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OIL: Mid-Day Oil Summary: Crude Pulls Back

OIL
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Crude markets are edging lower to reverse gains from Friday as uncertain China oil demand growth is set against the risk from potential tighter sanctions on suppliers Russia and Iran.

  • A total of 627mbbls of open WTI crude January 25 options positions are due to expire today with most significant open exposures at $70/bbl.
  • Money managers decreased net long crude positions last week with a drop in WTI more than offsetting slightly higher Brent positions.
  • China crude processing fell to the lowest since June at 58.51m tons, National Bureau of Statistics showed, although with daily throughput showing the first rise since April.
  • China held the second largest crude oil surplus of the year at 1.77mbpd in November up from 0.55mbpd in October driven by a rise in imports, according to Reuters calculations.
  • Global crude held on stationary tankers for longer than 7-days fell 9.9% to 65.28mbbl as of Dec. 13 to extend the pull back from a high seen in mid November, according to Vortexa data cited by Bloomberg.
    • Brent FEB 25 down 0.9% at 73.84$/bbl
    • WTI JAN 25 down 1.1% at 70.5$/bbl
    • WTI-Brent down 0.03$/bbl at -3.72$/bbl
    • Brent FEB 25-MAR 25 down 0.04$/bbl at 0.36$/bbl
    • Brent JUN 25-DEC 25 down 0.05$/bbl at 1.31$/bbl
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Crude markets are edging lower to reverse gains from Friday as uncertain China oil demand growth is set against the risk from potential tighter sanctions on suppliers Russia and Iran.

  • A total of 627mbbls of open WTI crude January 25 options positions are due to expire today with most significant open exposures at $70/bbl.
  • Money managers decreased net long crude positions last week with a drop in WTI more than offsetting slightly higher Brent positions.
  • China crude processing fell to the lowest since June at 58.51m tons, National Bureau of Statistics showed, although with daily throughput showing the first rise since April.
  • China held the second largest crude oil surplus of the year at 1.77mbpd in November up from 0.55mbpd in October driven by a rise in imports, according to Reuters calculations.
  • Global crude held on stationary tankers for longer than 7-days fell 9.9% to 65.28mbbl as of Dec. 13 to extend the pull back from a high seen in mid November, according to Vortexa data cited by Bloomberg.
    • Brent FEB 25 down 0.9% at 73.84$/bbl
    • WTI JAN 25 down 1.1% at 70.5$/bbl
    • WTI-Brent down 0.03$/bbl at -3.72$/bbl
    • Brent FEB 25-MAR 25 down 0.04$/bbl at 0.36$/bbl
    • Brent JUN 25-DEC 25 down 0.05$/bbl at 1.31$/bbl