OIL: Oil Summary at European Close: Crude Trims Losses After US Stock Draw

Crude markets have trimmed their losses from earlier today after a slightly larger than expected draw in US crude stocks. 

• Brent NOV 24 down 0.2% at 73.54$/bbl
• WTI OCT 24 down 0.1% at 71.11$/bbl
• EIA Weekly US Petroleum Summary - w/w change week ending Sep 13: Crude stocks -1,630 vs Exp -214, Crude production -100, SPR stocks +655, Cushing stocks -1,979
• Geopolitical developments in the Middle East are in focus following explosions in Lebanon, which Hezbollah is blaming on Israel.
• The US is seeking up to 6mbbls of crude for the SPR for delivery in the first few months of 2024, a Reuters source said, with prices below the target buyback price.
• ARA crude stocks rose 1.2mn bbls w/w in the week ended September 13, rising to 54.3mn bbls according to Genscape.
• OIES have reduced the 2024 Brent forecast by $3.1/bbbl to $82.3/bbbl and 2025 by $1.4/bbl to $77.1/bbbl in 2025 driven by demand-side pressures mainly focused on China, US recession fears, and very bearish speculative positioning.

MNI COMMODITY WEEKLY: U.S. Refining Pressed by Weak Margins as New Suppliers Compete in 2024: Full piece here