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OIL: Mid-Day Oil Summary: Crude Edges Up

OIL
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Crude markets are edging back higher after falling to a low of $72.09/bbl yesterday as a 60-day truce between Israel and Hezbollah began at 0200 GMT, helping to ease some risk premium.

  • Brent JAN 25 up 0.4% at 73.07$/bbl
  • WTI JAN 25 up 0.4% at 69.02$/bbl
  • The ceasefire between Israel and Hezbollah will be monitored closely with both sides attacking in the hours before the truce was due to begin.
  • The ceasefire is intended to be permanent. The first target will be reaching 60 days. It is during these first two months that Hezbollah is supposed to move northward all operatives and arms between the 'blue line' (the Israel-Lebanon border) and the Litani River, and the IDF shift southward. If this milestone can be reached without a resumption of hostilities then it is a good sign of a more long-lasting peace.
  • API weekly oil stock data from late yesterday according to Bloomberg, Crude -5.9mbbl, Cushing -0.7mbbl
  • ARA crude inventories fell by 3.5mn bbls in the week ended November 22 to 49.8mn bbls according to Genscape.
  • OPEC is unlikely to unwind voluntary production cuts in the short term, executives of global commodity trading giants Vitol, Trafigura and Gunvor said at the Energy Intelligence Forum in London this week.
  • China’s larger independent refiners are likely to “imminently” shun Iranian oil because of their exposure to the U.S. banking system according to Energy Aspects analysis.
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Crude markets are edging back higher after falling to a low of $72.09/bbl yesterday as a 60-day truce between Israel and Hezbollah began at 0200 GMT, helping to ease some risk premium.

  • Brent JAN 25 up 0.4% at 73.07$/bbl
  • WTI JAN 25 up 0.4% at 69.02$/bbl
  • The ceasefire between Israel and Hezbollah will be monitored closely with both sides attacking in the hours before the truce was due to begin.
  • The ceasefire is intended to be permanent. The first target will be reaching 60 days. It is during these first two months that Hezbollah is supposed to move northward all operatives and arms between the 'blue line' (the Israel-Lebanon border) and the Litani River, and the IDF shift southward. If this milestone can be reached without a resumption of hostilities then it is a good sign of a more long-lasting peace.
  • API weekly oil stock data from late yesterday according to Bloomberg, Crude -5.9mbbl, Cushing -0.7mbbl
  • ARA crude inventories fell by 3.5mn bbls in the week ended November 22 to 49.8mn bbls according to Genscape.
  • OPEC is unlikely to unwind voluntary production cuts in the short term, executives of global commodity trading giants Vitol, Trafigura and Gunvor said at the Energy Intelligence Forum in London this week.
  • China’s larger independent refiners are likely to “imminently” shun Iranian oil because of their exposure to the U.S. banking system according to Energy Aspects analysis.