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OIL: Gains Spurred By Speculation Surrounding OPEC+ Quickly Fade

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WTI & Brent futures quickly add ~$1 as delegates tell BBG that “key OPEC+ nations have begun discussions to delay the oil production restart planned for January, potentially for several months,” although around 3 quarters of the move quickly fades, limiting spill over into wider markets. 

  • The fact that such a move is being discussed isn’t particularly surprising given recent price action in crude and after the Azeri Energy Minister previously noted that “OPEC+ may consider leaving its current oil output cuts in place from Jan 1."
  • This, coupled with continued demand worry and scepticism surrounding the efficacy of such a move from OPEC+ explains the pullback.
  • The piece also notes that OPEC+ may also need to postpone further output hikes.
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WTI & Brent futures quickly add ~$1 as delegates tell BBG that “key OPEC+ nations have begun discussions to delay the oil production restart planned for January, potentially for several months,” although around 3 quarters of the move quickly fades, limiting spill over into wider markets. 

  • The fact that such a move is being discussed isn’t particularly surprising given recent price action in crude and after the Azeri Energy Minister previously noted that “OPEC+ may consider leaving its current oil output cuts in place from Jan 1."
  • This, coupled with continued demand worry and scepticism surrounding the efficacy of such a move from OPEC+ explains the pullback.
  • The piece also notes that OPEC+ may also need to postpone further output hikes.