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Mid-Day Oil Summary: Crude Trades Higher


Crude front month is trading higher today but remains within yesterday’s range as markets are waiting for further indications for the outcome of the delayed OPEC+ meeting on Thursday. Reports suggest the group remains divided over whether to cut output further with many reluctant to do so.

    • Brent JAN 24 up 1% at 80.77$/bbl
    • WTI JAN 24 up 1% at 75.64$/bbl
  • Calendar: The API oil inventory data is due for release today at 16:30 ET ahead of the EIA weekly data tomorrow. The latest North Sea crude loading programs for January are expected from today.
  • The Kremlin said Tuesday there are no plans for a call between Russian President Vladimir Putin and Saudi Crown Prince Mohammed Bin Salman ahead of the latest OPEC+ meeting set for Thursday.
  • The likelihood of OPEC+ opting for deeper cuts is “very low” given the scale of existing curbs, according to HSBC. It added there is “no space for bigger cuts” given the high level of spare capacity.
  • Oil production at Kazakhstan's largest fields has fallen 56%, Shyngys Ilyasov, adviser to the country's energy minister, said, cited by Interfax, due to the ongoing storm in the region.
  • Russian seaborne weekly crude oil shipments rose by 370kbpd on the week to 3.24mbpd as of 26 November, while four-week average shipments declined by around 100kbpd on the week to 3.16mbpd, Bloomberg ship tracking data showed.
  • Venezuelan production has risen to 850,000 bpd of oil and 4.5Bcf/d of natural gas according to Venezuelan vice minister for hydrocarbons Erick Perez speaking with Argus.
  • China’s Sinopec asked the government for an additional 800,000 tons of export quota for clean refined products as a surplus of oil products in the domestic market has boosted stockpiles at Chinese refineries, people with knowledge of the matter told Bloomberg.
  • China’s planned exports of refined products are scheduled at 2.62m mt in December, a drop of 4% on November levels, according to OilChem.
  • Chevron’s Richmond refinery has stopped flaring activity caused by an earlier loss of power to a portion of the facility according to Chevron.
  • Exxon Antwerp has restarted its crude unit halted by a power outage last week according to Bloomberg reports.
    • US gasoline crack down 0$/bbl at 15.58$/bbl
    • US ULSD crack up 0$/bbl at 40.64$/bbl

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