ENERGY

 Oil closed at the lowest in more than a week amid signs the crude market’s tightness has slackened and the Israel-Hamas war will remain contained for the time being.

API

• Crude -2.688mm (+10k exp)

• Cushing +513k

• Gasoline -4.169mm (-300k exp) – biggest draw since March

• Distillates -2.313mm (-1.1mm exp)

A surprise build at the Cushing hub was offset by draws for crude and products with gasoline stocks tumbling most since March…. (more…)

Authored by Irina Slav via OilPrice.com,

• In its latest World Energy Outlook, the International Energy Agency has reiterated its claim that crude oil, natural gas, and coal demand will peak before 2030.

• The agency sees the emergence of a new clean energy economy as providing hope for the way forward, emphasizing the economic case for clean energy technologies.

• The report focuses on the importance of resilience and energy security, particularly due to the geopolitical (more…)

The prospect of more crude from Venezuela and higher US crude inventories has been pressuring the physical side; and the lack of WW3 as the first signs of aid reaching Palestinians in Gaza appears to be eating away at the geopolitical risk premia baked into the flat price.

WTI remains above its pre-Israel level; but that premium is fading…

Concerns about the conflict spreading more broadly have eased amid growing calls within Israel to rethink a ground invasion of (more…)