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OIL: Storm Pushing Oil Higher for weekly gain. 

OIL
  • The outlook for demand for oil is ‘slowing sharply’ as the Chinese economy cools, pushing prices to a 3-year low,” according to a report from the International Energy Agency.
  • Global consumption rose by 800,000 barrels year to date for 2024, a fraction of the growth rate for the same period in 2023, reflecting not only China’ s slowing economy, but the impact it has on the global economy.
  • Overnight oil was up as markets tracked storm Francine’s movement in the Gulf of Mexico as it headed towards major production areas, disrupting activity.
  • The storm appears to be not as significant event as first thought but still has interrupted supply.
  • West Texas Intermediate was through $69.50 in early morning trade before settling at $69.28 finishing above last week’s closing price of $67.67
  • Brent followed a similar pattern trading up at $72.50 before settling at $72.25, a rise from last week’s closing price of $71.06.  
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