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OIL: Oil Summary at European Close: Crude Eases Back

OIL
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Crude markets have reversed some of the earlier decline after a larger than expected draw in US crude stocks according to the update EIA weekly petroleum data.

  • Brent NOV 24 down 0.8% at 74.55$/bbl
  • WTI NOV 24 down 1.1% at 70.78$/bbl
  • EIA Weekly US Petroleum Summary - w/w change week ending Sep 20: Crude stocks -4,471 vs Exp -938: Crude production 0: SPR stocks +1,287: Cushing stocks +116
  • ARA crude inventories rose 1.4mn bbl w/w in the week ended September 20 to 55.7mn bbls according to Genscape.
  • Shell said late on Tuesday it has started to restore production at the Appomattox platform in the Gulf of Mexico to normal levels.
  • Libya’s 120k b/d Zawiya refinery is totally offline due to an electricity failure, sources told Platts Sep. 24.
  • Kazakhstan has received a request from Germany to more than double oil supplies to 2.5 million tonnes according to the Kazakh Energy Minister Almasadam Satkaliyev.
  • Kazakhstan's energy ministry said on Wednesday that the country's giant Kashagan oilfield will halt production for 38 days to conduct maintenance likely beginning on Oct. 3.
  • The worst is now behind us for the Chinese economy according to Energy Aspects director Amrita Sen.
  • Citi bank analysts expect a counter-seasonal oil market deficit of around 0.4-m b/d in Q4 2024 which should support Brent prices in a $70-75/bbl range.
  • Modest supply growth is “keeping the oil market in deficit,” despite market focus on slowing economic activity, UBS said.
  • Global benchmark oil prices are likely to remain turbulent, according to ENI’s CEO.
  • A looming oversupplied market amid poor Chinese and US demand data will lead to an average Brent crude price of $70/bbl in 2025, according to Rabobank.
  • MNI COMMODITY WEEKLY: China Growth Reality Pressuring Any Oil Recovery: Full piece here: https://enews.marketnews.com/ct/x/pjJscVWIlr4I6a5uJx5wTw~k1zZ8KXr-kA8x6mSWpf2ptIPjO1OcQ  
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Crude markets have reversed some of the earlier decline after a larger than expected draw in US crude stocks according to the update EIA weekly petroleum data.

  • Brent NOV 24 down 0.8% at 74.55$/bbl
  • WTI NOV 24 down 1.1% at 70.78$/bbl
  • EIA Weekly US Petroleum Summary - w/w change week ending Sep 20: Crude stocks -4,471 vs Exp -938: Crude production 0: SPR stocks +1,287: Cushing stocks +116
  • ARA crude inventories rose 1.4mn bbl w/w in the week ended September 20 to 55.7mn bbls according to Genscape.
  • Shell said late on Tuesday it has started to restore production at the Appomattox platform in the Gulf of Mexico to normal levels.
  • Libya’s 120k b/d Zawiya refinery is totally offline due to an electricity failure, sources told Platts Sep. 24.
  • Kazakhstan has received a request from Germany to more than double oil supplies to 2.5 million tonnes according to the Kazakh Energy Minister Almasadam Satkaliyev.
  • Kazakhstan's energy ministry said on Wednesday that the country's giant Kashagan oilfield will halt production for 38 days to conduct maintenance likely beginning on Oct. 3.
  • The worst is now behind us for the Chinese economy according to Energy Aspects director Amrita Sen.
  • Citi bank analysts expect a counter-seasonal oil market deficit of around 0.4-m b/d in Q4 2024 which should support Brent prices in a $70-75/bbl range.
  • Modest supply growth is “keeping the oil market in deficit,” despite market focus on slowing economic activity, UBS said.
  • Global benchmark oil prices are likely to remain turbulent, according to ENI’s CEO.
  • A looming oversupplied market amid poor Chinese and US demand data will lead to an average Brent crude price of $70/bbl in 2025, according to Rabobank.
  • MNI COMMODITY WEEKLY: China Growth Reality Pressuring Any Oil Recovery: Full piece here: https://enews.marketnews.com/ct/x/pjJscVWIlr4I6a5uJx5wTw~k1zZ8KXr-kA8x6mSWpf2ptIPjO1OcQ