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#Russia raises main economic forecasts, sees higher year-end inflation #oott reuters.com/markets/europe…

US air travel (TSA total traveler throughput in million passengers - 7 day average) 7-day average 16.9% above 2019 level (Note: Labor day in 2019 was like this year on September 2) #OOTT

Chart of the Day: #Venezuela’s Crude Oil Exports to the #US and #India have been Increasing #oott

Saudi Aramco official selling prices (OSP) for Arab light in USD/bbl vs the respective benchmarks #oott

#Russia's economy ministry has revised up its 2024 forecasts for export sales of oil and gas, key sources of budget revenues, by $17.4 billion from the previous estimate to $239.7 billion thanks to a more positive price outlook, a document seen by Reuters showed. #oott

#Russia: In the updated estimates, Russian oil production is seen declining to 521.3 million tons this year from 529.6 million tons in 2023 and down by 1.7 million tons from the previous estimate. The prospects for oil output in 2025 were reduced, according to the economy

WTI settled at USD 67.67/bbl #oott

#Germany: oil product sales fell by 4.5% y/y 7.14m tons in June (Note: May was down 9.3% y/y) y/y changes by product diesel -4.5% to 2.67mt gasoline -0.7% to 1.49mt naphtha +12% to 0.98mt jet fuel -26% to 0.62mt heating oil +1.9% to 0.92mt BAFA #oott

Brent settled at USD 71.06/bbl #oott

#Iran Sends #Russia Ballistic Missiles Despite US, EU Warnings Tehran’s move likely to be met with more allied sanctions Iran has already sent drones to Moscow to aid Ukraine invasion bloomberg.com/news/articles/…

#Nigeria Issues First License to Build Delayed Floating LNG Plant UTM Offshore to develop facility after five years of waiting Africa’s largest crude producer is trying to pivot from oil #oott bloomberg.com/news/articles/…

The nonsense of the budget breakeven oil price continues! It is irrelevant! #Oil Saudi Arabia's fiscal breakeven oil price is rising fast. What will the kingdom do about it? cnb.cx/3z7jSMb

Gold as a means of payment: Russia and China use gold to circumvent sanctions and continue trade. jpost.com/business-and-i…

Money managers reduced their net-length in WTI crude oil futures and options by 61,660 contracts to 124,868 in the week ending September 3 Long-only positions fell by 28,130 Short-only positions rose by 33,530 other reportables net-length rose by 17,818 CFTC #oott

HOLY CRAP ~100 MMbbl reduction in spec positioning over past week through Tuesday. We were already acutely oversold, and we're likely shorter still since the Tuesday window cutoff. Never say never, but this feels extremely bottom-y for positioning.

Charts on crude net-positioning of non-commercial accounts (=managed money and other reportables) in Brent and WTI futures and options combined #OOTT latest value is September 3

Nice weekend all......

#Argentina's Pampa Energia raises more than $400 mln to accelerate Vaca Muerta drive reuters.com/business/energ…

🛢️ OIL CONTEXT WEEKLY 🛢️ 😱💀 Worst week for oil since last October rattles industry nerves as prices fall to lowest level since late-2021, with crude falling in lockstep with broader risk assets & driven by outsized spec selling Full report: commoditycontext.com/p/oil-context-… Summary: