- Crude oil futures notch their fourth straight gain, ahead of a forecast drawdown in U.S. crude inventories and supported by the prospect of U.S. sanctions on Iran; most-active October WTI crude settled +0.6% at $67.35/bbl and October Brent crude also +0.6% at $72.63/bbl.
- Brent has rallied more than 3% after touching a four-month low last week, while U.S. crude is ~2% higher than its eight-week low.
- Total U.S. crude stockpiles could have drawn down as much as 2M barrels last week, according to analysts polled ahead of government data due at 10:30 a.m. tomorrow, which would help to reverse some of last week’s unexpectedly bearish data that showed a 6.8M-barrel increase.
- “Prices are being supported by the prospect of lower oil supply from Iran," Commerzbank (DE:CBKG) analysts write, noting that “one key actor has pulled out of its business with Iran - the French oil giant Total - in a bid to preserve its U.S. business [and] other European companies are likely to follow suit in the coming weeks."
- ETFs: USO, XLE, OIL, UWT, UCO, VDE, XOP, DWT, ERX, OIH, SCO, BNO, DBO, ERY, DIG, BGR, GUSH, DTO, FENY, USL, IYE, DUG, DRIP, IEO, FIF, DNO, NDP, PXE, OLO, RYE, PXJ, SZO, CRAK, FXN, OLEM, WTIU, DDG, OILK, NANR, OILX, WTID, USOI, USOU, USOD, FTXN, JHME, ERYY, ERGF, OILD, OILU, USAI
- Now read: OPEC Sends Oil Higher
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