US NOV FLASH MANUF PMI 48.8 (FCST: 48.9); OCT 48.5

MNI:Largest Canada New Home Price Dip Since `09 Led By Toronto

CANADIAN OCT FLASH RETAIL SALES +0.7%, 4TH STRAIGHT INCREASE

MNI China Daily Summary: Friday, November 22

MNI: PBOC Net Drains CNY345.9 Bln via OMO Friday

MNI BRIEF: Fed Should Explore Central Clearing At SRF-Hammack

EZ/UK T-Bill Calendar: Germany, France Auction on Monday

EZ/UK Bond Supply Calendar: Gilt Syndi; IT, EU Due Monday

MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT FINAL NOV INDEX 71.8

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

MNI EXCLUSIVE: German Turmoil Dashes EU's Joint-Funding Hopes -Officials

FED: Powell's Time Looks Up, Replacement Could Be Less Willing To Cut Rates?

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

OIL: Mid-Day Oil Summary: Crude Back Negative on the Day

OIL
BulletEnergy BulletsCommodities

Brent crude falls back negative on the day driven by concern for weak demand in China. Front month is set for a net weekly decline after a repricing of risk premium earlier in the week with potential attacks against Iran not expected to target oil infrastructure.

  • The crude options are holding a positive call-put skew as the market remains wary of further developments in the Middle that could impact oil flows.
  • China's oil refinery output in September fell, for a sixth consecutive month, by 5.4% y/y as refiners processed 58.73m metric tons of crude, NBS data showed. Apparent oil demand was down 7% y/y in September, Bloomberg said.
  • There is ‘no peak in sight’ for oil demand with global oil consumption forecast to 108.5mb/d by 2035, according to JPMorgan cited by Bloomberg.
  • China's diesel exports fell 70.9% y/y in September to the lowest level since June 2023 at 350k tons as total oil product exports fell 4.5% y/y to 5.19m tons, according to customs data.
  • In October, just 55% of total China clean product export quotas had been utilized and in Q3, seaborne light end and middle distillate departures finished at just 670kb/d, down 300kb/d against the same period a year earlier according to Kpler.
  • Narrower diesel discounts from Northeast Asian refiners for November loading could boost cargoes from swing suppliers, according to Reuters sources.
  • The 139kb/d Phillips 66 Wilmington refinery in California decision to close was not because of new regulations the company said on Thursday.
    • Brent DEC 24 down 0.7% at 73.95$/bbl
    • WTI NOV 24 down 0.7% at 70.2$/bbl
    • US gasoline crack up 0.2$/bbl at 15.26$/bbl
    • US ULSD crack down 0$/bbl at 21.34$/bbl
264 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.

Brent crude falls back negative on the day driven by concern for weak demand in China. Front month is set for a net weekly decline after a repricing of risk premium earlier in the week with potential attacks against Iran not expected to target oil infrastructure.

  • The crude options are holding a positive call-put skew as the market remains wary of further developments in the Middle that could impact oil flows.
  • China's oil refinery output in September fell, for a sixth consecutive month, by 5.4% y/y as refiners processed 58.73m metric tons of crude, NBS data showed. Apparent oil demand was down 7% y/y in September, Bloomberg said.
  • There is ‘no peak in sight’ for oil demand with global oil consumption forecast to 108.5mb/d by 2035, according to JPMorgan cited by Bloomberg.
  • China's diesel exports fell 70.9% y/y in September to the lowest level since June 2023 at 350k tons as total oil product exports fell 4.5% y/y to 5.19m tons, according to customs data.
  • In October, just 55% of total China clean product export quotas had been utilized and in Q3, seaborne light end and middle distillate departures finished at just 670kb/d, down 300kb/d against the same period a year earlier according to Kpler.
  • Narrower diesel discounts from Northeast Asian refiners for November loading could boost cargoes from swing suppliers, according to Reuters sources.
  • The 139kb/d Phillips 66 Wilmington refinery in California decision to close was not because of new regulations the company said on Thursday.
    • Brent DEC 24 down 0.7% at 73.95$/bbl
    • WTI NOV 24 down 0.7% at 70.2$/bbl
    • US gasoline crack up 0.2$/bbl at 15.26$/bbl
    • US ULSD crack down 0$/bbl at 21.34$/bbl