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OIL: Oil Summary at European Close: Crude Recovers Some Losses

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Crude markets have recovered some of the earlier losses after a small US crude inventory draw according to the update EIA weekly petroleum data.

  • Brent OCT 24 down 0.4% at 79.2$/bbl
  • WTI OCT 24 down 0.4% at 75.26$/bbl
  • EIA Weekly US Petroleum Summary - w/w change week ending Aug 23
  • Crude stocks -846 vs Exp -2,521, Crude production -100, SPR stocks +745, Cushing stocks -668.
  • Libyan crude production has fallen at least 400kbd since the eastern government ordered a total shutdown according to Bloomberg sources.
  • ARA crude stocks rose 782k bbl or 1.5% in the week ended August 23 to 54mn bbls according to Genscape.
  • US and Canadian seaborne oil exports set new records over the last 3 months at 10.9m b/d, Vortexa said.
  • The CEO of Ukraine’s Naftogaz said on Tuesday that new solutions are needed for the energy security of Ukraine and Slovakia.
  • Barclays sees OPEC+ following through with its gradual phase-out of additional voluntary adjustments.
  • Oil prices are at risk of spiking following a “carry trade” that has diverted capital from the market, according to Jeff Currie at Carlyle Group cited by Bloomberg.
  • China’s crude imports from Iran are expected to rise from 1.24mb/d in July to a record 1.75mb/d in August, according to Kpler data cited by Bloomberg.
  • Kazakhstan is preparing a corrective plan for oil production in 2024, in line with its OPEC+ obligations, Energy Minister Almasadam Satkaliyev told Interfax.
  • Global crude loadings are estimated to fall 186kb/d from July to a new low for 2024 of 37.2mb/d in August, according to FGE.
  • MNI COMMODITY WEEKLY: Oil Market Backdrop Erodes Libya Concerns: Read Here
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Crude markets have recovered some of the earlier losses after a small US crude inventory draw according to the update EIA weekly petroleum data.

  • Brent OCT 24 down 0.4% at 79.2$/bbl
  • WTI OCT 24 down 0.4% at 75.26$/bbl
  • EIA Weekly US Petroleum Summary - w/w change week ending Aug 23
  • Crude stocks -846 vs Exp -2,521, Crude production -100, SPR stocks +745, Cushing stocks -668.
  • Libyan crude production has fallen at least 400kbd since the eastern government ordered a total shutdown according to Bloomberg sources.
  • ARA crude stocks rose 782k bbl or 1.5% in the week ended August 23 to 54mn bbls according to Genscape.
  • US and Canadian seaborne oil exports set new records over the last 3 months at 10.9m b/d, Vortexa said.
  • The CEO of Ukraine’s Naftogaz said on Tuesday that new solutions are needed for the energy security of Ukraine and Slovakia.
  • Barclays sees OPEC+ following through with its gradual phase-out of additional voluntary adjustments.
  • Oil prices are at risk of spiking following a “carry trade” that has diverted capital from the market, according to Jeff Currie at Carlyle Group cited by Bloomberg.
  • China’s crude imports from Iran are expected to rise from 1.24mb/d in July to a record 1.75mb/d in August, according to Kpler data cited by Bloomberg.
  • Kazakhstan is preparing a corrective plan for oil production in 2024, in line with its OPEC+ obligations, Energy Minister Almasadam Satkaliyev told Interfax.
  • Global crude loadings are estimated to fall 186kb/d from July to a new low for 2024 of 37.2mb/d in August, according to FGE.
  • MNI COMMODITY WEEKLY: Oil Market Backdrop Erodes Libya Concerns: Read Here