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OIL: Crude Holds Earlier Gains as JMMC Focus on Compensation Cuts

OIL
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Crude futures hold onto earlier gains after the JMMC meeting, as expected, focused on compensation cuts with no recommendation on oil output policy, according to delegates.

  • OPEC+ JMMC is likely to change compensation plan schedules according to Reuters although no details are yet available.
  • Brent reached the highest since early September and time spreads are trading near to highs seen last week as Middle East risk is weighed against possible market oversupply.
    • Brent DEC 24 up 3.1% at 75.82$/bbl
    • WTI NOV 24 up 3.4% at 72.21$/bbl
    • Brent DEC 24-JAN 25 up 0.09$/bbl at 0.44$/bbl
    • Brent DEC 24-DEC 25 up 0.69$/bbl at 2.28$/bbl
    • WTI NOV 24-DEC 24 up 0.12$/bbl at 0.56$/bbl
    • WTI DEC 24-DEC 25 up 0.67$/bbl at 2.59$/bbl
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Crude futures hold onto earlier gains after the JMMC meeting, as expected, focused on compensation cuts with no recommendation on oil output policy, according to delegates.

  • OPEC+ JMMC is likely to change compensation plan schedules according to Reuters although no details are yet available.
  • Brent reached the highest since early September and time spreads are trading near to highs seen last week as Middle East risk is weighed against possible market oversupply.
    • Brent DEC 24 up 3.1% at 75.82$/bbl
    • WTI NOV 24 up 3.4% at 72.21$/bbl
    • Brent DEC 24-JAN 25 up 0.09$/bbl at 0.44$/bbl
    • Brent DEC 24-DEC 25 up 0.69$/bbl at 2.28$/bbl
    • WTI NOV 24-DEC 24 up 0.12$/bbl at 0.56$/bbl
    • WTI DEC 24-DEC 25 up 0.67$/bbl at 2.59$/bbl