MNI BRIEF: US Budget Deficit $367B In Nov; FYTD Record $624B

MNI BRIEF: Former BOC Dep Beaudry Sees 2.75%-3% Rate In 2025

BOC WILL BE CONSDIERING FURTHER RATE CUTS

MNI China Daily Summary: Wednesday, December 11

MNI BRIEF: Chinese Rail Passenger Numbers Break Record

MNI: PBOC Net Injects CNY37.3 Bln via OMO Wednesday

MNI: US NOV TREASURY BUDGET -$366.8B

EZ/UK Bond Supply Calendar: BTP Auction on Thursday

US EIA: CRUDE OIL STOCKS EX SPR -1.42M TO 422.0M DEC 06 WK

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

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

OIL: Oil End of Day Summary: Crude Continues Pullback

OIL
BulletEnergy BulletsCommodities

Crude markets are heading for the close trading lower, although have moderated some losses following a larger than expected US crude draw. A roll back in the political risk premium and comments that there are no changes to the OPEC+ deal under discussion have added downside.

  • WTI NOV 24 down 0.4% at 73.3$/bbl
  • EIA Weekly US Petroleum Summary - w/w change week ending Oct 04: Crude stocks +5,810 vs Exp +1,305, Crude production +100
  • Chevron began redeploying personnel to oil platforms in the US Gulf of Mexico, according to a company statement.
  • Russian Deputy PM Novak said no changes to the OPEC+ deal is currently being discussed, Reuters said. It is too early to assess if the global oil market can digest additional OPEC+ barrels currently planned in December, he added.
  • ARA crude stocks fell 1.6mn bbls in the week ended October 4 to 52.4mn bbls according to Genscape.
  • China’s crude imports from Iran are unlikely to face major disruptions despite the escalating conflict in the Middle East, Platts said.
  • The geopolitical risk premium in the oil market has decreased slightly this week, Goldman Sachs said.
  • Morgan Stanley has raised its Brent Q4 price forecast from $75/bbl to $80/bbl, according to Bloomberg.
  • Exane BNP Paribas anticipates a new phase for oil markets with a "substantial" excess OPEC+ capacity hanging over the oil & gas sector, according to Reuters.
  • Kazakhstan's is likely to be compliant with its OPEC+ oil target in October amid Kashagan maintenance but could become problematic again on its return.
  • MNI COMMODITY WEEKLY: China Weakness Remains the Demand Driver for Oil: Full piece here:https://enews.marketnews.com/ct/x/pjJscVWPwu8I6a42KhtzTA~k1zZ8KXr-kA8x6mSXcOnptIPjO1OcQ
255 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.

Crude markets are heading for the close trading lower, although have moderated some losses following a larger than expected US crude draw. A roll back in the political risk premium and comments that there are no changes to the OPEC+ deal under discussion have added downside.

  • WTI NOV 24 down 0.4% at 73.3$/bbl
  • EIA Weekly US Petroleum Summary - w/w change week ending Oct 04: Crude stocks +5,810 vs Exp +1,305, Crude production +100
  • Chevron began redeploying personnel to oil platforms in the US Gulf of Mexico, according to a company statement.
  • Russian Deputy PM Novak said no changes to the OPEC+ deal is currently being discussed, Reuters said. It is too early to assess if the global oil market can digest additional OPEC+ barrels currently planned in December, he added.
  • ARA crude stocks fell 1.6mn bbls in the week ended October 4 to 52.4mn bbls according to Genscape.
  • China’s crude imports from Iran are unlikely to face major disruptions despite the escalating conflict in the Middle East, Platts said.
  • The geopolitical risk premium in the oil market has decreased slightly this week, Goldman Sachs said.
  • Morgan Stanley has raised its Brent Q4 price forecast from $75/bbl to $80/bbl, according to Bloomberg.
  • Exane BNP Paribas anticipates a new phase for oil markets with a "substantial" excess OPEC+ capacity hanging over the oil & gas sector, according to Reuters.
  • Kazakhstan's is likely to be compliant with its OPEC+ oil target in October amid Kashagan maintenance but could become problematic again on its return.
  • MNI COMMODITY WEEKLY: China Weakness Remains the Demand Driver for Oil: Full piece here:https://enews.marketnews.com/ct/x/pjJscVWPwu8I6a42KhtzTA~k1zZ8KXr-kA8x6mSXcOnptIPjO1OcQ