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OIL: Crude Steady Ahead of Latest US Inventory Data

OIL
BulletEnergy BulletsCommodities

Crude futures prices are steady after bouncing within a $1/bbl range yesterday as the market assessed geopolitical risks against potential for increased supplies and soft demand growth next year. News of Iran’s pledge not to further enrich weapon’s grade uranium added downside, while a slightly weaker USD was supportive.

  • Ukraine fired US missiles into Russia was followed by Vladimir Putin’s approval of a nuclear doctrine that lowers the threshold for using atomic weapons.
  • Iran announced that that it had agreed to stop producing uranium enriched for nuclear weapons.
  • Lebanon and Hezbollah militia have agreed to a US proposal for a cease fire with Israel according to Reuters, yet this was rejected by US officials saying that discussions were ongoing.
  • US crude inventories have increased in recent weeks but remain at seasonal range lows. EIA US crude inventories are today expected to show a small draw of 0.05mbbl and with a small draw also for gasoline and distillates. API data yesterday showed a crude stock build of 4.8mbbl, according to Bloomberg. Gasoline stocks drew 2.5mbbl and distillates drew 0.7mbbl.
  • Gasoline crack spreads continue to edge higher amid an expected demand boost over the Thanksgiving holiday while US inventories remain low. Diesel cracks however fell yesterday to reverse previous gains earlier in the week.
    • Brent JAN 25 up 0.2% at 73.49$/bbl
    • WTI JAN 25 up 0.3% at 69.47$/bbl
    • Brent JAN 25-FEB 25 up 0.01$/bbl at 0.33$/bbl
    • Brent JUN 25-DEC 25 unchanged at 0.94$/bbl
    • US gasoline crack up 0.1$/bbl at 16.2$/bbl
    • US ULSD crack down 0.1$/bbl at 24.29$/bbl
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Crude futures prices are steady after bouncing within a $1/bbl range yesterday as the market assessed geopolitical risks against potential for increased supplies and soft demand growth next year. News of Iran’s pledge not to further enrich weapon’s grade uranium added downside, while a slightly weaker USD was supportive.

  • Ukraine fired US missiles into Russia was followed by Vladimir Putin’s approval of a nuclear doctrine that lowers the threshold for using atomic weapons.
  • Iran announced that that it had agreed to stop producing uranium enriched for nuclear weapons.
  • Lebanon and Hezbollah militia have agreed to a US proposal for a cease fire with Israel according to Reuters, yet this was rejected by US officials saying that discussions were ongoing.
  • US crude inventories have increased in recent weeks but remain at seasonal range lows. EIA US crude inventories are today expected to show a small draw of 0.05mbbl and with a small draw also for gasoline and distillates. API data yesterday showed a crude stock build of 4.8mbbl, according to Bloomberg. Gasoline stocks drew 2.5mbbl and distillates drew 0.7mbbl.
  • Gasoline crack spreads continue to edge higher amid an expected demand boost over the Thanksgiving holiday while US inventories remain low. Diesel cracks however fell yesterday to reverse previous gains earlier in the week.
    • Brent JAN 25 up 0.2% at 73.49$/bbl
    • WTI JAN 25 up 0.3% at 69.47$/bbl
    • Brent JAN 25-FEB 25 up 0.01$/bbl at 0.33$/bbl
    • Brent JUN 25-DEC 25 unchanged at 0.94$/bbl
    • US gasoline crack up 0.1$/bbl at 16.2$/bbl
    • US ULSD crack down 0.1$/bbl at 24.29$/bbl