Oil End of Day Summary: Crude Volatile

Crude Markets have dropped during US trading hours, following Baker Hughes data showing a rise in rig counts. Crude had been volatile during the day, with some support from suspended Black Sea loadings. A lukewarm reception to OPEC voluntary cut announcements had provided some downside to prices.

• WTI JAN 24 down -1% at 75.17$/bbl
• The US energy department plans to buy 2.73mbbls of sour crude for the Strategic Petroleum Reserve in January 2024.
• US total oil and gas rig count rose by 3 on the week to 625, according to Baker Hughes Dec. 1
• Banned Venezuelan opposition candidates barred from public office will be able to appear before the country's top tribunal, which will rule on their bans according to the Venezuelan government.
• India is set to restart imports of Venezuelan oil for the first time in three years, according to Bloomberg.
• Iraq crude oil exports fell by 4% on the month in November to 3.312mbpd due a decline in shipments from the Basra port.
• OPEC forecasts global oil demand will grow by 2.25mbpd in 2024, almost double the consensus from other forecasters, according to Energy Intelligence.
• OPEC+ has indicated the difficulty it is facing in coordinating further large-scale cuts according to JP morgan analysts.
• The results of Thursdays OPEC+ meeting should be enough to prevent stock builds in Q1 2024 and support Brent in the mid-$80s, Morgan Stanley analysts said.