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Crude Little Changed As Wait For US Stock Data

OIL

Oil prices are off their early session highs following confirmation of an Israeli/Hamas temporary ceasefire deal. Crude has been trading in a narrow range ahead of the US holiday but is moderately lower today. WTI is down 0.1% to $77.70/bbl after approaching $78 earlier. Brent is -0.1% at $82.35, off the intraday low of $82.12. The USD index is flat.

  • OPEC+ meets this weekend and while an extension of the Saudi and Russian voluntary cuts into 2024 is expected, there is some speculation whether the rest of the bloc will reduce output further because of current softer prices and increased non-OPEC supply. Citibank has estimated a 20% probability this occurs and Goldman Sachs 35%, according to Bloomberg.
  • The focus for crude today is likely to be the official EIA US inventory data. Bloomberg reported that there was a 9.05mn barrel crude stock build, according to people familiar with the API data, but gasoline inventories fell 1.8mn and distillate -3.5mn. EIA reported refinery rates will also be of interest.
  • Later US jobless claims, October preliminary durable goods orders and final November Michigan consumer sentiment are released.
Energy BulletsCommodities
Energy BulletsCommodities

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