MNI China Daily Summary: Monday, November 25

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Crude Not Moved By Confirmed Saudi and Russia Cuts

OIL

Crude remains relatively unchanged and slightly down on the day following headlines that both Saudi Arabia and Russia will maintain the planned cuts until the end of the year.

  • Saudi have confirmed the voluntary production cut of 1mb/d and the Russia 300kbpd confirmed the export cut will continue through December.
  • Crude markets are weighing recent US dollar strength and concerns for higher for longer central bank interest rates against a market deficit still widely expected in Q4 amid tight supplies and inventories drawdowns.
  • Technicals suggest the uptrend in Brent futures remains intact however the Brent Dec contract has entered a corrective cycle with support at 87.64$/bbl and resistance at 95.35$/bbl.
    • Brent DEC 23 down -0.7% at 90.29$/bbl
    • WTI NOV 23 down -0.8% at 88.53$/bbl
    • WTI-Brent down -0.07$/bbl at -3.49$/bbl
    • Brent DEC 23-JAN 24 down -0.03$/bbl at 1.7$/bbl
    • Brent DEC 23-DEC 24 down -0.28$/bbl at 8.48$/bbl
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