Quotes for energy resources WTI US Crude Oil Spot (WTI)

• WTI price gains traction as traders adopt caution amid escalating tensions in the Middle East and anticipated ceasefire discussions.
• Oil traders are keeping a close eye on Israel's response to Iran's missile attack on October 1.
• US Secretary of State Antony Blinken emphasized that the United States does not endorse a prolonged Israeli military campaign in Lebanon.

West Texas Intermediate (WTI) Oil price edges higher after two days of losses, trading around $70.40 per barrel during the Asian session on Friday. Crude Oil is set for a slight weekly gain as prevailing tensions in the Middle East and upcoming ceasefire discussions for Gaza keep traders cautious.

Oil market participants are closely watching for Israel's response to Iran's missile attack on October 1, which raised concerns about potential strikes on Tehran's Oil infrastructure that could disrupt supply chains. However, reports indicate that Israel may target Iranian military sites rather than nuclear or oil facilities, according to Reuters.

In parallel, US and Israeli officials are preparing to resume talks on a potential ceasefire and the release of hostages in Gaza in the coming days. US Secretary of State Antony Blinken stated Thursday that the United States does not support a prolonged Israeli campaign in Lebanon, while France has advocated for an immediate ceasefire and diplomatic efforts.

The US Dollar Index (DXY), which measures the value of the US Dollar (USD) against six major currencies, retreated from its late-July high, hovering around 104.00. This pullback supported demand for dollar-priced Oil.

However, Oil prices faced downward pressure following a larger-than-anticipated rise in US stockpiles last week, driven by increased imports and an unexpected rise in gasoline inventories as refineries boosted output after seasonal maintenance.

Data from the US Energy Information Administration (EIA) on Wednesday showed a crude oil stock build of 5.474 million barrels, bringing total inventories to 426 million barrels for the week ending October 18, far surpassing the forecasted 0.7 million-barrel increase.

• WTI gains ground due to heightening fears of supply disruptions amid rising uncertainties in the Middle East.
• Israel launched strikes on southern Beirut while US Secretary of State Antony Blinken was touring the region, urging for a ceasefire.
• Oil prices faced challenges as EIA Crude Oil Stocks Change showed an increase of 5.474 million barrels.

West Texas Intermediate (WTI) Oil price recovers its recent losses from the previous session, trading around $71.60 per barrel during Asian trading hours on Thursday. Concerns over the Middle East conflict continue to weigh on investors, heightening fears of potential supply disruptions from the region, which is helping to support crude Oil prices.

On Wednesday, Israeli strikes hit southern Beirut, while US Secretary of State Antony Blinken toured the region, advocating for a ceasefire in both Gaza and Lebanon. Iran-backed Hezbollah intensified its attacks on Israel, deploying "precision missiles" for the first time and launching new types of drones targeting Israeli sites. Hezbollah also claimed to have struck an Israeli military factory near Tel Aviv, per Reuters.

Oil prices came under pressure due to a larger-than-expected build in US stockpiles, as imports increased and gasoline inventories unexpectedly rose. This came after refineries ramped up production following seasonal maintenance. The US Energy Information Administration (EIA) reported a crude oil stock increase of 5.474 million barrels, bringing total inventories to 426 million barrels for the week ending October 18—well above the forecasted rise of 0.7 million barrels.

Meanwhile, the US Dollar Index (DXY), which tracks the US Dollar’s (USD) value against six major currencies, surged to its highest level since late July, reaching 104.57 on Wednesday. This further weakened the demand for dollar-denominated Oil.

Signs of economic resilience and rising inflation concerns have lessened the chances of a significant rate cut by the Federal Reserve in November. Higher borrowing costs could strain the US economy, the world's largest Oil consumer, potentially dampening economic activity and reducing Oil demand.

• WTI holds steady amid hopes for a demand recovery in China and Middle East tensions.
• A larger-than-expected rise in US crude stock caps the commodity amid a bullish USD.
• Traders now look forward to the official US inventory data for short-term opportunities.

