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Crude Steady after Falling to Lowest Since July Yesterday

OIL

Crude is holding steady today after the weakness yesterday to the lowest since July amid global demand concerns and a stronger US dollar. Continued US and China demand concerns have combined with signs of increased supply from Russia and rising US inventories to weigh on prices.

    • Brent JAN 24 up 0% at 81.62$/bbl
    • WTI DEC 23 down -0.2% at 77.24$/bbl
    • Gasoil NOV 23 down -0.8% at 850.25$/mt
    • WTI-Brent down -0.02$/bbl at -4.47$/bbl
  • OPEC still sees robust oil demand at 2.2mb/d in 2024 despite economic headwinds with China’s growth remaining high compared to developed economies at around 4-5%.
  • The EIA STEO yesterday forecast Brent to average 90.27$/bbl in Q4 and 93.24$/bbl in 2024, up 1.8% due to an expected increase in supply but demand should also be stronger.
  • API data last night showed a large build in crude inventories and further recovery in Cushing stocks while gasoline showed a small draw and distillates a build. EIA will not release a Weekly Petroleum Status Report today due to a planned systems upgrade but two weeks will be release on 15 Nov.
    • Brent JAN 24-FEB 24 down -0.03$/bbl at 0.27$/bbl
    • Brent JUN 24-DEC 24 unchanged at 2.04$/bbl
  • Gasoline cracks continue to edge higher with some recent demand gains supporting a slight recovery since mid October but prices are still well below levels seen earlier this year. Diesel cracks are slightly softer amid the wider market concern for global demand growth.
  • The per capital US fuel consumption is expected to the lowest in two decades according to EIA. Total demand is seen at 8.83mbpd due to higher prices and cost of living pressures although a smaller drop than previously expected.
    • US 321 crack down 0$/bbl at 22.98$/bbl
    • US ULSD crack down -0.1$/bbl at 41.2$/bbl
Energy BulletsCommodities
Energy BulletsCommodities

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