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MNI Commodity Weekly - Oil Markets Poised for OPEC+ Extension

Commodities Weekly AnalysisStoryAnalysis

MNI (LONDON) - Executive Summary:

  • Oil Markets Poised for OPEC+ Extensions: A rollover deal by OPEC+ is widely expected by the market at its Thursday 5 meeting with the group curtailed by weak prices, non-OPEC supply growth and sustained China weakness.
  • Oil Markets: Crude futures and time spreads have rallied amid growing expectations of an OPEC+ rollover to cuts, coupled with Middle East ceasefire instability. Implied volatility falls with prices rangebound since mid-October. Gasoline cracks have seen some support after pulling back last week to a new low for the year, but US diesel cracks have fallen to lowest level since late-October.

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MNI (LONDON) - Executive Summary:

  • Oil Markets Poised for OPEC+ Extensions: A rollover deal by OPEC+ is widely expected by the market at its Thursday 5 meeting with the group curtailed by weak prices, non-OPEC supply growth and sustained China weakness.
  • Oil Markets: Crude futures and time spreads have rallied amid growing expectations of an OPEC+ rollover to cuts, coupled with Middle East ceasefire instability. Implied volatility falls with prices rangebound since mid-October. Gasoline cracks have seen some support after pulling back last week to a new low for the year, but US diesel cracks have fallen to lowest level since late-October.

Full piece here:

Keep reading...Show less