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Mid-Day Oil Summary: Crude Falls Again

OIL

Crude is easing back today, extending yesterday’s losses driven by a large two week build in US crude stocks adding to rising crude supply expectations and amid ongoing global demand uncertainty. The weakness is despite the upward revisions to both OPEC and IEA global demand growth forecasts earlier this week amid mixed data from China.

    • Brent JAN 24 down -0.3% at 80.94$/bbl
    • WTI DEC 23 down -0.3% at 76.43$/bbl
    • WTI-Brent up 0.04$/bbl at -4.35$/bbl
  • JP Morgans head of energy strategy Christyan Malek has flagged deeper cuts as a potential avenue for the OPEC+ meeting – something he says the oil market is underestimating.
  • Global oil demand was up 2.5mb/d y/y in September at a seasonal record high for a fifth consecutive month according to JODI data. Demand dipped on a monthly basis but was supported by strong consumption in China, India, US, and Saudi Arabia.
  • Iran’s crude/condensate exports slipped to 1.3mn bpd in October, 100kbd below the Q3 average according to Vortexa and the lowest monthly pace since May.
  • There are 12 crude-laden VLCC’s offshore Malaysia as of November 14 according to Vortexa – 7 of which are laden with Iranian crude/condensate carrying a combined 12.5mn bbls.
  • Venezuela’s PDVSA is offering to sell up to 1mn bbls of Corocoro crude through an intermediary according to Reuters reports.
  • A fire broke out at the 615kbd KIPIC Al Zour refinery earlier Thursday in a desulphurization unit according to the operator.
  • Diesel cracks are extending the gains from yesterday with the US spread recovering all the losses from earlier this month up to the highest since 3 November. Gasoil backwardation has also strengthened this week after previously seeing a steady softening trend since the start of October.
    • Gasoil DEC 23 up 0.8% at 824.25$/mt
    • ULSD DEC 23 up 0% at 2.87$/gal
    • Gasoil DEC 23-JAN 24 up 3.5$/mt at 18.25$/mt
    • Gasoil DEC 23-DEC 24 up 8.5$/mt at 74.75$/mt
    • EU Gasoil-Brent up 0.4$/bbl at 27.22$/bbl
    • US ULSD crack up 0.3$/bbl at 44.14$/bbl
Energy BulletsCommodities
Energy BulletsCommodities

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