CRUDE WRAP: WTI (M4) SETTLES USD 0.28 HIGHER AT 83.85/BBL; BRENT (M4) SETTLES USD 0.49 HIGHER AT 89.50/BBL

Analysis details (19:38)

Oil futures were modestly firmer in choppy trade on Friday, affirming a W/W gain for the first time in three weeks. WTI and Brent futures hit session peaks of USD 84.46/bbl and 89.93/bbl, respectively, in the NY morning, but failed to extend from there, chopping for the rest of the session. In terms of newsflow, Russia's Energy Minister Shulginov said, via Interfax, that oil output and refining have not been affected by the floods in Russian regions; the energy ministry also reaffirmed Russia's oil and gas output targets for the year of 240mln T and 666.7 BCM, respectively. In the Middle East, production has been suspended at Iraq's Khor Mor gas field (106k BPD) after a drone attack, according to advisor to KRG PM, with some casualties reported. In the Americas, Mexico's Pemex reported crude and condensate production fell to 1.8mln BPD at the end of Q1 close vs 1.86mln at the end of Q4 amid operational issues. The Baker Hughes weekly rig count saw total rigs down six to 613, oil rigs down five at 506, and nat gas rigs down one at 105. And in terms of geopolitics, an Israeli official said via Channel 12 that there is a great will in the negotiations to reach an agreement but this will be the last chance before the Rafah operation commences, perhaps adding some geopolitical risk premium into the weekend. 

26 Apr 2024 - 19:38- EnergyResearch Sheet- Source: Newsquawk