Oil

Baker Hughes oil rig count up 1

• The weekly Baker Hughes rig count little changed

Goldman Sachs warns an extended disruption in Strait of Hormuz could double oil price

Oil traders note - Biden is drawing up plans that include striking Houthi targets in Yemen

• US officials planning for the US to respond to a wider, protracted Middle East war.

Crude oil futures settle at $72.19

• Down $-0.51 or -0.70% on the day

Islamic State claims responsibility for Iran terrorist attack

• Two suicide bombs killed 84 people, injured more than 100 others

US weekly EIA crude oil inventories -5503K vs -3725K expected

• Weekly oil inventory data from the US EIA

WTI Crude Oil Technical Analysis

• Crude Oil erases all the gains from the Fed pivot. What’s next?

Private oil survey of inventories data shows much bigger headline crude draw than expected

Crude oil futures settle at $72.70

• Up $2.32 or 3.30%

Crude Oil continues its run higher. Technical resistance now in play on the rally.

• Crude oil price surges by nearly 3% as it reaches new highs. Iran bomb attack and OPEC+ unity statement drive the bullish sentiment. Libya's oilfield shutdown adds to the momentum.

Oil up more than $1 after bomb attack in Iran and OPEC statement

• Oil at the highs of the day

RBC on oil - 'clear and present danger' of a wider Middle East conflict involving Iran

• The three flashpoints posing particular contagion concerns

ICYMI - China issues huge batch of crude oil import quotas for 2024

• China releases a massive 60% increase in crude import quotas for 2024, reaching a year's worth in one batch

HSBC projects Brent crude oil to average $82.5 /barrel and gold to average $1,825 in 2024

• HSBC projects high commodity prices in 2024:supply tightness, China demand, geopol risks

Crude oil futures settle at $70.38

• Down $1.27 or -1.77%