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Oil Summary at European Close: Crude Gains Ground

OIL
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Front month crude is gaining further ground today and is set for a gain of 3.5% on the week. Support comes from the risk of an escalation in Middle East tensions and an easing of recession fears leading to a broader recovery in equity risk appetite.

  • Brent OCT 24 up 0.4% at 79.48$/bbl
  • WTI SEP 24 up 0.5% at 76.56$/bbl
  • Markets remain on edge until they see the likely Iranian response towards Israel following the killing of senior members of militant groups Hamas and Hezbollah last week.
  • An acceleration in global oil demand growth is required in the coming months to absorb an increase in OPEC+ oil supply from October, according to Reuters sources.
  • OPEC+ oil production was 437kb/d above quota in July as output rises by 160kb/d m/m to 41.03mb/d, according to the Platts.
  • Russia confirmed its adherence to the compensation schedule and “remains fully committed to the OPEC+ agreement,” according to an Energy Ministry statement.
  • Russian crude processing in the first week of August rose to the highest so far this year, according to a Bloomberg source.
  • After allegations of widespread fraud in Venezuela’s recent election, US presidential candidates will be forced to take a stance on the issue.
  • LATAM oil traders doubt the US will implement harsher sanctions on Venezuela, Platts said in its Oil Market Podcast.
  • Oil production from Azerbaijan fell 4.5% y/y in Jan-July to about 16.9m tons of crude and condensate, or about 591k b/d.
  • OPEC+ supply management and still-elevated geopolitical risk should maintain a Brent oil price floor at $75/b: BI.
  • The CPC oil pipeline system resumed operations on Aug. 8 after a 62-hour planned maintenance.
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Front month crude is gaining further ground today and is set for a gain of 3.5% on the week. Support comes from the risk of an escalation in Middle East tensions and an easing of recession fears leading to a broader recovery in equity risk appetite.

  • Brent OCT 24 up 0.4% at 79.48$/bbl
  • WTI SEP 24 up 0.5% at 76.56$/bbl
  • Markets remain on edge until they see the likely Iranian response towards Israel following the killing of senior members of militant groups Hamas and Hezbollah last week.
  • An acceleration in global oil demand growth is required in the coming months to absorb an increase in OPEC+ oil supply from October, according to Reuters sources.
  • OPEC+ oil production was 437kb/d above quota in July as output rises by 160kb/d m/m to 41.03mb/d, according to the Platts.
  • Russia confirmed its adherence to the compensation schedule and “remains fully committed to the OPEC+ agreement,” according to an Energy Ministry statement.
  • Russian crude processing in the first week of August rose to the highest so far this year, according to a Bloomberg source.
  • After allegations of widespread fraud in Venezuela’s recent election, US presidential candidates will be forced to take a stance on the issue.
  • LATAM oil traders doubt the US will implement harsher sanctions on Venezuela, Platts said in its Oil Market Podcast.
  • Oil production from Azerbaijan fell 4.5% y/y in Jan-July to about 16.9m tons of crude and condensate, or about 591k b/d.
  • OPEC+ supply management and still-elevated geopolitical risk should maintain a Brent oil price floor at $75/b: BI.
  • The CPC oil pipeline system resumed operations on Aug. 8 after a 62-hour planned maintenance.