Oil Slips In Light Volume Trade After Iraq Calms Supply Nerves

Most Read by Bloomberg West Texas Intermediate fell 5.5% to settle below $92 a barrel as risk sentiment weighed on most commodities. The fighting in Baghdad has yet to hit Iraq’s oil output, allaying traders’ initial concerns that an important source of supply could be disrupted. The tight crude market has offset concerns in recent days that a global recession could slow demand. Meanwhile, liquidity continues to fall to fresh six-year lows and below-average volumes have led to choppy summer trading, with prices hovering in the $7 range on Tuesday. Crude reversed Monday’s gains “on news that Iraq will keep its export ports open even though there is still major political unrest,” said Dennis Kiesler, senior vice president of trading at BOK Financial. But the supply-demand balance has “tightened some and this week’s crude stockpiles are looking for a fresh drop of 500,000-600,000 barrels, which if seen, would push storage back to a three-month low.” While prices have softened in recent months, crude got a fresh boost after Saudi Arabia warned it was possible the Organization of the Petroleum Exporting Countries and its allies, which meet on September 5, could cut output as futures do not reflect fundamental. Other members of the alliance expressed their support. Separately, Goldman Sachs Group Inc. struck a bullish note, urging investors in a note on Monday to “buy commodities now, worry about recession later.” Iraq has the capacity to boost exports to all destinations and will not refuse any request for more oil, Alaa Al-Yassiri, director general of SOMO, Iraq’s national oil marketing company, said in an interview. Violence has been reported in central Baghdad, away from the main manufacturing and export hub of Basra in the south and other important areas north of the capital. The story continues Traders are also closely watching a possible increase in supply from Iran as negotiations continue to revive a nuclear deal. The US and the Gulf nation remain at loggerheads over key details of an emerging deal, and it could take several weeks to resolve their differences. “It appears that OPEC+ is not interested in oil prices falling well below $100 a barrel,” said Craig Erlam, senior market analyst at Oanda. While that would “be tested in the event of a nuclear deal, which still looks very challenging, or a global recession, words alone could keep prices high for now,” he said. Elements, Bloomberg’s daily energy and commodities newsletter, is now available. Register here. Most Read by Bloomberg Businessweek ©2022 Bloomberg LP

title: “Oil Slips In Light Volume Trade After Iraq Calms Supply Nerves Klmat” ShowToc: true date: “2022-11-21” author: “Stephanie Anderson”

Most Read by Bloomberg West Texas Intermediate fell 5.5% to settle below $92 a barrel as risk sentiment weighed on most commodities. The fighting in Baghdad has yet to hit Iraq’s oil output, allaying traders’ initial concerns that an important source of supply could be disrupted. The tight crude market has offset concerns in recent days that a global recession could slow demand. Meanwhile, liquidity continues to fall to fresh six-year lows and below-average volumes have led to choppy summer trading, with prices hovering in the $7 range on Tuesday. Crude reversed Monday’s gains “on news that Iraq will keep its export ports open even though there is still major political unrest,” said Dennis Kiesler, senior vice president of trading at BOK Financial. But the supply-demand balance has “tightened some and this week’s crude stockpiles are looking for a fresh drop of 500,000-600,000 barrels, which if seen, would push storage back to a three-month low.” While prices have softened in recent months, crude got a fresh boost after Saudi Arabia warned it was possible the Organization of the Petroleum Exporting Countries and its allies, which meet on September 5, could cut output as futures do not reflect fundamental. Other members of the alliance expressed their support. Separately, Goldman Sachs Group Inc. struck a bullish note, urging investors in a note on Monday to “buy commodities now, worry about recession later.” Iraq has the capacity to boost exports to all destinations and will not refuse any request for more oil, Alaa Al-Yassiri, director general of SOMO, Iraq’s national oil marketing company, said in an interview. Violence has been reported in central Baghdad, away from the main manufacturing and export hub of Basra in the south and other important areas north of the capital. The story continues Traders are also closely watching a possible increase in supply from Iran as negotiations continue to revive a nuclear deal. The US and the Gulf nation remain at loggerheads over key details of an emerging deal, and it could take several weeks to resolve their differences. “It appears that OPEC+ is not interested in oil prices falling well below $100 a barrel,” said Craig Erlam, senior market analyst at Oanda. While that would “be tested in the event of a nuclear deal, which still looks very challenging, or a global recession, words alone could keep prices high for now,” he said. Elements, Bloomberg’s daily energy and commodities newsletter, is now available. Register here. Most Read by Bloomberg Businessweek ©2022 Bloomberg LP

title: “Oil Slips In Light Volume Trade After Iraq Calms Supply Nerves Klmat” ShowToc: true date: “2022-11-27” author: “Debra Castillo”

