Crude surged on the day amid fears around further escalations in the Middle East. Driving prices higher is a geopolitical risk premium in response to the attacks in Israel at the weekend and concerns of a wider conflict impacting Iranian barrels. WTI is up around $4.8/b on the week.

  • WTI NOV 23 up 5.7% at 87.63$/bbl
  • WTI-Brent down -0.44$/bbl at -4.49$/bbl
  • WTI NOV 23-DEC 23 up 0.31$/bbl at 1.42$/bbl
  • WTI DEC 23-JAN 24 up 0.28$/bbl at 1.35$/bbl
  • Meanwhile, Total US rig counts saw their first week on week rise since Sep. 15, according to the weekly Baker Hughes US Oil and Gas Rotary Rig Count Data, up 3 to 622.
  • Iran’s oil production is currently over 3.3mn bpd according to Tasnim news reports citing Iranian oil minister Javad Owji.
  • Delta Air Lines 190,000 bpd Trainer refinery in Pennsylvania is expected to resume operations mid-November following a planned maintenance period that began last month according to its Q3 results.
  • A risk premium remains in oil prices, as the market keeps a watch of the ongoing conflict in the Middle East hitting supply, Vandana Hari, Founder of Vanda Insights told CNBC.
  • China crude imports slipped in September to 45.74 million tons or 11.18mn bpd – 10% lower than August’s pace of 12.48mn bpd.
  • Russian PM Alexander Novak said it’s too early to talk about what market decision OPEC+ may take in a TV interview earlier Friday.
  • Russian deputy PM said the potential for a further reduction in the Urals discount is decreasing in an interview with Business FM.
  • US physical crude prices have fallen this week as Saudi Arabia reaffirmed support for OPEC+ efforts to keep prices stable helped to reassure markets that supplies might be boosted in the event of supply disruption according to Bloomberg.

OIL: Oil End of Day Summary: Crude Surges

Last updated at:Oct-13 18:30By: Lawrence Toye

Crude surged on the day amid fears around further escalations in the Middle East. Driving prices higher is a geopolitical risk premium in response to the attacks in Israel at the weekend and concerns of a wider conflict impacting Iranian barrels. WTI is up around $4.8/b on the week.

  • WTI NOV 23 up 5.7% at 87.63$/bbl
  • WTI-Brent down -0.44$/bbl at -4.49$/bbl
  • WTI NOV 23-DEC 23 up 0.31$/bbl at 1.42$/bbl
  • WTI DEC 23-JAN 24 up 0.28$/bbl at 1.35$/bbl
  • Meanwhile, Total US rig counts saw their first week on week rise since Sep. 15, according to the weekly Baker Hughes US Oil and Gas Rotary Rig Count Data, up 3 to 622.
  • Iran’s oil production is currently over 3.3mn bpd according to Tasnim news reports citing Iranian oil minister Javad Owji.
  • Delta Air Lines 190,000 bpd Trainer refinery in Pennsylvania is expected to resume operations mid-November following a planned maintenance period that began last month according to its Q3 results.
  • A risk premium remains in oil prices, as the market keeps a watch of the ongoing conflict in the Middle East hitting supply, Vandana Hari, Founder of Vanda Insights told CNBC.
  • China crude imports slipped in September to 45.74 million tons or 11.18mn bpd – 10% lower than August’s pace of 12.48mn bpd.
  • Russian PM Alexander Novak said it’s too early to talk about what market decision OPEC+ may take in a TV interview earlier Friday.
  • Russian deputy PM said the potential for a further reduction in the Urals discount is decreasing in an interview with Business FM.
  • US physical crude prices have fallen this week as Saudi Arabia reaffirmed support for OPEC+ efforts to keep prices stable helped to reassure markets that supplies might be boosted in the event of supply disruption according to Bloomberg.