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OIL: Oil Summary at European Close: Crude Rises on the Week

OIL
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Crude markets have moved to rangebound on the day and are set for a net weekly gain of 4.5%. Support follows an improved risk sentiment amid expectations that the Fed is confident of a soft landing for the US economy.

  • Brent NOV 24 unchanged at 74.88$/bbl
  • WTI NOV 24 up 0.1% at 71.21$/bbl
  • The latest Baker Hughes rig count data is due for release at 13:00ET.
  • The possibility of a further escalation of tensions in the Middle East hangs over the oil market following comments from the Israeli Defense Minister suggested a ‘new phase’ in the war is imminent
  • Libya’s oil exports have risen over the past week to 719k b/d, up from 314k b/d last week. This is despite authorities in the east still yet to lift restrictions, Bloomberg said.
  • Norway’s August oil and gas output was above the official forecast according to the Norwegian Offshore Directorate.
  • China’s crude imports from Malaysia, used as a trans-shipment point for sanctioned cargoes, have risen again to a record 7.5m tons in August while Russia supply rose to 9.37m tons, customs data showed.
  • September oil loadings from the Black Sea port of Novorossiisk in Russia have been revised up by 0.14m metric tons to 2.24m tons, or 545kbpd, according to Reuters sources.
  • India has discussed raising oil imports from Brazil in a meeting with the head of Petrobras, India's oil minister Hardeep Singh Puri said.
  • India’s crude oil imports in August rose by 6.4% year on year to 19.9m mt, the oil ministry’s Petroleum Planning & Analysis Cell.
  • Saudi Arabia’s summer oil-burn has returned to historic highs as electricity demand growth outpaces increases alternative power sources, MEES said.
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Crude markets have moved to rangebound on the day and are set for a net weekly gain of 4.5%. Support follows an improved risk sentiment amid expectations that the Fed is confident of a soft landing for the US economy.

  • Brent NOV 24 unchanged at 74.88$/bbl
  • WTI NOV 24 up 0.1% at 71.21$/bbl
  • The latest Baker Hughes rig count data is due for release at 13:00ET.
  • The possibility of a further escalation of tensions in the Middle East hangs over the oil market following comments from the Israeli Defense Minister suggested a ‘new phase’ in the war is imminent
  • Libya’s oil exports have risen over the past week to 719k b/d, up from 314k b/d last week. This is despite authorities in the east still yet to lift restrictions, Bloomberg said.
  • Norway’s August oil and gas output was above the official forecast according to the Norwegian Offshore Directorate.
  • China’s crude imports from Malaysia, used as a trans-shipment point for sanctioned cargoes, have risen again to a record 7.5m tons in August while Russia supply rose to 9.37m tons, customs data showed.
  • September oil loadings from the Black Sea port of Novorossiisk in Russia have been revised up by 0.14m metric tons to 2.24m tons, or 545kbpd, according to Reuters sources.
  • India has discussed raising oil imports from Brazil in a meeting with the head of Petrobras, India's oil minister Hardeep Singh Puri said.
  • India’s crude oil imports in August rose by 6.4% year on year to 19.9m mt, the oil ministry’s Petroleum Planning & Analysis Cell.
  • Saudi Arabia’s summer oil-burn has returned to historic highs as electricity demand growth outpaces increases alternative power sources, MEES said.