Most Read by Bloomberg West Texas Intermediate fell 5.5% to settle below $92 a barrel as risk sentiment weighed on most commodities. The fighting in Baghdad has yet to hit Iraq’s oil output, allaying traders’ initial concerns that an important source of supply could be disrupted. The tight crude market has offset concerns in recent days that a global recession could slow demand. Meanwhile, liquidity continues to fall to fresh six-year lows and below-average volumes have led to choppy summer trading, with prices hovering in the $7 range on Tuesday. Crude reversed Monday’s gains “on news that Iraq will keep its export ports open even though there is still major political unrest,” said Dennis Kiesler, senior vice president of trading at BOK Financial. But the supply-demand balance has “tightened some and this week’s crude stockpiles are looking for a fresh drop of 500,000-600,000 barrels, which if seen, would push storage back to a three-month low.” While prices have softened in recent months, crude got a fresh boost after Saudi Arabia warned it was possible the Organization of the Petroleum Exporting Countries and its allies, which meet on September 5, could cut output as futures do not reflect fundamental. Other members of the alliance expressed their support. Separately, Goldman Sachs Group Inc. struck a bullish note, urging investors in a note on Monday to “buy commodities now, worry about recession later.” Iraq has the capacity to boost exports to all destinations and will not refuse any request for more oil, Alaa Al-Yassiri, director general of SOMO, Iraq’s national oil marketing company, said in an interview. Violence has been reported in central Baghdad, away from the main manufacturing and export hub of Basra in the south and other important areas north of the capital. The story continues Traders are also closely watching a possible increase in supply from Iran as negotiations continue to revive a nuclear deal. The US and the Gulf nation remain at loggerheads over key details of an emerging deal, and it could take several weeks to resolve their differences. “It appears that OPEC+ is not interested in oil prices falling well below $100 a barrel,” said Craig Erlam, senior market analyst at Oanda. While that would “be tested in the event of a nuclear deal, which still looks very challenging, or a global recession, words alone could keep prices high for now,” he said. Elements, Bloomberg’s daily energy and commodities newsletter, is now available. Register here. Most Read by Bloomberg Businessweek ©2022 Bloomberg LP

title: “Oil Slips In Light Volume Trade After Iraq Calms Supply Nerves Klmat” ShowToc: true date: “2022-11-28” author: “Thomas Royal”

Most Read by Bloomberg West Texas Intermediate fell 5.5% to settle below $92 a barrel as risk sentiment weighed on most commodities. The fighting in Baghdad has yet to hit Iraq’s oil output, allaying traders’ initial concerns that an important source of supply could be disrupted. The tight crude market has offset concerns in recent days that a global recession could slow demand. Meanwhile, liquidity continues to fall to fresh six-year lows and below-average volumes have led to choppy summer trading, with prices hovering in the $7 range on Tuesday. Crude reversed Monday’s gains “on news that Iraq will keep its export ports open even though there is still major political unrest,” said Dennis Kiesler, senior vice president of trading at BOK Financial. But the supply-demand balance has “tightened some and this week’s crude stockpiles are looking for a fresh drop of 500,000-600,000 barrels, which if seen, would push storage back to a three-month low.” While prices have softened in recent months, crude got a fresh boost after Saudi Arabia warned it was possible the Organization of the Petroleum Exporting Countries and its allies, which meet on September 5, could cut output as futures do not reflect fundamental. Other members of the alliance expressed their support. Separately, Goldman Sachs Group Inc. struck a bullish note, urging investors in a note on Monday to “buy commodities now, worry about recession later.” Iraq has the capacity to boost exports to all destinations and will not refuse any request for more oil, Alaa Al-Yassiri, director general of SOMO, Iraq’s national oil marketing company, said in an interview. Violence has been reported in central Baghdad, away from the main manufacturing and export hub of Basra in the south and other important areas north of the capital. The story continues Traders are also closely watching a possible increase in supply from Iran as negotiations continue to revive a nuclear deal. The US and the Gulf nation remain at loggerheads over key details of an emerging deal, and it could take several weeks to resolve their differences. “It appears that OPEC+ is not interested in oil prices falling well below $100 a barrel,” said Craig Erlam, senior market analyst at Oanda. While that would “be tested in the event of a nuclear deal, which still looks very challenging, or a global recession, words alone could keep prices high for now,” he said. Elements, Bloomberg’s daily energy and commodities newsletter, is now available. Register here. Most Read by Bloomberg Businessweek ©2022 Bloomberg LP