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Mid-Day Oil Summary: Crude Falls As Demand Concern Resurface

OIL

Front month Brent crude fell to the lowest level since 25 August before rebounding slightly as Middle East supply disruption fears have eased and as demand concerns have returned to focus.

    • Brent JAN 24 down -1.9% at 83.59$/bbl
    • WTI DEC 23 down -1.8% at 79.4$/bbl
    • Gasoil NOV 23 down -2.7% at 863.25$/mt
    • WTI-Brent up 0.11$/bbl at -4.43$/bbl
  • Chinese crude imports totaled 48.97mn metric tonnes in October or 11.53mbpd according to customs data – up from 11.13mbpd in September.
  • The API oil inventory data is due for release today at 16:30 ET. The EIA Weekly Petroleum Status Report tomorrow will be delayed by a week due to a planned systems upgrade.
  • The updated EIA Short Term Energy Outlook is due for release at 10:00 ET (17:00 GMT) today.
  • Saudi Arabia and Russia are next month likely to extend the oil output cuts according to UBS.
  • OPEC Sec Gen comments: OPEC+ will take appropriate measures at the next meeting. Oil demand is set to grow more than 2mbpd in 2024. Oil demand continues to rise significantly. We’re still positive, robust on demand. Buyers in India and China will look for cheaper barrels to buy. Barrels will flow to where demand centers are.
  • The US DOE is looking to buy 3mbbl of sour crude oil for the Strategic Petroleum Reserve for delivery in January into the Big Hill SPR site.
  • A record number of supertankers are headed to the US to load crude according to Bloomberg vessel tracking which counted 48 vessels bound for the country in the coming three months – the most in six years.
  • Gasoline cracks are maintaining the slow recovery since mid October with some recent demand support. The US crack is up to the highest since late September. Diesel cracks are again softer amid the wider market concern for global demand growth.
  • China’s oil product exports including gasoline and diesel fell to the lowest in four months in October driven by a lack of export quotas although were up 16.1% on last year.
  • China refined product exports are nearing 90% of the current quota batch according to Kpler with no further batch expected to be announced this year.
    • US gasoline crack down -0.2$/bbl at 12.91$/bbl
    • US ULSD crack down -2.2$/bbl at 41.06$/bbl
Energy BulletsCommodities
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