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Crude Slumps On Wednesday, Mid 2023 Lows in Sight

OIL

Brent crude finished 3.7% lower for Wednesday's session, its fifth straight loss, to $74.35/bbl. WTI is close to $69.40/bbl, having lost just over 4% for the session.

  • Wednesday's moves came despite an unexpectedly large draw in US crude stocks. More broadly, continued high US production, growing incredulity at the scope of OPEC’s production cuts, and a weak demand outlook are weighing on prices.
  • EIA Weekly US Petroleum Summary - w/w change week ending Dec 01: Crude stocks -4,633 vs Exp -774, Crude production -100, SPR stocks +330, Cushing stocks +1,829.
  • While OPEC output in November saw its first monthly decline since July, according to a Reuters survey reported by Nasdaq.
  • Brent is through various supports, including $75.07 (76.4% retrace of May 4 – Sep 15 bull run) to open $73.50 (Jul 6 low). For WTI, $69.09, the Jul 3 low, is in focus.
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