West Texas Intermediate (WTI) US Crude Oil prices trade with a positive bias for the third successive day on Wednesday and placed around mid-$71.00s during the Asian session. The commodity remains close to over a one-week high touched on Tuesday amid hopes for improving demand from China and geopolitical risks stemming from the ongoing conflicts in the Middle East. 

Investors remain hopeful that China's massive stimulus measures announced recently will ignite a lasting recovery in the world's second-largest economy and boost fuel consumption in the world's largest crude-importing nation. Moreover, concerns that a further escalation in the Middle East conflict could impact supply in the key oil-producing region and tighten market balances in the months ahead. This turns out to be key factors lending support to Crude Oil prices. 

Meanwhile, industry data published by the American Petroleum Institute (API) on Tuesday US crude stocks rose more-than-expected, by 1.64 million barrels last week. Apart from this, the ongoing US Dollar (USD) rally to its highest level since early August, bolstered by bets for smaller interest rate cuts by the Federal Reserve (Fed), is holding back bullish traders from placing fresh bets and keeping a lid on any further appreciating move for Crude Oil prices. 

Market participants now look forward to the Official US government oil inventory data for a fresh impetus later this Wednesday. Apart from this, fresh geopolitical developments and the USD price dynamics should contribute to producing short-term trading opportunities around Crude Oil prices.

• WTI lacks any firm intraday direction on Tuesday amid mixed fundamental cues.
• Concerns about slowing demand continue to act as a headwind for Oil prices.
• Middle East tensions warrant some caution before positioning for further losses.

West Texas Intermediate (WTI) US Crude Oil prices struggle to capitalize on the previous day's modest gains and oscillate in a narrow band, around the $69.70-$69.75 area during the Asian session on Tuesday. The commodity, meanwhile, remains within the striking distance of a nearly three-week low touched last Friday and seems vulnerable to prolonging the recent fall witnessed over the past two weeks or so.

The initial market reaction to an interest rate cut by the People's Bank of China (PBOC) on Monday turned out to be short-lived amid concerns over slowing demand, which continues to act as a headwind for Crude Oil prices. The Organization of Petroleum Exporting Countries (OPEC) and the International Energy Agency (IEA) trimmed their global demand forecast last month amid an economic downturn in China – the world's biggest oil importer. The fears were further fueled by the overnight warning by IEA head Fatih Birol, saying that weakness in China will continue to weigh on global oil demand in the coming years. 

Apart from this, the recent US Dollar (USD) upswing to its highest level since early August, triggered by expectations for a less aggressive policy easing by the Federal Reserve (Fed), contributes to capping the upside for Crude Oil prices. That said, the risk of a further escalation in the Middle East conflict, which could impact supply in the key oil-producing region, offers some support to the black liquid. This, in turn, warrants some caution for bearish traders and positioning for an extension of the recent sharp retracement slide from the vicinity of the $78.00 mark, or a nearly two-month high touched on October 8.

• The Oil price recovers to near $70.00 after PBoC’s bigger-than-expected cut in its Loan Price Rate.
• Iranian oil and nuclear facilities are expected to remain safe from Israel’s attack.
• Investors await the S&P Global PMI for fresh guidance on the Oil demand outlook.

West Texas Intermediate (WTI), futures on NYMEX, bounces back to near $70.00 in Monday’s European session. The Oil price recovers strongly after a big boost from the People’s Bank of China’s (PBoC) larger-than-projected dovish decision on interest rates.

The PBoC cuts its one-year Loan Prime Rate by 25 basis points (bps) to 3.1%, with an intention to uplift economic growth, boosting spending and revive the realty sector. Additionally, the Chinese central bank cut the five-year LPR from 3.85% to 3.60%. Economists expected the PBoC to reduce its key borrowing rates by 20 bps. 

