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Oil Summary at European Close: Crude Surges on Iran Strike Fear

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Crude prices are headed for their highest close since late October, after wires suggested that Israel is preparing for an attack from Iran in the next days. Brent is up around 0.5% on the week.

  • Brent JUN 24 up 2.2% at 91.67$/bbl
  • WTI MAY 24 up 2.4% at 87.09$/bbl
  • "Two U.S. officials told CBS News that a major Iranian attack against Israel was expected as soon as Friday, possibly to include more than 100 drones and dozens of missiles aimed at military targets inside the country."
  • The IEA lowered its global oil demand growth for this year by around 100kbpd to 1.2mbpd.
  • Chinese crude oil imports in March stood at 49.052mn tons, of 11.55mbpd, and down from 12.3mbpd in April 2023: GAC data.
  • Growing sanctions pressure and a narrowing Urals discount has dented Russian crude into India according to Vortexa figures.
  • Trans Mountain will introduce oil to the new Line 2 of the Trans Mountain Pipeline system on 16 April, the firm told Bloomberg in an email.
  • About 500,000-600,000bpd of Russia’s crude processing capacity could be offline this quarter on a gross basis, before offsets because of the Ukrainian drone attacks: IEA..
  • Imports of bitumen blends from China’s Teapots fell on the month in March, but a recovery is expected in April as Venezuela’s sanction relief is set to expire, Platts said.
  • Nigeria’s crude oil output fell to the lowest since August at 1.23mb/d in March from 1.32mb/d in February,
  • US officials had a secret meeting with Venezuelan President Nicolás Maduro’s administration ahead of the April 18 deadline for energy sanctions.
  • MNI COMMODITY RESEARCH: Venezuela Sanction Relief Deadline Leaves Market Guessing - Full Piece Here: https://roar-assets-auto.rbl.ms/files/60845/Venezuela%20Sanction%20Relief%20Deadline%20Leaves%20Market%20Guessing.pdf
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Crude prices are headed for their highest close since late October, after wires suggested that Israel is preparing for an attack from Iran in the next days. Brent is up around 0.5% on the week.

  • Brent JUN 24 up 2.2% at 91.67$/bbl
  • WTI MAY 24 up 2.4% at 87.09$/bbl
  • "Two U.S. officials told CBS News that a major Iranian attack against Israel was expected as soon as Friday, possibly to include more than 100 drones and dozens of missiles aimed at military targets inside the country."
  • The IEA lowered its global oil demand growth for this year by around 100kbpd to 1.2mbpd.
  • Chinese crude oil imports in March stood at 49.052mn tons, of 11.55mbpd, and down from 12.3mbpd in April 2023: GAC data.
  • Growing sanctions pressure and a narrowing Urals discount has dented Russian crude into India according to Vortexa figures.
  • Trans Mountain will introduce oil to the new Line 2 of the Trans Mountain Pipeline system on 16 April, the firm told Bloomberg in an email.
  • About 500,000-600,000bpd of Russia’s crude processing capacity could be offline this quarter on a gross basis, before offsets because of the Ukrainian drone attacks: IEA..
  • Imports of bitumen blends from China’s Teapots fell on the month in March, but a recovery is expected in April as Venezuela’s sanction relief is set to expire, Platts said.
  • Nigeria’s crude oil output fell to the lowest since August at 1.23mb/d in March from 1.32mb/d in February,
  • US officials had a secret meeting with Venezuelan President Nicolás Maduro’s administration ahead of the April 18 deadline for energy sanctions.
  • MNI COMMODITY RESEARCH: Venezuela Sanction Relief Deadline Leaves Market Guessing - Full Piece Here: https://roar-assets-auto.rbl.ms/files/60845/Venezuela%20Sanction%20Relief%20Deadline%20Leaves%20Market%20Guessing.pdf