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OIL: Oil Summary at European Close: Crude Highest Since Sep. 3

OIL
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Crude is trading up towards its highest since Sep. 3, supported by the US Fed cut yesterday and near-term supply issues.

  • Brent NOV 24 up 1.7% at 74.89$/bbl
  • WTI OCT 24 up 1.7% at 72.09$/bbl
  • An escalation in Middle East tensions is in focus again although any risk premium is limited with no impact on oil flow yet. There have been two attacks on Hezbollah in Lebanon over consecutive days and an escalation of attacks into war with Israel could drive prices higher given Iran supports Hezbollah.
  • Citigroup expects some temporary support to Brent prices in the $70-75/bbl range due to a counter-seasonal oil market deficit of around 0.4mb/d in Q4 2024.
  • Saskatchewan’s attempt to boost its 2019 goal of raising oil production to 600k b/d with a new royalty programme will depend on how it affects drilling plans in the heavy-oil plays near Alberta, Rystad said, cited by Bloomberg.
  • Black Sea CPC Blend oil exports via the Caspian Pipeline Consortium pipeline system are expected to fall 17% on a daily basis in October, according to Reuters sources.
  • QatarEnergy has set its term price for Al-Shaheen crude oil loading in November at its highest level in five months, according to Reuters.
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Crude is trading up towards its highest since Sep. 3, supported by the US Fed cut yesterday and near-term supply issues.

  • Brent NOV 24 up 1.7% at 74.89$/bbl
  • WTI OCT 24 up 1.7% at 72.09$/bbl
  • An escalation in Middle East tensions is in focus again although any risk premium is limited with no impact on oil flow yet. There have been two attacks on Hezbollah in Lebanon over consecutive days and an escalation of attacks into war with Israel could drive prices higher given Iran supports Hezbollah.
  • Citigroup expects some temporary support to Brent prices in the $70-75/bbl range due to a counter-seasonal oil market deficit of around 0.4mb/d in Q4 2024.
  • Saskatchewan’s attempt to boost its 2019 goal of raising oil production to 600k b/d with a new royalty programme will depend on how it affects drilling plans in the heavy-oil plays near Alberta, Rystad said, cited by Bloomberg.
  • Black Sea CPC Blend oil exports via the Caspian Pipeline Consortium pipeline system are expected to fall 17% on a daily basis in October, according to Reuters sources.
  • QatarEnergy has set its term price for Al-Shaheen crude oil loading in November at its highest level in five months, according to Reuters.