalations.

  • Brent NOV 24 down -0.9% at 71.36$/bbl
  • WTI NOV 24 down -0.6% at 67.77$/bbl
  • Both benchmarks had earlier gained by more than $1 after Israel attacks on Hezbollah and Hamas following the assassination of Nasrallah on Friday. Oil markets appear to be swift in looking past the escalations with no direct impact on oil production as the current conflict nears a one year anniversary.
  • Oil prices also remain subdued in response to fiscal stimulus measures by China with its impact for energy consumption unclear at present.
  • Signs of the Libya dispute easing look set to return physical barrels back to the market in the short term.
  • Money managers raised net long crude positions again last week to rebound further from the record low in mid-September. Brent positioning switch back to a net long. The combined net long positions for Brent and WTI for the week to Sept. 24 rose by 61k to 151k according to the Commitments of Traders data released on Friday.
  • Fed policy makers are likely to offer some direction on US interest rates cuts this week for the remainder of the year.
  • Crude held in floating storage stationary for at least seven days rose 1.1% w/w to 60.76mbbl as of Sept. 27 according to Vortexa cited by Bloomberg.
  • Only 59kb/d, or 3%, of crude oil and 17mcf/d, or 1%, of natural gas production in the Gulf of Mexico remained shut in after Hurricane Helene passed through the region last week.
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Oil prices have slipped back on Monday, failing to hold earlier support from Middle East escalations.

  • Brent NOV 24 down -0.9% at 71.36$/bbl
  • WTI NOV 24 down -0.6% at 67.77$/bbl
  • Both benchmarks had earlier gained by more than $1 after Israel attacks on Hezbollah and Hamas following the assassination of Nasrallah on Friday. Oil markets appear to be swift in looking past the escalations with no direct impact on oil production as the current conflict nears a one year anniversary.
  • Oil prices also remain subdued in response to fiscal stimulus measures by China with its impact for energy consumption unclear at present.
  • Signs of the Libya dispute easing look set to return physical barrels back to the market in the short term.
  • Money managers raised net long crude positions again last week to rebound further from the record low in mid-September. Brent positioning switch back to a net long. The combined net long positions for Brent and WTI for the week to Sept. 24 rose by 61k to 151k according to the Commitments of Traders data released on Friday.
  • Fed policy makers are likely to offer some direction on US interest rates cuts this week for the remainder of the year.
  • Crude held in floating storage stationary for at least seven days rose 1.1% w/w to 60.76mbbl as of Sept. 27 according to Vortexa cited by Bloomberg.
  • Only 59kb/d, or 3%, of crude oil and 17mcf/d, or 1%, of natural gas production in the Gulf of Mexico remained shut in after Hurricane Helene passed through the region last week.