WTI (Oct) $81.63 +47c, Brent (Oct) $85.86 +37c, Diff -$4.23 -10c
USNG (Oct) $2.79 +22c, UKNG (Oct)* 95.35p +9.72p, TTF (Oct) €38.365 +€0.89
*September contract expiry  

Oil price

After a pair of excellent inventory stats where crude drew over 10m barrels each the best news was actually not that those numbers beat the whisper but that in total stocks are some 15m b’s below the 5 year average. And whilst products were mixed they too are well below 5 year averages and with Labor Day on Monday in the US signalling the end of the driving season, demand is still very high.

US jobs data were well below the whisper, 177/- vs 200/- call and +371/- in July. Experts say that US rates may now be on hold. And Chinese PMI’s were mixed, just creeping up to the magic 50 level. Finally the coup in Gabon shouldn’t affect oil much despite the Country being a member of Opec the odd 350/- b/d isn’t going to change much…

And finally…readers will remember my annual comments around this time of year. It was 44 years ago this week that I stepped off the train in Edinburgh shiny and ready to join Wood Mackenzie as a graduate trainee, they were great then, they still are, as for me...!

Access Malcolm Graham Wood's full update here.   l   KeyFacts Energy Industry Directory: Malcy's Blog