Oil End of Day Summary: WTI Set For Weekly Losses

Crude has continued to make steady gains throughout the day, supported by the possible tightening of EU sanctions on Russian oil, a US crackdown on G7 price cap violations, and headlines that OPEC may further cut production. Front month WTI is set for a decline of around 1.5% since the start of the week.

• WTI DEC 23 up 4.1% at 75.86$/bbl
• WTI DEC 23-JAN 24 down -0.02$/bbl at -0.21$/bbl
• The US oil rig count was up 6 to 500 rigs, according to Baker Hughes.
• OPEC+ is set to consider whether to make additional oil supply cuts at its meeting later this month, sources told Reuters.
• The latest EU sanction proposal on Russia indicated a ban on EU oil tanker sales to Russia and new requirement for ship operators to show itemized price information for freight and insurance to verify compliance with the G7 price cap according to Reuters headlines.
• The Biden Administration is prepared to unwind all sanctions relief on Venezuela if Nicolas Maduro does not abide by agreements towards a fairer path to election by the end of this month.
• The number of supertankers signaling the US as their next destination is at its highest in 6 years according to Bloomberg vessel tracking.
• Iran exported 1.3m b/d of crude oil and condensates in October, according to Vortexa, down 0.1m b/d on the Q3 average exports.
• Russia’s oil processing rates in the week to Nov. 15 have reached their highest in 12 weeks as refineries wind down their maintenance and begin ramping up production.
• Nigeria is scheduled to export 65k b/d of Egina crude in January, according to the loading programme seen by Bloomberg, down from 97k b/d in December.