A larger-than-usual PBoC interest rate cut has improved the Oil demand outlook as China is the largest importer of the black gold in the world. The overall action in the Oil price remained bearish in the past week as Beijing didn’t provide clarity on how the massive stimulus by China’s ministry will be allocated.

On the geopolitical front, comments from Israeli Prime Minister Benjamin Netanyahu last week that they will not attack on Iran’s non-military sites, which pointed to safety of Iran’s oil and nuclear facilities, has diminished fears of supply disruption.

Going forward, the Oil price will be influenced by the preliminary S&P Global Purchasing Managers’ Index (PMI) data for October of various nations, which will be published on Thursday.

• WTI could receive support as PBoC rate cuts could stimulate China’s economic activity, potentially increasing Oil demand.
• US President Joe Biden stated that there is an opportunity to end the conflict between Israel and Iran for a while.
• Shell and Singapore's Maritime and Port Authority have implemented clean-up measures in response to a leak from a land-based pipeline.

West Texas Intermediate (WTI) Oil price edges higher following a more than 7% decline registered in the previous week, trading around $68.90 per barrel during the Asian hours on Monday. However, the downside may be limited as rate cuts in China, the largest Oil importer, are expected to stimulate domestic economic activity, potentially increasing demand for Oil. The People's Bank of China (PBoC) lowered the 1-year Loan Prime Rate (LPR) to 3.10% from 3.35% and the 5-year LPR to 3.6% from 3.85%, aligning with expectations.

However, crude Oil prices received downward pressure, partly due to slowing economic growth in China. On Friday, China’s Gross Domestic Product (GDP) grew at an annual rate of 4.6% in the third quarter of 2024, slightly down from the 4.7% growth recorded in the second quarter but surpassing market expectations of 4.5%.

Additionally, easing geopolitical tensions in the Middle East have lessened concerns over supply disruptions from the region. US President Joe Biden stated on Friday that there is an opportunity to "deal with Israel and Iran in a way that ends the conflict for a while." However, on Sunday, Israel announced that it was preparing to target sites in Beirut linked to Hezbollah's financial operations, according to Reuters.

In another development, Reuters reported that Shell and Singapore's Maritime and Port Authority implemented clean-up measures following a leak from a land-based pipeline. The leak has reportedly been contained at the source, with no impact on navigation safety. A Shell spokesperson confirmed the leak at the Shell Energy and Chemicals Park, stating that emergency response specialists had been dispatched to manage the situation.

• WTI gained ground due to an unexpected drop in US Oil inventories.
• US Crude Oil Stock declined by 2.192 million barrels in the previous week, against the expected 2.3-million-barrel increase.
• Israel's military and the Shin Bet security service confirmed the killing of the militant leader Yahya Sinwar on Wednesday.

West Texas Intermediate (WTI) Oil price extends its gains for the second consecutive day, trading around $70.40 per barrel during Asian hours on Friday. The rise in crude Oil prices was supported by an unexpected drop in US Oil inventories.

According to the Energy Information Administration (EIA), US Crude Oil Stock fell by 2.192 million barrels in the week ending October 11, defying market expectations of a 2.3 million barrel increase and contrasting with the previous week's 5.81 million barrel rise.

In addition to the drop in US Oil inventories, rising tensions in the Middle East are providing further support for Oil prices. Israel's military and the Shin Bet security service confirmed on Thursday that Yahya Sinwar, the Gaza Strip Chief of the Palestinian Islamist group Hamas, was killed by Israeli forces during an operation in southern Gaza on Wednesday.

The killing of Sinwar has heightened concerns, especially among the families of Israeli hostages taken to Gaza by Hamas, who fear their loved ones may now be in greater danger following the killing of the militant leader, according to Reuters.

However, the upside potential for WTI Oil prices may be limited as the EIA report showed that US crude Oil production reached a record high of 13.5 million barrels per day last week. Additionally, Libyan Oil output has resumed, and the Organization of the Petroleum Exporting Countries and their allies (OPEC+) have plans to further unwind production cuts in 2025, as reported by Reuters.

