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OIL: Oil Summary at European Close: Crude Continues Pullback

OIL
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Crude markets have cut some earlier loses after a larger than expected US crude inventory build according to the update EIA weekly petroleum data. However, a roll back in the political risk premium and comments that there are no changes to the OPEC+ deal under discussion.

  • Brent DEC 24 down 0.8% at 76.56$/bbl
  • WTI NOV 24 down 0.6% at 73.11$/bbl
  • EIA Weekly US Petroleum Summary - w/w change week ending Oct 04: Crude stocks +5,810 vs Exp +1,305, Crude production +100
  • Russian Deputy PM Novak said no changes to the OPEC+ deal is currently being discussed, Reuters said. It is too early to assess if the global oil market can digest additional OPEC+ barrels currently planned in December, he added.
  • There is no physical impact on oil yet as Iran exports continue with two VLCC and one Aframax loading at Kharj Island according to Bloomberg
  • ARA crude stocks fell 1.6mn bbls in the week ended October 4 to 52.4mn bbls according to Genscape.
  • The geopolitical risk premium in the oil market has decreased slightly this week following recent sharp increases last week, Goldman Sachs said.
  • Morgan Stanley has raised its Brent Q4 price forecast from $75/bbl to $80/bbl, according to Bloomberg.
  • Exane BNP Paribas anticipates a new phase for oil markets with a "substantial" excess OPEC+ capacity hanging over the oil & gas sector, according to Reuters.
  • Kazakhstan's is likely to be compliant with its OPEC+ oil target in October aided by the maintenance at the Kashagan field which started on Oct. 7 but could become problematic again on its return, Reuters said.
  • MNI COMMODITY WEEKLY: China Weakness Remains the Demand Driver for Oil: Full piece here:https://enews.marketnews.com/ct/x/pjJscVWPwu8I6a42KhtzTA~k1zZ8KXr-kA8x6mSXcOnptIPjO1OcQ
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Crude markets have cut some earlier loses after a larger than expected US crude inventory build according to the update EIA weekly petroleum data. However, a roll back in the political risk premium and comments that there are no changes to the OPEC+ deal under discussion.

  • Brent DEC 24 down 0.8% at 76.56$/bbl
  • WTI NOV 24 down 0.6% at 73.11$/bbl
  • EIA Weekly US Petroleum Summary - w/w change week ending Oct 04: Crude stocks +5,810 vs Exp +1,305, Crude production +100
  • Russian Deputy PM Novak said no changes to the OPEC+ deal is currently being discussed, Reuters said. It is too early to assess if the global oil market can digest additional OPEC+ barrels currently planned in December, he added.
  • There is no physical impact on oil yet as Iran exports continue with two VLCC and one Aframax loading at Kharj Island according to Bloomberg
  • ARA crude stocks fell 1.6mn bbls in the week ended October 4 to 52.4mn bbls according to Genscape.
  • The geopolitical risk premium in the oil market has decreased slightly this week following recent sharp increases last week, Goldman Sachs said.
  • Morgan Stanley has raised its Brent Q4 price forecast from $75/bbl to $80/bbl, according to Bloomberg.
  • Exane BNP Paribas anticipates a new phase for oil markets with a "substantial" excess OPEC+ capacity hanging over the oil & gas sector, according to Reuters.
  • Kazakhstan's is likely to be compliant with its OPEC+ oil target in October aided by the maintenance at the Kashagan field which started on Oct. 7 but could become problematic again on its return, Reuters said.
  • MNI COMMODITY WEEKLY: China Weakness Remains the Demand Driver for Oil: Full piece here:https://enews.marketnews.com/ct/x/pjJscVWPwu8I6a42KhtzTA~k1zZ8KXr-kA8x6mSXcOnptIPjO1OcQ