OIL: Oil Summary at European Close: Crude Rises

Crude markets have given up some of the earlier gains after the latest EIA crude stocks draw as the market assess the impact of news of a two-month delay in OPEC+ supply hikes

• Brent NOV 24 up 0.6% at 73.17$/bbl
• WTI OCT 24 up 0.7% at 69.69$/bbl
• OPEC+ has agreed to delay the planned oil production hike for two months, according to delegates cited by both Reuters and Bloomberg.
• EIA Weekly US Petroleum Summary - w/w change week ending Aug 30: Crude stocks -6,873 vs Exp -379, Crude production 0, SPR stocks +1,764.
• Some Libyan exports continue despite recent disruption. The oil tanker Kriti Samaria approved for entry into Zueitina Thursday evening or Friday, Reuters said.
• AGOCO’s Sarir field in Libya is producing 135k b/d and Messla 54k b/d, according to two Bloomberg sources.
• Adnoc OSPs – Murban: $77.94/b, Upper Zakum: Murban minus $0.45/b, Das Crude: Murban minus $0.75/b.
• China’s August crude imports jumped 11% to a 10-month high of 10.3m b/d, Vortexa said.
• Nigeria’s crude loadings are scheduled to slip in October m/m to 1.41m b/d.
• NNPC will supply a total of 13 crude cargoes to the Dangote refinery in October.
• Venezuela exported 885k b/d bpd of crude and fuel in August according to LSEG tracking – over a four year high.
• Gazprom Neft’s CEO said Sep. 5 that there were various pressures on oil prices currently, but he expected stabilization soon.
• The China demand situation has been the big headwind for oil markets this year, but focus has shifted to OPEC in the short-term according to RBC’s head of commodity strategy Helima Croft in a CNBC interview.
• HSBC said that brent price forecasts remain at $80/b for H2 2024 and $76.50/b for 2025.