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Oil End of Day Summary: Crude Surges

OIL

Crude oil prices are up sharply on the previous day but have softened from their intraday highs after nearing but not exceeding the Nov. 24 highs. Crude is rebounding amid a sharp fall in the US dollar. It is also finding support from uncertainty over the upcoming OPEC+ meeting and potential further supply cuts, coupled with lower output from Kazakhstan as storms impact CPC loadings.

  • WTI JAN 24 up 2.2% at 76.54$/bbl
  • WTI JAN 24-FEB 24 up 0.07$/bbl at -0.16$/bbl
  • Calendar: The API oil inventory data is due for release today at 16:30 ET.
  • OPEC+ talks on oil policy are difficult, making a further delay or a rollover possible according to four OPEC+ sources cited by Reuters.
  • The likelihood of OPEC+ opting for deeper cuts is “very low” given the scale of existing curbs, according to HSBC. It added there is “no space for bigger cuts” given the high level of spare capacity.
  • Oil production at Kazakhstan's largest fields has fallen 56%, according to Interfax, due to the ongoing storm in the region.
  • Venezuelan production has risen to 850,000 bpd of oil and 4.5Bcf/d of natural gas according to Venezuelan vice minister for hydrocarbons Erick Perez speaking with Argus.
  • Canadian oil and gas producers are expected to drill 8.4% more wells in 2024 according to an annual forecast from Canadian Association of Energy Contractors.
  • A US bound vessel carrying crude oil is taking a several thousand-mile detour to by-pass the congestion in the Panama Canal amid a drought.
  • China’s Yulong Petrochemical has received 300,000 tons of crude oil import quotas for 2023, according to JLC and Longzhong, cited by Reuters.
Energy BulletsCommodities
Energy BulletsCommodities

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