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Crude Reaching New Daily Lows

OIL

Crude has continued its decline during US hours, although WTI has risen slightly from its intraday low of $77.56/b, the lowest since Aug. 24.

  • Although China’s imports of crude oil were up in November, demand is expected to soften for oil products in November, with crude imports expected to soften, creating a weak demand picture.
  • Demand has become the focus for the market, which is driving the bearish sentiment. This comes as supply concerns linked to conflict in the Middle East have eased recently.
  • WTI DEC 23 down -3.9% at 77.67$/bbl
  • WTI-Brent up 0.09$/bbl at -4.45$/bbl
  • WTI DEC 23-JAN 24 down -0.02$/bbl at 0.2$/bbl
  • WTI JAN 24-FEB 24 down -0.02$/bbl at 0.26$/bbl
  • WTI DEC 23-DEC 24 down -0.25$/bbl at 4.02$/bbl
Energy BulletsCommodities
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