Oil End of Day Summary: WTI Down over 5%

WTI has fallen by over 5% on the day, as concerns of a tepid demand outlook amid higher US jobless claims, and rising stocks, piled pressure on prices during US trading hours.

• WTI DEC 23 down -5% at 72.83$/bbl
• WTI DEC 23-JAN 24 down -0.04$/bbl at -0.17$/bbl
• The US Treasury Department is targeting three crude vessels in suspicion of breaching Russian oil related sanctions, it said in a statement.
• The United States has extended its authorization for certain transactions with Petroleos de Venezuela, allowing transactions through May 16, according to a notice posted on the U.S. Department of Treasury website on Thursday.
• Venezuela’s PDVSA is offering to sell up to 1mn bbls of Corocoro crude through an intermediary according to Reuters reports.
• Russia and Venezuela signal further energy co-operation intent at the same time as the US has eased sanctions on its oil and gas sector.
• JP Morgans head of energy strategy Christyan Malek has flagged deeper cuts as a potential avenue for the OPEC+ meeting – something he says the oil market is underestimating.
• Global oil demand was up 2.5mb/d y/y in September at a seasonal record high for a fifth consecutive month according to JODI data.
• Iran’s crude/condensate exports slipped to 1.3mn bpd in October, 100kbd below the Q3 average according to Vortexa and the lowest monthly pace since May.
• There are 12 crude-laden VLCC’s offshore Malaysia as of November 14 according to Vortexa – 7 of which are laden with Iranian crude/condensate carrying a combined 12.5mn bbls.