OIL: Oil Traders More Swayed by Turkey Risks Than Iraqi Flows: Bloomberg
Sep-25 16:32
Despite an announcement by the Federal Government of Iraq that it has finally reached a deal to restart exports from the Kurdistan region to Turkey after being offline since March 2023, crude remains supported today, Bloomberg noted.
- This is likely due to headlines from a recent Trump press conference where he called for Turkey to stop buying Russian crude.
- Bloomberg noted that this highlights the disproportionate impact Trump’s social media posts are currently having on intraday price movements, compared to market fundamentals.
- There are also questions as to the volume of additional barrels that will reach the global market from Kurdistan, with many re-diverted to local consumption or smuggled to nearby countries.
- Brent NOV 25 down 0.2% at 69.15$/bbl
- WTI NOV 25 down 0.4% at 64.76$/bbl
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