On Tuesday, the International Energy Agency (IEA) indicated that the global Oil market is heading for a significant surplus in the coming year. While world Oil demand is expected to rise by 860,000 barrels per day in 2024, this is a downward revision of 40,000 barrels per day from the previous forecast. The IEA attributed this to slower economic growth in China and a shift toward electric vehicles, which have begun to reshape the Oil demand outlook for China, the world's largest Oil importer.

• WTI price loses ground to around $70.70 in Thursday’s early Asian session. 
• Easing fears of an oil supply disruption in the Middle East, sluggish global oil demand outlook weigh on the WTI price. 
• Any positive development surrounding more Chinese fresh stimulus plans could cap the WTI’s downside. 

West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $70.70 on Thursday. The WTI price edges lower after selling off on reports that Israel will not attack Iran’s oil facilities.

Israel told the United States that a planned retaliatory attack on Iran won’t target nuclear and oil facilities, according to senior Biden administration officials, a promise sought by the White House to head off further Middle East escalation and to avoid a potential oil price increase, per the Wall Street Journal. Traders will closely watch the developments surrounding the geopolitical tensions in the Middle East. Any signs of escalation could lift the WTI price. 

US crude oil inventories rose more than expected last week. According to the American Petroleum Institute (API), crude oil stockpiles in the United States for the week ending October 11 fell by 1.58 million barrels, compared to a rise of 10.9 million barrels in the previous week. The market consensus estimated that stocks would increase by 2.3 million barrels.

The Organisation of the Petroleum Exporting Countries (OPEC) and the International Energy Agency (EIA) this week cut their 2024 global oil demand growth forecasts. The IEA estimated global oil demand to grow 1.2 million barrels per day to 104.3 million bpd next year, about 300,000 bpd below prior forecasts. Furthermore, stimulus measures in China fail to boost the black gold price. 

"On the top of every ardent bear's wish list are a stuttering Chinese economy, relative calm in the Near East, and downward revisions in global oil demand growth. These wishes were granted at the beginning of the week," noted Tamas Varga, an analyst at TP ICAP.

The Chinese officials will hold a joint briefing at 2.00 GMT on Thursday on potential measures to support the economy. Additional fresh stimulus plans from China, the top largest consumer of oil in the world, could provide some support to the WTI price in the near term. 

• WTI remains on the back foot near a two-week low and is pressured by a combination of factors.
• Easing fears of supply disruptions and demand concerns continue to weigh on the black liquid.
• Bets for smaller Fed rate cuts underpin the USD and support prospects for a further downfall.

West Texas Intermediate (WTI) US Crude Oil prices struggle to capitalize on the overnight modest bounce from the $69.25 area, or a two-week low and attract some sellers during the Asian session on Wednesday. The commodity currently trades around the $70.25 region, down 0.30% for the day, and seems vulnerable to decline further. 

Despite worries about an escalation of conflict in the Middle East, reports that Israel would not strike Iranian nuclear and oil sites eased fears of a supply disruption. This comes on top of a fall in China's oil imports for the fifth straight month raised concerns about weak demand in the world's top importer. Adding to this, OPEC lowered its forecast for global oil demand growth in 2024 and 2025 and in turn, validates the negative outlook for Crude Oil prices. 

Meanwhile, the US Dollar (USD) stands tall near its highest level since August 8 amid firming expectations for a less aggressive policy easing by the Federal Reserve (Fed) and bets for a regular 25 basis points (bps) interest rate cut in November. A stronger buck tends to undermine demand for USD-denominated commodities and supports prospects for an extension of the recent fall from the vicinity of the $78.00 mark, or the monthly peak touched last week.

