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Crude Facing Renewed Downward Pressure Amid OPEC Uncertainty


Crude faces renewed downward pressure Friday as overall OPEC+ policy uncertainty is overshadowed by an inability to bring African nations onboard with 2024 quota levels.

  • A Reuters sources led story suggests that progress is nearing on negotiations with African nations based on three accounts, though one of the source’s suggested talks are ongoing.
  • Crude futures and longer dated spreads have eased back negative on the day but are holding above the lows from yesterday amid thin volumes due to the US holiday. Prompt time spreads are however seeing slightly more support.
  • The WTI-Brent spread has fallen to new lows for November below -5$/bbl assisted by the recovery builds in US crude inventories at Cushing in recent weeks.
    • Brent JAN 24 down -0.1% at 81.36$/bbl
    • WTI JAN 24 down -1.1% at 76.26$/bbl(vs Nov 22 close)
    • WTI-Brent down -0.26$/bbl at -5.11$/bbl
    • Brent JAN 24-FEB 24 unchanged at 0.17$/bbl
    • Brent JUN 24-DEC 24 down -0.13$/bbl at 1.83$/bbl

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