Oil End of Day Summary: Crude Down on the Week

WTI has rebounded after hitting lowest levels since late June. However, crude remains around 3.8% down on the start of the week as strong non-OPEC supply and fears around OPEC+ voluntary cut commitments breed bearish sentiment.

• WTI JAN 24 up 2.7% at 71.18$/bbl
• US oil and gas rig count rose by 1 to 626 rigs, according to Baker Hughes Dec. 8, the highest since the week ending Sep. 22. Oil rig count: -1 to 503
• The US Energy Department is seeking to buy 3mn bbl of crude for the US SPR with March delivery according to an official solicitation.
• OPEC+ output fell by 110,000 bpd in November m/m to 42.6mn bpd according to a Platts survey.
• OPEC secretary general urgent letter dated dec. 6 to OPEC members: urges OPEC countries to proactively reject any cop28 deal text or formula that targets fossil fuels rather than emissions – Reuters.
• Russian Deputy PM Alexander Novak said Dec. 8 that OPEC+ is ready to make a decision if market conditions require, Reuters reported.
• A price fall below $60/bbl for Russian Urals this week will support higher Indian demand due to access to western insurance and shipping services.
• Russia’s Novorossiisk December crude loadings were revised down to 1.72mn tonnes from 2.14m mt from November according to Reuters sources.
• Iranian crude output has risen by more than 500,00 bpd this year according to the latest Platts survey at 3.1mn bpd in November.
• Guyana has the support of the international community in its border dispute with Venezuela according to ExxonMobils CEO Darren Woods said in a CNBC interview.
• BTC Azeri crude loadings from Turkey’s Port of Ceyhan in January are set to be at their highest since June, according to Bloomberg.