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OIL: Mid-Day Oil Summary: Crude Down 2% on Week

OIL
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Crude markets are falling again today after mixed economic and consumption data from China and despite a daily fall in the USD of around 0.35% after its recent strength. The market is weighing the risk of a market surplus next year. despite the US dollar falling back today after recent strength.

  • Brent JAN 25 down 0.3% at 72.34$/bbl
  • WTI DEC 24 down 0.2% at 68.54$/bbl
  • China showed robust industrial production and retail sales, suggesting the economy is stabilizing but China’s apparent oil demand fell 5.4% to 14.07mb/d in October, according to Bloomberg. China refining increased 1.4% last month to 59.54m tons as some units returned from maintenance but remains seasonally weak.
  • The latest Baker Hughes rig count data is due for release at 13:00ET.  The US rig counts remain unchanged last week with oil still low at 479 and gas at 102.
  • Saudi-based Arab News posts on X: "Hamas says they are ready for a ceasefire and we are waiting for Trump to pressure Israel".
  • QatarEnergy cut its term price for al-Shaheen crude oil loading in January, in line with a recent fall in Middle East premiums according to Reuters sources.
  • China and the United Arab Emirates imports of Iran’s condensate may fall if U.S. President-elect Donald Trump tightens curbs, FGE said cited by Reuters.
  • The U.S. Biden administration is considering additional financial sanctions on Russia to restrict energy trade, according to Nikkei sources.
  • It’s still too early to speculate on the impact of the incoming Trump administration on the energy sector according to Shell CEO Wael Sawan speaking with CNBC.
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Crude markets are falling again today after mixed economic and consumption data from China and despite a daily fall in the USD of around 0.35% after its recent strength. The market is weighing the risk of a market surplus next year. despite the US dollar falling back today after recent strength.

  • Brent JAN 25 down 0.3% at 72.34$/bbl
  • WTI DEC 24 down 0.2% at 68.54$/bbl
  • China showed robust industrial production and retail sales, suggesting the economy is stabilizing but China’s apparent oil demand fell 5.4% to 14.07mb/d in October, according to Bloomberg. China refining increased 1.4% last month to 59.54m tons as some units returned from maintenance but remains seasonally weak.
  • The latest Baker Hughes rig count data is due for release at 13:00ET.  The US rig counts remain unchanged last week with oil still low at 479 and gas at 102.
  • Saudi-based Arab News posts on X: "Hamas says they are ready for a ceasefire and we are waiting for Trump to pressure Israel".
  • QatarEnergy cut its term price for al-Shaheen crude oil loading in January, in line with a recent fall in Middle East premiums according to Reuters sources.
  • China and the United Arab Emirates imports of Iran’s condensate may fall if U.S. President-elect Donald Trump tightens curbs, FGE said cited by Reuters.
  • The U.S. Biden administration is considering additional financial sanctions on Russia to restrict energy trade, according to Nikkei sources.
  • It’s still too early to speculate on the impact of the incoming Trump administration on the energy sector according to Shell CEO Wael Sawan speaking with CNBC.