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OIL: Crude Steadies After $2/bbl Drop Yesterday

OIL
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Crude is edging higher today after a drop of over $2/bbl yesterday amid reports of a coming Israel-Hezbollah ceasefire. Supply/demand fundamentals also remain in focus ahead of the weekly US oil data and with focus on the OPEC+ minister meeting on Dec. 1.

  • The market awaits signs of OPEC’s output plans for 2025 after previous attempts to try and bring barrels back to the market during Q4 were delayed.
  • A representative from Iran said that the non-OPEC supply outlook means that the group has little room to reduce output cuts, according to Bloomberg.
  • US President-elect Trump announced plans to add another 10% to existing tariffs on China and introduce 25% on Mexico and Canada. US oil imports from Canada would be impacted by the tariff announcement as it stands.
  • Russian crude shipments dropped to a two month low of 3.12mb/d last week as supply to India fell sharply, according to Bloomberg.
  • Diesel cracks have resumed a rally after a dip within day yesterday, while gasoline cracks have lost ground ahead of the Thanksgiving holiday which could help to boost travel demand.
    • Brent JAN 25 up 0.2% at 73.19$/bbl
    • WTI JAN 25 up 0.2% at 69.05$/bbl
    • Brent JAN 25-FEB 25 up 0.09$/bbl at 0.62$/bbl
    • Brent JUN 25-DEC 25 up 0.02$/bbl at 1.08$/bbl
    • US gasoline crack down 0$/bbl at 12.96$/bbl
    • US ULSD crack up 0.1$/bbl at 25.58$/bbl
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Crude is edging higher today after a drop of over $2/bbl yesterday amid reports of a coming Israel-Hezbollah ceasefire. Supply/demand fundamentals also remain in focus ahead of the weekly US oil data and with focus on the OPEC+ minister meeting on Dec. 1.

  • The market awaits signs of OPEC’s output plans for 2025 after previous attempts to try and bring barrels back to the market during Q4 were delayed.
  • A representative from Iran said that the non-OPEC supply outlook means that the group has little room to reduce output cuts, according to Bloomberg.
  • US President-elect Trump announced plans to add another 10% to existing tariffs on China and introduce 25% on Mexico and Canada. US oil imports from Canada would be impacted by the tariff announcement as it stands.
  • Russian crude shipments dropped to a two month low of 3.12mb/d last week as supply to India fell sharply, according to Bloomberg.
  • Diesel cracks have resumed a rally after a dip within day yesterday, while gasoline cracks have lost ground ahead of the Thanksgiving holiday which could help to boost travel demand.
    • Brent JAN 25 up 0.2% at 73.19$/bbl
    • WTI JAN 25 up 0.2% at 69.05$/bbl
    • Brent JAN 25-FEB 25 up 0.09$/bbl at 0.62$/bbl
    • Brent JUN 25-DEC 25 up 0.02$/bbl at 1.08$/bbl
    • US gasoline crack down 0$/bbl at 12.96$/bbl
    • US ULSD crack up 0.1$/bbl at 25.58$/bbl