• WTI depreciates as Israel is willing to refrain from targeting Iranian oil facilities.
• Israeli Prime Minister Benjamin Netanyahu informed the US that Israel plans to attack Iranian military targets rather than nuclear or Oil infrastructure.
• OPEC Monthly Market Report revised down its global Oil demand growth outlook for 2024 and 2025.

West Texas Intermediate (WTI) Oil price continues its decline for the third successive session, trading around $71.10 per barrel during Tuesday’s Asian hours. Crude Oil prices are facing downward pressure following a media report suggesting that Israel is willing to refrain from targeting Iranian oil facilities, easing concerns about potential supply disruptions.

The Washington Post reported on Monday that Israeli Prime Minister Benjamin Netanyahu informed the United States (US) that Israel plans to focus on Iranian military targets rather than nuclear or Oil infrastructure. Last week, Oil prices had gained support as investors feared supply risks after Israel indicated plans to retaliate against a missile attack from Iran.

On Monday, Crude Oil prices dropped nearly 5% following the release of the OPEC Monthly Market Report, which revised its global Oil demand growth outlook for 2024 and 2025. OPEC also cut its forecast for China's crude oil demand growth for the third consecutive month in October, citing the growing adoption of electric vehicles and sluggish economic growth as key factors.

The Monthly Oil Market Report (MOMR) by the Organization of the Petroleum Exporting Countries (OPEC) suggests China's crude Oil demand will expand by 580,000 barrels per day (bpd) in 2024. This estimate is down from the 650,000 bpd gain forecast in September and is also 180,000 bpd below the rise of 760,000 bpd OPEC was predicting in July for the world's biggest oil importer.

Oil market sentiment has turned pessimistic due to China's increasing deflationary pressures, which have raised concerns about slowing economic growth. Despite recent stimulus plans, uncertainty surrounding the size of the package has failed to alleviate fears of downside risks to China's economic outlook, further dampening traders' confidence.

Saudi Arabia could ramp up production amid declining cohesion among OPEC+ members. Despite voluntary production cuts, OPEC+ producers have been overproducing by as much as 800,000 barrels per day. The Saudi oil minister cautioned that prices could fall to $50 per barrel if member countries do not adhere to the agreed-upon cuts.

• WTI depreciates due to deflation worries in China.
• Oil prices struggle due to uncertainty surrounding China's economic stimulus plans.
• The US expanded sanctions on Iran's petroleum and petrochemical sectors in response to an Iranian attack on Israel.

West Texas Intermediate (WTI) Oil price extends its losses for the second successive session, trading around $74.10 per barrel during the Asian hours on Monday. WTI price has depreciated by more than 1% following the lower-than-expected September Consumer Price Index (CPI) data from China released on Sunday.

The National Bureau of Statistics of China reported that the country's monthly Consumer Price Index (CPI) remained unchanged at 0% in September, down from August's 0.4% increase. The annual inflation rate rose by 0.4%, falling short of the anticipated 0.6%. Additionally, the Producer Price Index (PPI) decreased by 2.8% year-on-year, a larger drop than the previous decline of 1.8% and exceeding expectations of a 2.5% decrease.

Crude oil prices also face downward pressure due to uncertainty surrounding economic stimulus plans in China, raising fears about demand in the world's largest Oil importing country. However, following a briefing from China's Ministry of Finance (MoF) on Saturday, the National People’s Congress expressed optimism. The ministry announced plans to issue special bonds aimed at supporting bank recapitalization and stabilizing the real estate sector, although no specific figures were provided.

The downside of the Oil prices could be limited following the escalating tensions in the Middle East. The United States (US) expanded sanctions against Iran's petroleum and petrochemical sectors on Friday in response to an Iranian missile attack on Israel, per Reuters.

On Sunday, Hezbollah claimed responsibility for the drone attack in north-central Israel, killing at least four Israeli soldiers were killed, and over 60 people were injured, according to CNN. The number of injuries makes the attack one of the bloodiest on Israel since the war started last October.