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OIL: Oil Summary at European Close: Crude Builds on Earlier Gains

OIL
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Oil markets find further strength hitting another intraday high as volatility remains on Middle East escalations. The current move does not appear to be headline related, instead extending earlier bullish momentum.

  • Brent DEC 24 up 1.9% at 78.07$/bbl
  • WTI NOV 24 up 1.8% at 74.59$/bbl
  • Libya’s National Oil Corp. says daily crude oil and condensate production has been restored to 1.217mb/d on Oct. 10 up from 1.158mb/d the previous day, according to Reuters.
  • Israel's retaliation against Iran is still awaited as the US continues to discourage Israel from targeting oil facilities. Israeli Prime Minister Benjamin Netanyahu and US President Joe Biden spoke on a call yesterday to discuss Israel’s response.
  • Saudi Aramco will supply 42-43mbbl of crude oil to China in November, according to Bloomberg sources.
  • Iraq’s SOMO raised the OSP for Basrah Medium to Asia for November to a $0.4/bbl premium to the Oman-Dubai average compared to a discount of $0.5/bbl for October according to Bloomberg.
  • Temperatures moderating in Saudi Arabia and Iraq will open up around 600,000-700,000 bpd of crude for export in the short term according to OPIS energy head Tom Kloza.
  • A ship in the Red Sea near Eritrea was damaged after being hit by an unknown projectile, the UKMTO reported.
  • Better China related asset sentiment has likely helped oil at the margins today. Today the PBoC opened applications for a swap facility that is aimed at supporting local equity markets. This comes ahead of Saturday's fiscal briefing from the MoF.
  • Mexico’s Pemex restarted oil platforms in the Gulf of Mexico and crude-exporting terminals as weather conditions improved following the passage of Hurricane Milton, Bloomberg said.
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Oil markets find further strength hitting another intraday high as volatility remains on Middle East escalations. The current move does not appear to be headline related, instead extending earlier bullish momentum.

  • Brent DEC 24 up 1.9% at 78.07$/bbl
  • WTI NOV 24 up 1.8% at 74.59$/bbl
  • Libya’s National Oil Corp. says daily crude oil and condensate production has been restored to 1.217mb/d on Oct. 10 up from 1.158mb/d the previous day, according to Reuters.
  • Israel's retaliation against Iran is still awaited as the US continues to discourage Israel from targeting oil facilities. Israeli Prime Minister Benjamin Netanyahu and US President Joe Biden spoke on a call yesterday to discuss Israel’s response.
  • Saudi Aramco will supply 42-43mbbl of crude oil to China in November, according to Bloomberg sources.
  • Iraq’s SOMO raised the OSP for Basrah Medium to Asia for November to a $0.4/bbl premium to the Oman-Dubai average compared to a discount of $0.5/bbl for October according to Bloomberg.
  • Temperatures moderating in Saudi Arabia and Iraq will open up around 600,000-700,000 bpd of crude for export in the short term according to OPIS energy head Tom Kloza.
  • A ship in the Red Sea near Eritrea was damaged after being hit by an unknown projectile, the UKMTO reported.
  • Better China related asset sentiment has likely helped oil at the margins today. Today the PBoC opened applications for a swap facility that is aimed at supporting local equity markets. This comes ahead of Saturday's fiscal briefing from the MoF.
  • Mexico’s Pemex restarted oil platforms in the Gulf of Mexico and crude-exporting terminals as weather conditions improved following the passage of Hurricane Milton, Bloomberg said.