OIL: Oil End of Day Summary: Crude Ticks up on Week

WTI has moved into losses on the day, as output returns in the USGC following Hurricane Francine. However, crude is headed for a net weekly gain, supported by previous production disruptions in the Gulf of Mexico, and risk on sentiment ahead of expected Fed rate cuts.

• WTI OCT 24 down 0.6% at 68.53$/bbl
• US total oil rig count was up 5 on the week at 488 rigs, according to Baker Hughes, down 27 rigs, or 5.2% on the year.
• Money managers have flipped to bearish from bullish on ICE Brent crude oil as the market is now net-short by 12,680 lots, according to Bloomberg citing ICE data.
• Shell said Sep. 13 that they are ramping up production at its Appomattox, Mars, Vito, Ursa and Olympus platforms in the US Gulf of Mexico, Reuters reported.
• Libya’s crude exports continued to slump as UN-led talks failed to break an impasse over control of the country’s central bank, Bloomberg said.
• However, Libya is still exporting crude despite an ongoing two-week blockade, Argus said.
• Saudi Arabia is on course to produce less than 9m b/d of crude oil in 2024, MEES said.
• Crude oil and condensates output from Nigeria edged up to 1.57m b/d in August compared to 1.53m b/d in July
• Sharp declines in North Sea and WAF crude premiums signal pressure ahead for the physical crude market, according to Sparta Commodities.
• Russian Urals crude loadings from its Baltic Ports are set to rise to 6.6m mt, or 1.61m b/d, Bloomberg said.
• CPC oil exports across Jan-Aug rose by 2.6% on the year to 43.8m mt.
• Nigeria’s overhang of September crude cargoes has now cleared, but October differentials remain under pressure, Reuters said.