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Mid-Day Oil Summary: Crude Gains Ground

OIL

Crude front month has regained ground during European morning trading, rising to the highest intraday level since Nov 14, ahead of Thursday’s expiry, Crude is findings support from OPEC+ supply risks and disruption to Black Sea oil loadings.

  • Brent JAN 24 up 1.6% at 82.98$/bbl
  • WTI JAN 24 up 1.8% at 77.75$/bbl
  • API weekly oil stock data from yesterday: Crude -0.817mbbl, Cushing -0.465mbbl, Gasoline -0.898mbbl, Distillate +2.8mbbl
  • Oil loadings at the CPC oil terminal remain halted amid an ongoing storm alert, which also led to a decline in the country’s oil production, the terminal operator said, cited by Bloomberg.
  • OPEC+ has been reported this week to be in a deadlock with Nigeria/Angola over quotas. However, no delay to the meeting is currently expected, two OPEC+ sources told Reuters.
  • Saudi Aramco is forecast to cut the official selling price of the flagship Arab Light crude to Asia by 1.05$/bbl for January from the previous month according to a Bloomberg survey.
  • Venezuela’s oil and gas production grew 12.9% in Q3 according to President Nicolás Maduro.
  • Indian refiners have begun to buy Venezuelan crude just shortly after the easing of sanctions, increasing competition for Chinese teapots who have been the most active buyer in recent years according to S&P Commodity Insights.
  • The diesel USGC-Europe shipping cost has more than doubled in less than three weeks amid an export boost as seasonal refinery maintenance ends according to Bloomberg.
  • Oil product stockpiles at the UAE’s Port of Fujairah declined by 7.7% week-on-week to 17.406m bbl in seven days to Nov. 27.
  • High profile companies in the oil and gas industry have sent delegations to Venezuela in the last month according to Bloomberg reports as US sanctions easing opens interest in the country, despite the possibly of measures only being temporary.
  • MNI COMMODITY ANALYSIS: Chinese Refiners Curtailed by Quotas - Full piece here: https://enews.marketnews.com/ct/x/pjJscQKBlu8I6a9mJhokTA~k1zZ8KXr-kA8x6nFU5enptIPjO1OcQ
Energy BulletsCommodities
Energy BulletsCommodities

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