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Mid-Day Oil Summary: Crude Breaks Through Support Level

OIL

Crude front month reversed earlier gains to trader lower on the day, breaking through the first support level. Voluntary OPEC+ production cuts have not been enough to halt the bearish sentiment driven by strong non-OPEC supply and ongoing global demand growth uncertainty.

    • Brent FEB 24 down -0.9% at 76.52$/bbl
    • WTI JAN 24 down -0.9% at 71.69$/bbl
  • BRENT TECHS: (G4) Trend Direction Remains Down
    • SUP 1: $76.71 - Low Nov 16 and the bear trigger
    • SUP 2: $75.07 - 76.4% retracement of the May 4 - Sep 15 bull run
  • API weekly oil stock data: Crude +0.594mbbl, Cushing +4.3mbbl, Gasoline +2.8mbbl, Distillate +1.9mbbl.
  • ARA crude inventories rose 3.4% or 1.8mn bbls in the week ended December 1 to 55mn bbls according to Genscape.
  • The EIA weekly petroleum inventory data is due for release this afternoon at 10:30 ET.
  • US crude oil exports are nearing 6mbpd this month as domestic production hit new records of 13mbpd this year according to several sources cited by Bloomberg.
  • The US Coast Guard said Wednesday it was responding to an oil discharge near the Main Pass Oil Gathering (MPOG) Co's pipeline system in the Gulf of Mexico.
  • The reduction in Saudi Arabia OSPs to Asia by less than expected is likely to turn Asian buyers more to the spot market for cargoes according to a Bloomberg survey.
  • The Canada Energy Regulator denied a request Tuesday from the Trans Mountain Expansion project to install a smaller diameter pipeline in a difficult section of the routing due to rock hardness.
  • China’s refined oil production is forecast to fall in 2024 compared to 2023 levels, according to OilChem, amid heavier refinery maintenance and scarce feedstocks for Teapots.
  • TotalEnergies plans a partial halt of its 277,000 bpd German Leuna refinery in Autumn 2024 according to a Bloomberg source.
  • Global implied jet fuel demand is set for a weekly gain of 1% to 6.0m b/d in the week to Dec. 11, according to BNEF.
  • Diesel cracks are holding steady and gasoline drifting back down from earlier gains ahead of the updated weekly EIA oil inventory data. API data last night showed distillates and gasoline builds along with a small crude build.
  • Initial OPIS survey figures on actual gasoline volumes pumped last week suggest an implied demand number just above 8mn bpd.
    • US gasoline crack down -0.6$/bbl at 16$/bbl
    • US ULSD crack up 0.1$/bbl at 38.55$/bbl
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