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OIL: Oil Summary at European Close: Crude Pares Gains on US Stock Build

OIL
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Crude markets initially pulled back towards rangebound following a US crude stock build. However, front month is still trading higher, rebounding from the lowest level since 2021 yesterday.

  • Brent NOV 24 up 0.5% at 69.52$/bbl
  • WTI OCT 24 up 0.8% at 66.25$/bbl
  • US DATA: CPI Unrounded - Aug'24. Unrounded % M/M (SA): Headline 0.187%; Core: 0.281% (0.165% prior mth)
  • EIA Weekly US Petroleum Summary - w/w change week ending Sep 06: Crude stocks +833 vs Exp +711, Crude production 0, SPR stocks +279, Cushing stocks -1,704
  • Hurricane Francine is due to make landfall today in Louisiana and may impact eight refining facilities along the coast. Energy companies have shut-in about 24% of the Gulf’s production at 412kbpd and evacuated staff from 130 production platforms.
  • Libyan oil exports fell around 81% last week, Kpler date showed.
  • Trafigura said it could switch more of its crude oil tankers to carry clean products if sluggish market conditions persist
  • ARA crude stocks fell 1.2mn bbls in the week ended Sep.6 to 53.1mn bbls according to Genscape.
  • Russia’s Urals crude has dropped back below the G7 price cap, Bloomberg said.
  • The short voyage and competitive prices of heavy sour West Canadia crudes moving via the TMX pipeline offers an economic feedstock option for Asian buyers, PetroChina told Platts.
  • The deal by MOL to transport Russian crude through the Druzhba pipeline is following EU rules MOL's executive chairman said.
  • Johan Sverdrup oil output is expected to start declining in early 2025 according to Equinor - in line with prior communications by the company.
  • COMMODITY WEEKLY: Oversupply Fears and Weak China Backdrop Pressing Oil: Here
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Crude markets initially pulled back towards rangebound following a US crude stock build. However, front month is still trading higher, rebounding from the lowest level since 2021 yesterday.

  • Brent NOV 24 up 0.5% at 69.52$/bbl
  • WTI OCT 24 up 0.8% at 66.25$/bbl
  • US DATA: CPI Unrounded - Aug'24. Unrounded % M/M (SA): Headline 0.187%; Core: 0.281% (0.165% prior mth)
  • EIA Weekly US Petroleum Summary - w/w change week ending Sep 06: Crude stocks +833 vs Exp +711, Crude production 0, SPR stocks +279, Cushing stocks -1,704
  • Hurricane Francine is due to make landfall today in Louisiana and may impact eight refining facilities along the coast. Energy companies have shut-in about 24% of the Gulf’s production at 412kbpd and evacuated staff from 130 production platforms.
  • Libyan oil exports fell around 81% last week, Kpler date showed.
  • Trafigura said it could switch more of its crude oil tankers to carry clean products if sluggish market conditions persist
  • ARA crude stocks fell 1.2mn bbls in the week ended Sep.6 to 53.1mn bbls according to Genscape.
  • Russia’s Urals crude has dropped back below the G7 price cap, Bloomberg said.
  • The short voyage and competitive prices of heavy sour West Canadia crudes moving via the TMX pipeline offers an economic feedstock option for Asian buyers, PetroChina told Platts.
  • The deal by MOL to transport Russian crude through the Druzhba pipeline is following EU rules MOL's executive chairman said.
  • Johan Sverdrup oil output is expected to start declining in early 2025 according to Equinor - in line with prior communications by the company.
  • COMMODITY WEEKLY: Oversupply Fears and Weak China Backdrop Pressing Oil: Here