- Oil heads for a third straight weekly gain amid growing supply concerns
- October ’23 WTI lost 19c this morning to trade around $89.97/Bbl
- Saudi Arabia and Russia’s output cuts expected to cause a significant supply deficit through the end of 2023
- IEA and OPEC+ forecasted crude deficits of 3 MMBbl/d and 1.2 MMBbl/d for Q4 2023
- Yesterday, WTI and Brent reached year-to-date highs of $91.1/Bbl and $94.6/Bbl, respectively
- In August, China's economy stabilized due to increased consumer spending and government stimulus, despite ongoing property sector weakness
- Additionally, the ECB increased the main refinancing rates by 25 bps to 4.50%, indicating a potential end to its rate hikes
- China hits new high in oil processing as refiners ramp-up rates (Bloomberg)
- China's oil refiners reached a record processing volume of 15.3 MMBbl/d in August, primarily driven by peak summer demand and rising fuel exports
- Amid summer travel, especially family road trips during school breaks, and a surge in domestic air travel, Chinese refineries are operating at record rates, further intensified by September's construction uptick
- In September, Chinese refineries are set to boost exports, especially diesel, spurred by rapid fuel shipment growth and a significant 12-million-ton quota or 88.2 MMBbl
- In August, China's oil demand surged by 23% year-on-year to 14.7 MMBbl/d, with imports exceeding 12 MMBbl/d and domestic output rising 3.1% to 17.5 million tons