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Oil Summary at European Close: Crude Recoups Losses

OIL
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Crude has erased its earlier losses to move near rangebound on the day having found support during the European afternoon. A retreat in the US dollar strength may be adding upside.

  • Brent SEP 24 down 0.1% at 81.63$/bbl
  • WTI SEP 24 up 0.2% at 77.74$/bbl
  • Today’s unexpected China stimulus included a 20bp MLF cut and a 2000bn liquidity injection, which follows Monday’s 10bp reduction in key rates. China demand growth concerns has been weighing on markets and the monetary policy easing this week may be confirming those fears.
  • The crude call-put option spreads continue to widen as market focus has turned to downside risks in recent weeks since a Brent future high of $87.95/bbl in early July.
  • A number of lightning strikes have started a range of new wildfires in Canada, putting oil production under threat.
  • Urals crude exports from Russia’s two Baltic ports are set to drop to 5.3m mt, or 1.25m b/d in July, according to Bloomberg.
  • Mexico’s incoming president Claudia Sheinbaum will likely face a challenge in fulfilling the dream of energy independence, Reuters said.
  • Global oil demand remains robust as OECD commercial oil inventories fell 15mbbl last week, according to JPMorgan.
  • A Bloomberg survey of 23 traders and analysts showed only 10 are expecting the OPEC+ group to fully implement the proposed 543kbpd production increase for Q4 2024.
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Crude has erased its earlier losses to move near rangebound on the day having found support during the European afternoon. A retreat in the US dollar strength may be adding upside.

  • Brent SEP 24 down 0.1% at 81.63$/bbl
  • WTI SEP 24 up 0.2% at 77.74$/bbl
  • Today’s unexpected China stimulus included a 20bp MLF cut and a 2000bn liquidity injection, which follows Monday’s 10bp reduction in key rates. China demand growth concerns has been weighing on markets and the monetary policy easing this week may be confirming those fears.
  • The crude call-put option spreads continue to widen as market focus has turned to downside risks in recent weeks since a Brent future high of $87.95/bbl in early July.
  • A number of lightning strikes have started a range of new wildfires in Canada, putting oil production under threat.
  • Urals crude exports from Russia’s two Baltic ports are set to drop to 5.3m mt, or 1.25m b/d in July, according to Bloomberg.
  • Mexico’s incoming president Claudia Sheinbaum will likely face a challenge in fulfilling the dream of energy independence, Reuters said.
  • Global oil demand remains robust as OECD commercial oil inventories fell 15mbbl last week, according to JPMorgan.
  • A Bloomberg survey of 23 traders and analysts showed only 10 are expecting the OPEC+ group to fully implement the proposed 543kbpd production increase for Q4 2024.