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OIL: US Officials in the Middle East Hoping for Cease Fire Ahead of Election.  

OIL
BulletEnergy BulletsCommodities
  • Ahead of next month’s US Presidential Election, US officials arrived in the Middle East hoping to secure a cease fire in the war
  • Secretary of State Antony Blinken will visit Israel whilst US envoy Amos Hochstein headed to Beirut.
  • The Head of the International Energy Agency Fatih Birol told BBG TV in Singapore on Monday that “If we don’t see a major escalation of the situation in the Middle East, I still expect that oil prices will be further under pressure because we are entering a period, including next year, of more comfortable markets.”
  • Brent’s prompt spread — the difference between its two nearest contracts — has narrowed in recent weeks, suggesting physical conditions are becoming less tight. The differential was 35 cents a barrel in backwardation, compared with 69 cents about a month ago.
  • WTI had traded up through US$71/bbl during yesterday's trading session and gave back earlier gains later to be at $70.43.
  • Brent followed a similar trend trading up through US$74.50/bbl and is down at $74.08 this morning.
  • Middle East tensions continue to simmer following a drone attack on Israeli PM Benajmin Netanyahu’s home which was followed swiftly by attacks on Hezbollah strongholds in Lebanon.
  • Also, in Singapore the CEO of Saudi Aramco spoke as news that China banks were cutting lending rates to support the economy saying he was bullish on consumption patterns in China as ongoing stimulus measures begin to impact the world’s largest oil importer. 
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  • Ahead of next month’s US Presidential Election, US officials arrived in the Middle East hoping to secure a cease fire in the war
  • Secretary of State Antony Blinken will visit Israel whilst US envoy Amos Hochstein headed to Beirut.
  • The Head of the International Energy Agency Fatih Birol told BBG TV in Singapore on Monday that “If we don’t see a major escalation of the situation in the Middle East, I still expect that oil prices will be further under pressure because we are entering a period, including next year, of more comfortable markets.”
  • Brent’s prompt spread — the difference between its two nearest contracts — has narrowed in recent weeks, suggesting physical conditions are becoming less tight. The differential was 35 cents a barrel in backwardation, compared with 69 cents about a month ago.
  • WTI had traded up through US$71/bbl during yesterday's trading session and gave back earlier gains later to be at $70.43.
  • Brent followed a similar trend trading up through US$74.50/bbl and is down at $74.08 this morning.
  • Middle East tensions continue to simmer following a drone attack on Israeli PM Benajmin Netanyahu’s home which was followed swiftly by attacks on Hezbollah strongholds in Lebanon.
  • Also, in Singapore the CEO of Saudi Aramco spoke as news that China banks were cutting lending rates to support the economy saying he was bullish on consumption patterns in China as ongoing stimulus measures begin to impact the world’s largest oil importer.