MNI: GERMANY OCT EXPORTS -2.8% M/M (VS FCST -2.6%)

MNI BRIEF: BOJ Tankan: Business Inflation Expectations Solid

MNI BRIEF: RBA Details Hypothetical Monetary Policy Paths

MNI: PBOC Net Injects CNY14.2 Bln via OMO Friday

MNI: PBOC Sets Yuan Parity Higher At 7.1876 Fri; -1.22% Y/Y

MNI BOJ DEC TANKAN LARGE MFG INDEX +14; SEPT 13; MEDIAN +12

MNI: SPAIN NOV HICP +0% M/M, +2.4% Y/Y

MNI: FRANCE NOV HICP -0.1% M/M, +1.7% Y/Y

MNI: SWEDEN NOV UNEMPLOYMENT 7.4%

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

OIL: Oil Summary at European Close: Crude Trades Lower

OIL
BulletEnergy BulletsCommodities

Brent crude is trading lower today but is set for a weekly rise of around 1.5% as the risk of supply disruption in the Middle East is set against existing market concern for weak demand and a surplus next year.

  • Brent DEC 24 down 0.4% at 79.09$/bbl
  • WTI NOV 24 down 0.4% at 75.51$/bbl
  • The latest Baker Hughes rig count data is due for release at 13:00ET.  The US oil rig count last week fell again to 479 but the gas rig count recovered to 102.
  • Crude call options volatilities have surged higher again taking the skew over puts to the highest since April 2022 as the market looks to cover the upside risk of supply disruption from potential strikes on Iran’s oil facilities.
  • OPEC+ crude oil production fell 0.5m b/d on the month in September to 40.23m b/d, largely due toa major shutdown in Libya and cuts to Iraqi exports, a Platts survey showed.
  • A potential strike by Israel on Iran’s oil infrastructure could result in a sustained 1mb/d of disruption in supplies and drive a rally in oil prices of at least $15/bbl, according to Barclays cited by Reuters.
  • Iranian supply to China is unlikely but any missing barrels would be replaced by the next available discounted supply, with Russian crude being the most viable option, Vortexa said.
  • North Dakota oil production is estimated down nearly 50k to 80kb/d on Oct. 11 due to the ongoing wildfires in the U.S. state according to the North Dakota Pipeline Authority cited by Reuters.
  • The differential for WCS at Hardisty, Alberta, rose to its strongest level in over 15 months, with traders attributing this rise to an escalation in Middle East tension, Platts said.
274 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.

Brent crude is trading lower today but is set for a weekly rise of around 1.5% as the risk of supply disruption in the Middle East is set against existing market concern for weak demand and a surplus next year.

  • Brent DEC 24 down 0.4% at 79.09$/bbl
  • WTI NOV 24 down 0.4% at 75.51$/bbl
  • The latest Baker Hughes rig count data is due for release at 13:00ET.  The US oil rig count last week fell again to 479 but the gas rig count recovered to 102.
  • Crude call options volatilities have surged higher again taking the skew over puts to the highest since April 2022 as the market looks to cover the upside risk of supply disruption from potential strikes on Iran’s oil facilities.
  • OPEC+ crude oil production fell 0.5m b/d on the month in September to 40.23m b/d, largely due toa major shutdown in Libya and cuts to Iraqi exports, a Platts survey showed.
  • A potential strike by Israel on Iran’s oil infrastructure could result in a sustained 1mb/d of disruption in supplies and drive a rally in oil prices of at least $15/bbl, according to Barclays cited by Reuters.
  • Iranian supply to China is unlikely but any missing barrels would be replaced by the next available discounted supply, with Russian crude being the most viable option, Vortexa said.
  • North Dakota oil production is estimated down nearly 50k to 80kb/d on Oct. 11 due to the ongoing wildfires in the U.S. state according to the North Dakota Pipeline Authority cited by Reuters.
  • The differential for WCS at Hardisty, Alberta, rose to its strongest level in over 15 months, with traders attributing this rise to an escalation in Middle East tension, Platts said.