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OIL: Mid-Day Oil Summary: Crude Regains Ground

OIL
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Crude is climbing again today, readjusting after yesterday’s $2/bbl following reports of a coming Israel-Hezbollah ceasefire. Supply/demand fundamentals remain in focus ahead of the OPEC+ minister meeting Dec. 1, with a further delay to supply cut unwinds likely.

  • Brent JAN 25 up 1% at 73.73$/bbl
  • WTI JAN 25 up 1% at 69.64$/bbl
  • Israel looks set to approve a U.S. plan for a ceasefire with Lebanon's Hezbollah on Tuesday, a senior Israeli official said according to Reuters.
  • The market awaits signs of OPEC’s output plans for 2025 after previous attempts to try and bring barrels back to the market during Q4 were delayed.
  • A representative from Iran said that the non-OPEC supply outlook means that the group has little room to reduce output cuts, according to Bloomberg.
  • President-elect Trump pledged to impose new tariffs on all imports from China, Mexico, and Canada when he takes office in January, potentially disrupting trade flows, Platts said.
  • Russian crude weekly shipments were up slightly from last week although the four-week average dropped to a two-month low as supply to India fell, according to Bloomberg.
  • China’s additional import quotas will offer little boost to the crude oil market according to Kpler.
  • Independent refineries’ crude arrivals in Shandong will likely rise in the rest of 2024 due to further import quotas according to OilChem speaking with MNI.
  • Kazakhstan is considering a substantial increase in oil shipments out of Turkeys BTC pipeline its energy minister Almasadam Satkaliyev said this week local news outlets reported.
  • Citi analysts say their supply/demand balances see no scope for OPEC+ to reverse production cuts in 2025.
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Crude is climbing again today, readjusting after yesterday’s $2/bbl following reports of a coming Israel-Hezbollah ceasefire. Supply/demand fundamentals remain in focus ahead of the OPEC+ minister meeting Dec. 1, with a further delay to supply cut unwinds likely.

  • Brent JAN 25 up 1% at 73.73$/bbl
  • WTI JAN 25 up 1% at 69.64$/bbl
  • Israel looks set to approve a U.S. plan for a ceasefire with Lebanon's Hezbollah on Tuesday, a senior Israeli official said according to Reuters.
  • The market awaits signs of OPEC’s output plans for 2025 after previous attempts to try and bring barrels back to the market during Q4 were delayed.
  • A representative from Iran said that the non-OPEC supply outlook means that the group has little room to reduce output cuts, according to Bloomberg.
  • President-elect Trump pledged to impose new tariffs on all imports from China, Mexico, and Canada when he takes office in January, potentially disrupting trade flows, Platts said.
  • Russian crude weekly shipments were up slightly from last week although the four-week average dropped to a two-month low as supply to India fell, according to Bloomberg.
  • China’s additional import quotas will offer little boost to the crude oil market according to Kpler.
  • Independent refineries’ crude arrivals in Shandong will likely rise in the rest of 2024 due to further import quotas according to OilChem speaking with MNI.
  • Kazakhstan is considering a substantial increase in oil shipments out of Turkeys BTC pipeline its energy minister Almasadam Satkaliyev said this week local news outlets reported.
  • Citi analysts say their supply/demand balances see no scope for OPEC+ to reverse production cuts in 2025.