Oil End of Day Summary: US Build Erases Crude Gains

Crude has erased almost all its earlier gains, amid a build in US stocks. This is despite stock builds being anticipated. Crudes has eased back after Iran’s Supreme Leader Ali Khamenei for Muslim countries to stop oil exports to Israel boosted prices.

• WTI DEC 23 up 0.4% at 81.31$/bbl
• WTI-Brent up 1.47$/bbl at -4.62$/bbl
• Iran's IRGC-linked Tasnim News Agency reporting comments from Supreme Leader Ayatollah Ali Khamenei calling for the export of oil and food to Israel to be cut and arguing that Muslim countries should halt economic cooperation with Israel amid the widening IDF ground offensive into Gaza.
• EIA Weekly US Petroleum Summary - w/w change week ending Oct 27: Crude stocks +773 vs Exp +1,001, Crude production 0, SPR stocks 0, Cushing stocks +272
• OPEC output was likely steady in October, as increases from African members countering declines from others, according to a Bloomberg survey.
• Saudi Arabia may keep the price for Arab Light crude deliveries to Asia unchanged for December, following five months of price hikes, according to a Reuters survey.
• Iran’s oil production is at 3.4mn bpd according to its oil minister Javad Owji.
• Libyan crude and condensate exports in October edged down to 1.01mbpd, compared with 1.08mbpd in September, and the lowest since April, Bloomberg ship-tracking data show.
• Venezuela’s crude exports fell to an eight-month low in October as loadings were hit by outages at projects, according to Bloomberg.
• Kazakhstan’s crude and condensate production rose to its highest monthly level since April – breaching OPEC+ commitments for the first time this year according to Bloomberg calculations.
• Kuwait’s crude oil exports in October edged up by around 30kbpd on the month to 1.64mbpd, tanker-tracking data compiled by Bloomberg show.
• Russia has delayed some crude and product loadings from October to November because of storms according to Tass reports but no volumes were announced by cited officials.
• Russia’s crude and product exports trended 250kbd below the seasonal average over October 1-25 according to Vortexa (see chart), with arrivals hitting a low point in October.
• India’s imports of Russian crude oil fell in October while imports from Iraq also fell but Saudi Arabia increased according to Kpler data.
• China’s onshore crude stockpiles rose over the second half of October – the first weekly back-to-back gain since August according to Vortexa.
• The US Gulf saw a drop in sour crude imports for a third consecutive month in October, in part because of Autumnal maintenance as well as OPEC+ cuts according to Vortexa.
• The average price for Russia’s Urals crude fell by 1.9% month on month to $81.52/bbl in October, the Finance Ministry said, cited by Bloomberg.
• Observed crude exports from Saudi Arabia were slightly lower in October m/m according to Bloomberg vessel tracking.
• MNI COMMODITY WEEKLY: Russian Export Cuts Under Question While Unlikely Suspects Bolster Global Supply – Full piece here: https://enews.marketnews.com/ct/x/pjJscQOPl-8I6agzdk1-Hw~k1zZ8KXr-kA8x6nEXZanptIPjO1OcQ