- Oil sees longest streak of gains since March amid growing supply risks
- October ’23 WTI gains 34c this morning to trade around $81.50/Bbl
- Hurricane Idalia made landfall today but is expected to minimally affect Gulf Coast oil and gas, with only three Chevron platforms evacuated so far
- The region accounts for about 15% of U.S. oil production and approximately 5% of natural gas output, according to the EIA
- The US Dollar fell from its recent ten-week highs, making dollar-denominated commodities less expensive for holders of other currencies
- Russian Deputy PM Alexander Novak reiterated on Wednesday that Russia will cut oil exports by 0.3 MMBbl/d in September and is in discussions with partner countries about possibly extending into October
- Unrest in OPEC member Gabon following military coup (Bloomberg)
- Soldiers in Gabon staged a coup following disputed presidential elections, dissolving the country’s institutions and casting doubt over President Ali Bongo's extended rule
- Gabon produces about 0.2 MMBbl/d, mostly from declining fields, and exports nearly 0.16 MMBbl/d. Political instability risks disrupting production and related international contracts at risk
- Shares of companies with operations in Gabon, such as Maurel & Prom and TotalEnergies, fell following the coup, signaling market worries about Gabon's oil sector stability
- This coup is the ninth in sub-Saharan Africa since 2020, highlighting a growing trend of regional instability that could further impact Gabon's oil sector