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OIL: Oil Summary at European Close: Crude Heads for Weekly Gain

OIL
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Crude is headed for a net weekly gain, recovering from a Brent low of $68.68/bbl, as the bearish trend in place since Aug 26 has stalled.  Prices have been supported by output disruptions in the U.S. Gulf of Mexico as Hurricane Francine passes and with risk on sentiment ahead of expected Fed rate cuts.

  • Brent NOV 24 up 0.7% at 72.47$/bbl
  • WTI OCT 24 up 0.7% at 69.46$/bbl
  • The IEA forecasts this year's global demand to grow by 903kbpd from 970kbpd in its prior report – the second downward revision in 2 months. Rapidly slowing Chinese consumption is the key driver of lower global oil demand growth.
  • Libya’s crude exports continued to slump as UN-led talks failed to break an impasse over control of the country’s central bank, Bloomberg said.
  • Saudi Arabia is on course to produce less than 9m b/d of crude oil in 2024 after agreeing to postpone its voluntary cut unwinding until the end of November.
  • Combined crude oil and condensates output from Nigeria edged up to 1.57mb/d in August compared to 1.53mb/d in July, according to data from the upstream petroleum regulatory commission.
  • Sharp declines in North Sea and WAF crude premiums signal pressure ahead for the physical crude market, according to Sparta Commodities.
  • Russian Urals crude loadings from its Baltic Ports are set to rise to 6.6m mt, or 1.61m b/d, according to Bloomberg.
  • The CPC, which exports Kazakhstan’s oil via the Black Sea, increased oil exports by 2.6% in Jan-Aug compared to the same period in 2023 to 43.8m mt, the consortium said Sep. 13
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Crude is headed for a net weekly gain, recovering from a Brent low of $68.68/bbl, as the bearish trend in place since Aug 26 has stalled.  Prices have been supported by output disruptions in the U.S. Gulf of Mexico as Hurricane Francine passes and with risk on sentiment ahead of expected Fed rate cuts.

  • Brent NOV 24 up 0.7% at 72.47$/bbl
  • WTI OCT 24 up 0.7% at 69.46$/bbl
  • The IEA forecasts this year's global demand to grow by 903kbpd from 970kbpd in its prior report – the second downward revision in 2 months. Rapidly slowing Chinese consumption is the key driver of lower global oil demand growth.
  • Libya’s crude exports continued to slump as UN-led talks failed to break an impasse over control of the country’s central bank, Bloomberg said.
  • Saudi Arabia is on course to produce less than 9m b/d of crude oil in 2024 after agreeing to postpone its voluntary cut unwinding until the end of November.
  • Combined crude oil and condensates output from Nigeria edged up to 1.57mb/d in August compared to 1.53mb/d in July, according to data from the upstream petroleum regulatory commission.
  • Sharp declines in North Sea and WAF crude premiums signal pressure ahead for the physical crude market, according to Sparta Commodities.
  • Russian Urals crude loadings from its Baltic Ports are set to rise to 6.6m mt, or 1.61m b/d, according to Bloomberg.
  • The CPC, which exports Kazakhstan’s oil via the Black Sea, increased oil exports by 2.6% in Jan-Aug compared to the same period in 2023 to 43.8m mt, the consortium said Sep. 13