OIL: Oil End of Day Summary: WTI Flat on Week

Crude is lower today amid oversupply concerns, while the EU’s 19th sanctions package was announced today in line with expectations. However, WTI is largely steady week on week.

• WTI OCT 25 down 1.4% at 62.66$/bbl
• Baker Hughes US Oil: 418 (2) - down 66 rigs, or 13.6% on the year. This is also the highest since July 25
• The EU’s 19th sanctions package has been adopted by the EC with a focus on a faster phase out of Russian LNG, expanded sanctions on the shadow fleet and sanctions on refineries using Russian oil in third countries.
• Focus remains on US President Trump's calls for nations to stop buying Russian oil to help end the conflict in Ukraine. Trump said the conflict would end "if the price of oil comes down," as he continues to call for countries to stop buying Russian fuel, Bloomberg said
• Ukraine strikes on Russian energy infrastructure are supportive after strikes were reported at two refineries yesterday. Russian runs have fallen below 5mb/d and the lowest since April 2022, JPMorgan said.
• China appears unlikely to sustain another strong wave of crude stockpiling in the near term and growth looks set to plateau, Vortexa said.
• The price of Russian Urals crude for delivery to India is rising despite growing sanctions risks as Ukrainian attacks on Russian energy infrastructure prompts concerns about supply, Reuters reports.
• India’s Reliance Industries increased monthly Russian oil imports by 2.9% in August to about 591k b/d, Reuters reports.
• Iraq is nearing a deal to restart pipeline exports from Kurdistan to Turkey, sources told Reuters.
• Citi analysts forecast Brent crude prices falling to $60/b by year-end and averaging $62/b over Q2-Q4 2026.