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Mid-Day Oil Summary: Crude On Track For Weekly Net Increase


Crude futures and spreads are holding rangebound again today on low trading volumes due to the US Thanksgiving holiday as the market waits for clarity of future OPEC production policy. Brent front month is on track for a weekly net increase of 1.35%.

    • Brent JAN 24 up 0.4% at 81.72$/bbl
    • WTI JAN 24 down -0.5% at 76.74$/bbl
    • Gasoil DEC 23 down -0.1% at 825$/mt
    • WTI-Brent down -0.13$/bbl at -4.98$/bbl
  • OPEC is understood to still be in negotiations with African nations regarding a compromise on 2024 production quotas that have postponed this Sunday’s meet until Thursday November 30. “OPEC has moved closer to a compromise with African oil producers on oil production levels for 2024” Reuters reported two sources said late Thursday.
  • The OPEC+ meeting may have been delayed by African nations disagreements with production quotas for next year but Saudi Arabia appears willing to still shoulder supply cuts according to Commerzbank.
  • Nigeria’s Q3 2023 oil production at 1.45mbpd vs 1.20mbpd reported for Q3 2022 – statistic office, cited by Reuters.
  • China teapots in Shandong raised run rates to 57.56% of capacity in the week to November 23 – the first weekly increase in 8 weeks according to OilChem.
  • Diesel crack spreads have seen some support this month after the declines seen late summer, while Europe gears up for its first winter without Russian diesel, leaving it sensitive to supply shocks amid low inventory levels.
    • US gasoline crack down -0.1$/bbl at 15.05$/bbl
    • US ULSD crack down -0.3$/bbl at 40.48$/bbl

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