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Oil Summary at European Close: Crude Ending Week Higher

OIL

Crude markets are higher today with brent on track for a gain of around 2.4% since the start of the week. Prices are buoyed by escalations in the Middle East and supply disruptions from protests at Libya’s oil fields.

  • Brent MAR 24 up 1.9% at 79.04$/bbl
  • WTI FEB 24 up 2.6% at 74.06$/bbl
  • Chinese purchasing of Iranian oil has stalled as Tehran demands higher prices and in turn withholds shipments, which could squeeze margins for Chinese refiners, according to Reuters.
  • Europe’s proportion of Russian oil exports may be no more than 8% and could fall to zero by year-end 2024, according to TASS.
  • OPEC December crude oil output rose by 70kbpd on the month to 27.88mbpd according to a Reuters survey.
  • Global oil demand growth is expected to remain above historical trend levels at 1.54mb/d in 2024 and 1.41mb/d in 2025 according to Standard Chartered via Bloomberg.
  • Global oil and gas rig count in December fell by 55 rigs on the month to 1,739, according to Baker Hughes
  • Shale producer EOG Resources expects the rate of US crude output growth at less than half of the rate in 2023 according to EOG President Billy Helms.
  • Oil inventories at the Sidi Kerir storage hub on Egypt’s Mediterranean coast have fallen to a 17-month low as Houthi rebel attacks disrupt tanker traffic according to Kpler via Bloomberg.
Energy BulletsCommodities
Energy BulletsCommodities

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