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Oil Summary at European Close: Crude Rises

OIL
Energy BulletsHomepagemarkets-real-timeBulletCommodities

Crude prices are rising again today, supported by concerns of Middle East conflict escalations, stronger U.S. services sector data, and a cut in production at Libya's Sharara oilfield.

  • Brent OCT 24 up 0.1% at 76.38$/bbl
  • WTI SEP 24 up 0.2% at 73.12$/bbl
  • Jim Sciutto at CNN posts on X: "US beginning to see some Iranian preparations for a potential military response to Israel, according to two US officials familiar with the intelligence.
  • The API US oil inventory data is due at 16:30ET ahead of the EIA Weekly Petroleum Status Report tomorrow.
  • Libya’s National Oil Corporation (NOC) said on Tuesday it was reducing production from the ~300,000 bpd Sharara field.
  • Saudi Aramco has maintained its medium and long-term demand forecasts and is confident that oil & gas demand will not peak soon. 2024 demand growth is seen at 1.6m-2m b/d.
  • US crude exports, including condensates derived from natgas, rose to 4.23mb/d in June, according to Bloomberg calculations from the US census data bureau.
  • The startup of the Trans Mountain pipeline has failed to narrow Canadian Crude differentials to WTI, despite previous expectations, Reuters said.
  • Kazakhstan’s biggest producer, the Chevron led Tengizchevroil (TCO), said its output slipped 3.4% in H1 of 2024 y/y.
  • Hungary won’t suffer any oil shortages because of Ukraine’s decision to block Lukoil crude transiting via the southern leg of the Druzhba pipeline, said Mol CEO Zsolt Hernadi cited by Bloomberg.
  • Brent crude prices are likely to stay above $75/bbl as the oil market will withstand macro recessionary fears, according to a Goldman Sachs note cited by Reuters.
  • Oil markets are suffering from broader macro concerns but also a more specific backdrop of lacklustre Asian demand according to RBC’s head of commodity strategy, Helima Croft.
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Crude prices are rising again today, supported by concerns of Middle East conflict escalations, stronger U.S. services sector data, and a cut in production at Libya's Sharara oilfield.

  • Brent OCT 24 up 0.1% at 76.38$/bbl
  • WTI SEP 24 up 0.2% at 73.12$/bbl
  • Jim Sciutto at CNN posts on X: "US beginning to see some Iranian preparations for a potential military response to Israel, according to two US officials familiar with the intelligence.
  • The API US oil inventory data is due at 16:30ET ahead of the EIA Weekly Petroleum Status Report tomorrow.
  • Libya’s National Oil Corporation (NOC) said on Tuesday it was reducing production from the ~300,000 bpd Sharara field.
  • Saudi Aramco has maintained its medium and long-term demand forecasts and is confident that oil & gas demand will not peak soon. 2024 demand growth is seen at 1.6m-2m b/d.
  • US crude exports, including condensates derived from natgas, rose to 4.23mb/d in June, according to Bloomberg calculations from the US census data bureau.
  • The startup of the Trans Mountain pipeline has failed to narrow Canadian Crude differentials to WTI, despite previous expectations, Reuters said.
  • Kazakhstan’s biggest producer, the Chevron led Tengizchevroil (TCO), said its output slipped 3.4% in H1 of 2024 y/y.
  • Hungary won’t suffer any oil shortages because of Ukraine’s decision to block Lukoil crude transiting via the southern leg of the Druzhba pipeline, said Mol CEO Zsolt Hernadi cited by Bloomberg.
  • Brent crude prices are likely to stay above $75/bbl as the oil market will withstand macro recessionary fears, according to a Goldman Sachs note cited by Reuters.
  • Oil markets are suffering from broader macro concerns but also a more specific backdrop of lacklustre Asian demand according to RBC’s head of commodity strategy, Helima Croft.